If you are just starting your journey as a landlord, you will want to everything in your power to make sure that it goes as smoothly as possible. This not only means having your property filled as frequently as possible but making certain that your tenants are reliable and that you maintain a good relationship with them. To increase the chances of this being the case, read on to discover more about some of the most common landlord blunders that you are going to need to avoid.
Underestimating the costs of ongoing maintenance – There is only one place to begin when it comes to the common errors that landlords make, and this is by underestimating the cost of ongoing property maintenance and repairs. The last thing you want to do is run out of money and find yourself unable to fix any issues with the property. This is why it is vital to budget effectively and make sure you have a sizable maintenance fund set up before you start to rent out your property. Don’t underestimate how much making improvements, such as new shutters, can add to the value of your rental.
Trying to do everything yourself – Trying to do everything yourself is admirable, but most landlords simply do not have the capacity to do this. After all, if you do not use the services of a property management company, this means you are going to need to make sure you are available at all times to attend to any issues with the property. If the boiler breaks in the middle of winter, your tenant is not going to be prepared to wait until you get back from your holiday for it to be fixed. In fact, by law, the issue needs to be resolved in 24 hours.
Not running sufficient checks on potential tenants – The third and final mistake that has come back to haunt a lot of landlords is failing to carry out adequate checks on potential tenants. Yes, you are in a rush to rent out your property as quickly as possible. However, you are going to find yourself with even bigger issues on your hands if you rent it to someone who does not make their monthly payments. Do your research to make sure the person has a good track record for paying their rent on time and that they have had no issues with landlords in the past.
So there you have it: some of the most common mistakes that landlords make today. If you can avoid the blunders that have been mentioned above, you can give yourself the best chance of ensuring that your life as a landlord goes as smoothly as possible. Yes, there is a lot of hard work involved and a lot to take into consideration, but it will all be worth it when your property is filled and your bank balance is going up every month!