Being a landlord can be exhausting and even we have to take a well-earned trip from time to time. The worry is that you have to ensure that your property remains intact whilst you are away.
Receiving the rent from your tenant is the most important aspect of any private landlord's business. After all, with no rental income, you won't have a business. At least not for long. You must do everything in your power to ensure your tenant pays the rent in full and on time. It provides the cash flow you have budgeted for and ensures your property business makes a profit.
There are more than a few things which tend to get private landlords riled. Rising interest rates, reduction in tax relief and increasing legislation are all guaranteed to raise a landlord's hackles. And understandably so. But another thing which irks many landlords is the deposit protection scheme or DPS. Which is altogether more surprising
In the age of online property searches tenants can instantly find every property that suits their needs in a matter of seconds, so standing out is a huge task and many landlords think that a selection of professional photos of the property will be the key to securing the maximum amount of interest.
For most people becoming a landlord is a conscious decision. Maybe they have money to invest or are looking to establish a business with a portfolio of properties. For these individuals, they fully intended to become private landlords and financed their properties accordingly.
If you have a property to let, a loft conversion can be a great way to attract tenants, by creating extra living space from the unloved attic. It can also add potential revenue in the short term, and then again in the future if you decide to sell the property.
With rising house prices and dormant wages, one out of every four households in the UK is expected to rent privately by the end of 2021.
Referencing is a hugely important part of finding tenants. Private landlords need to do all they can to ensure the tenant who lets their property is trustworthy, reliable and can afford the rent. Referencing is the only way a landlord has of checking a tenant's employment status, creditworthiness and character.
Tenants face paying an average of £23 a month more in rent, totalling £414 across a typical 18-month tenancy, as the average monthly rent of £918 is set to rise by 2.5 per cent in 2018.
When a tenant moves into your property it is natural for them to want to make it their home. This will mean surrounding themselves with possessions, moving the furniture around and adding their own personal touches.