When nothing works right, a buy-to-let property is one that could make a worthwhile investment. Although you will have to maintain your property well, you can be sure to earn a decent return when you provide a roof over the head of someone else, as long as the buying process was a wise one, seen above the capital growth and good tenants.
Usually, most tenants in London will tell you their tenant is trustworthy and decent. Horror stories of bad tenants and cruel landlords are relatively rare, but this doesn’t mean you are safe from the nightmare. For any landlord, a problematic tenant could soon transform into a nightmare one and devastate your investment at times when things turn out worst.
When you consult experts in the house sale in East Dulwich business, they can also guide you on how you can manage a great landlord-tenant relationship effectively and the techniques you need to develop to deal with the problems that may arise.
Here are some tips for you.
A general and important rule for all the dealings with your new tenants is to be courteous and professional consistently, even if they do not have the same behavior. You should remember, this is your personal business and you have to treat it with care, in a professional manner.
Occasionally, Fish Need Water experts and others recommend that you keep abreast with the entire neighbour or maintenance related problems, in case they arise. You should consider creating a better maintenance schedule right at the beginning of the lease. Also, remember that if you are planning to visit the property, you have to give your tenant a reasonable notice before doing so, often 24 hours before time.
You should talk to the neighbours to gauge the conduct of your tenants. Are your tenants the loud sort, having parties a late night, ever night? Do they disturb the neighbourhood and have the police ever visited before? Do not assume that things are fine; you need to be proactive and receive the right details/information.
Maintain a Trustworthy and Good Relation
You have to try to cultivate a good relationship (one with mutual respect and trust) right from the beginning. When and if repairs are necessary, be open to your tenants and listen to them, respond promptly and fix all the problems for the first time. Unnecessary delays, such as electrical issues and plumbing problems will only breed distrust, disputes, and resentment.
Keep Accurate Details
You need to keep a detailed account of financial or legal transactions with your tenants, along with informal and formal correspondence. It is highly important that you keep a paper trail of all the maintenance problems you tackled, as well as the warnings or any requests that you issued, so you may refer to them in the future if the need arises. You should keep copies of all the letter, emails and details from your tenant, write down the details and dates of the conversations you have on the telephone.
You Should Have Insurance
An important thing you need to consider is protecting yourself as well as your wallet. It is possible to accomplish this as you take out the suitable policy when you insure your new investment property. Another key thing to consider includes contents insurance, buildings insurance, accidental damage and emergency assistance.
Reduce the Chances of Damages
You should consider the living environment that your rental property creates for the tenant. You could also minimise the possibility of any damage by using quality materials such as stain protected carpets, washable eggshell paint, good quality ceramic tiles or vinyl, carpet in dark colors and some smoke detectors.
Tips for Resolving Disputes
For matters like unreasonable dirtiness and property damage, a polite written or verbal request or some mild warning is the best solution to achieve a positive response. If the behaviour of the tenant has violated the law, for example, if the mater involves noise, you could refer to the police who would issue a warning or fine.
If the tenant in your property fails to pay her or his rent and remains silent without paying for days beyond 14 days, you are within your rights to repossess your property. You can consider contacting services that evict tenants to aid you in the entire process.
You should also make efforts to acutely be aware of your tenant’s employment, rental and credit card history before you decide to enter any sort of agreement with them. Keep in mind that a good tenant should be able to provide you with every detail you ask.
Before making the agreement, you should undertake a complete background check on your own and collect all the information you need, including any criminal records.
If all this process seems like an arduous one, you might want to consider involving estate agents, who can take care of such matters within an affordable fee.
Published by Joel Borthwick