How to be a Better Landlord ?

Like everything in life, you may as well be better at something than just getting by. You can be a better landlord by taking some simple steps. When you’re a better landlord, your tenants will be happier and are likely to stay longer. Not just that, by following simple steps you’ll be making life easier for yourself.

Some of these tips for being a better landlord are common sense and some you might not have considered.

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How Landlords Can Avoid Costly Tales of the Unexpected

Boy Scouts across the World will tell you the importance of being prepared. And it’s no different for landlords. One area where preparation pays off is knowing what expenses to be prepared for when renting out a property and avoid unexpected costs.
Renting out a property can be very profitable and even enjoyable. When done correctly, it’s an asset earning you money as you sleep and who doesn’t like the sound of that. The best landlords have clear budgets and an understanding of the costs they can expect to fork out on.
But even the best have been caught out by expenditure that seemingly came out of the blue.
Here are eight awesome tips to help landlords to avoid unexpected costs.

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A landlord’s checklist before renting a home

The idea of being a landlord is very appealing. It conjures up notions of being able to sit back on rental income and never have to work again. But that’s not true – and if that’s what you thought being a landlord is all about – then it’s probably best you reconsider. For sure, letting property can be a very lucrative business, but it’s also risky, and plenty of landlords have found themselves in dire straits financially and legally when they haven’t done things right. That being said, it’s possible to become very wealthy with a buy-to-let portfolio.

We’ve prepared a checklist for all new landlords before renting a property. It won’t absolve you of all problems down the line. But if you follow these steps, you’ll hopefully save yourself a lot of possible future issues.

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Change A Tenancy Agreement

Generally speaking, tenancy agreements, once signed, are binding. It’s not necessarily straightforward to change a tenancy agreement, such as would be required if the landlord is interested in adding or removing a person or persons to the terms of the agreement. There’s no way for one party to force these changes through while still remaining compliant with the relevant regulations specified in UK law. Rather, any changes to the tenancy agreement must be mutually agreed upon by both the lessor and the lessee.

Either a new agreement can be drawn up, or the original on can be amended. Be careful, though — verbal agreements on their own aren’t binding, although they can be reinforced by written evidence. One example of a way a verbal agreement could be ratified is by both parties agreeing to a change in the amount of money to be paid in terms of rent. Because there will be receipts and invoices to create a paper trail, the verbal agreement can be proven if need be.

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Landlord Insurance - Do you even need it?

So you’re looking to rent out a property, but you’re baffled by insurance. What is landlord’s insurance, and will a typical homeowner’s policy be adequate?

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Tenancy Agreements - A 5-minute guide for landlords

If you’re renting out a property, you’ll need to provide a tenancy agreement. However, there are many types of tenancy agreements, so it can be confusing to know which one to use. After reading this five-minute guide, you’ll be confident you know which contract you need.

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Tenancy Security Deposit

You’ve made the ideal investment and have furnished your rental property, so you’d be happy for your granny to move in. Save, she isn’t. You’ve checked the references of your soon-to-be tenant. But you also want to take a security deposit to protect yourself from any damages down the line. Here’s the lowdown on what you need to know.

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How to find great tenants for your properties

Selecting the perfect tenant for a rental property in the UK is an important job, but that doesn’t mean it’s easy. There’s a lot to take into account to find great tenants; due diligence should be your top priority. After all, the last thing you want is to wind up in a situation where the tenant doesn’t pay the rent, and you have to enter into a prolonged dispute period.

Here are four steps you can take to ensure that the tenant you end up choosing will be a good fit for your property. The ideal tenant will pass each of these steps one by one, but they’ve been designed to weed out poor candidates.

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Tenancy Contract Types

In an ideal world, no landlord would ever have to end a tenancy early. Unfortunately, however, we don’t live in an ideal world, and as a result, ending tenancies early is something that both landlords and tenants have to be prepared for. Given that it happens so often and for so many reasons, there’s a lot of confusion out there when it comes to what the specific precedent needs to be in order to comply with UK law. A single Google search throws up thousands upon thousands of results, meaning that for landlords and tenants both, the topic can be overwhelming at times.

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How to Make an Inventory

A property inventory is a record of all the things that you own in your house. There are a number of different homeowners who will want to make sure they perform a property inventory before getting on with selling their place. Regardless of whether you’re a landlord with a number of properties, a private owner looking to rent out their apartment for the first time, or somebody who makes a living renting houses, it’s vital that you have an exhaustive list of every single item potential residents in your home are likely to come into contact with.

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