Your property is likely to be the most expensive thing you own, and so it is important to protect it properly. This is especially true if you choose to rent it out. You are placing your investment in the hands of someone you may never have met before, making it really important to do all you can to make sure you don’t succumb to rogue tenants.
Top Tips for Landlords
You can never be 100 per cent sure about any tenant, but there are definitely things that you can do to minimise the risks of becoming the victim of the rogue variety.
One of the first things you may consider is using a letting agent. This will obviously cost you money, but it can really take the stress out of the process. They can vet potential tenants for you as well as manage the property if you want them to and make sure that you are fully compliant with the law.
Referencing Tenants
If you choose to do it yourself, make sure that you vet potential tenants properly. You could also choose to outsource this task to a tenant referencing service. Other aspects can also be outsourced such as finding an inventory clerk near me.
If you go it alone, make sure that a credit check is carried out on your prospective tenant as well as a residential check and an affordability check to look at their income. You can also look at public information, where you can find out if they have ever filed for bankruptcy, for example.
It is important that you also get references, and this should include at least one from a previous landlord. You might also want to ask for a utility bill to check out their address details and for three months’ worth of bank statements.
Tenancy Agreements
Having the paperwork in order can really save you hassle in the long run. This includes making sure that your tenancy agreement is comprehensive and that you have a good inventory or property reports. You could outsource this task to professionals via companies such as https://inventorybase.co.uk/workstreams/. Information about tenancy agreements can be found at https://www.gov.uk/government/publications/model-agreement-for-a-shorthold-assured-tenancy.
Make sure that your inventory contains all of the fixtures and fittings and is accurate in order to protect yourself against the costs resulting from theft or damage.