Avoid the dangers of first-time letting
Becoming a landlord for the first time can be a very daunting experience, but there are a number of measures you can take to reduce the risks associated with tenanting a property.
David Alexander, owner of a letting agent, told the Scotsman that new landlords often have unrealistic expectations of the rental market.
“Some are totally unrealistic and think everything should be in exactly the same condition at the end of the tenancy; they can’t expect that. It’s not a simple case of taking the rent and not spending money on the property,” he added.
It is also important for new landlords to get to grips with the latest regulations in the sector.
Making sure a property is competitive in the rental market is vital, as well as checking that tenants are responsible and will leave the home in a good condition.
Checking current and previous employment, as well as renting history and references can help achieve this.
Also, it is vital to spend money on a property, tenants will quickly become unhappy if a landlord takes the rent but doesn’t improve the property.
Prepare for the challenges of becoming a landlord with rental property insurance from Discount Landlord.