5 tips if you’re thinking of becoming a Landlord

Becoming a Landlord has actually been something that my husband and I have discussed the possibility of doing ourselves in the future. It’s a good move to make {for the most part} but we understand that lots of research will need to go into it and more importantly we need to look at all of our options. Thankfully, that’s where Google comes in because lots of really useful tips to become a Landlord can be found online.

So I sat down one evening, with a cup of tea {obviously} and a few biscuits {a cup of tea without biscuits should be illegal!} and I began searching for tips to convince me that becoming a landlord would be a good move for our future. If you’re considering the same, maybe these tips if you’re thinking of becoming a landlord will help you too.

Shop around for the best property: Getting a great property in a prime location can be tricky, but I guess it depends on which tenant you are trying to attract. Whether it be families, students or even young professional. As soon as you know what tenant you’re aiming for, then that gives you a good basis on what to look out for and where.

Decorate accordingly: Decorating the property well, not to how you would like but how you think your tenants will like. Add furniture if you decide the property is to be furnished or not if you decide it is to be unfurnished.

Filter out the bad apples to get the best tenant: This is probably the biggest mistake that can be made from Landlords. Because choosing the wrong sort of tenant could result in late rent payments, destroying the home you built for them and even eviction notices. So make sure you screen your possible tenants, eg; Do they have any previous rental evictions? Any recent criminal convictions? Do they make a certain amount of monthly wage to make the rent each month and do they have any previous landlord references, etc.

Treat your Tenants with respect: As a current privately rented tenant it’s nice to know that your Landlord treats you with respect. However, if I was to ever become a Landlord myself I’d be a better one. Making sure my tenants are happy in their home, knowing that I could be called upon if anything went wrong and so on. Happy tenants, Happy landlord.

Make sure you’re covered! This is vital. Being a Landlord is a huge responsibility as under your wing you need to be a well of knowledge, be aware of rules, legislations, making sure you have Landlords insurance from Homelet, maintaining the condition of your properties, managing rental payments and so much more. 

Disclosure: This is a collaborative post with Homelet.

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