subject: Don't Gamble With Your Property [print this page] The idea of becoming a landlord is one which appeals to many. It can be a way of supplementing income, saving for retirement or building up a property portfolio. In these difficult economic times, more and more people are thinking of becoming landlords despite being unsure abut what the coming hurdles might be.
To overcome the issues which first time landlords face, many employ the services of a letting agent. They can organise tenants, arrange contracts and even take care of the property. But this all costs money and when the rental income barely covers the cost of the mortgage this might not be a suitable option.
But if you decide to go it alone, getting the best possible tenant is of utmost importance. When you already have so many tasks to attend to when deciding to rent out a property, passing the vetting of tenants into the hands of a professional can take the weight off your mind.
As a landlord you will have to arrange contracts, think about tax, ensure the property is in good order, make mortgage payments, arrange gas and electrical certificates and attend to fire safety issues. All this comes before a tenant can move in. So the importance of finding a good tenant can sometimes seem like a final priority.
Many landlords have regretted not making the right checks of their tenants and have been left literally out of pocket and distraught by the behaviour of their tenants. Unfortunately, the legal system in the UK tends to come down on the side of tenants and will allow people to stay in their rented home unless very specific conditions are met.
A tenant may be evicted for not paying rent, causing noise disturbance or indulging in anti-social behaviour and for not keeping the property in good repair. Some tenants may also find themselves undergoing evictions for sub-letting the property or simply not living in it.
Landlords have found themselves facing tenants who refuse to leave a property despite not keeping to the signed contract. In this case, the legal system requires the landlord to get a court order to evict. This process can take 8 to 12 weeks. If the court order is objected to by the tenant then things can stretch out for much longer. During this time, the landlords will have no rental income coming in.
If the landlord fails to show they carried out the eviction in the correct way, then they can be liable to paying the court costs of the tenants and will be left with the same situation they started with.
But it is not just sitting tenants which can cause a problem. Some landlords find that they have tenants who abscond owing several weeks rent. Tracking down these people can be difficult if identification details were not taken at the time of them moving in. Simply knowing where the tenants work and gaining references can help in finding them if they leave owing money.
Hopefully we have shown that the work done prior to a tenant moving in is more important than all the work done on the property. Once found, the perfect tenant will repay any money spent on vetting them. In fact, the cost of allowing Landlordstop.co.uk to do your reference checking can easily be passed to the tenant.
Finally once you have found the best tenant, do your work to keep them. Be a good landlord and you will keep good tenants.
