Finding the right tenants
Its important to think about where you are advertising with regard to the type of tenants youre targeting. If placing an ad in the paper its important that its the kind of publication your ideal tenant would read. Getting the ad in the right place is half the battle. If youre finding the search a bit of a struggle then employ the services of a letting agency, although make sure you shop around as costs can vary hugely.
Once you have keen prospective tenants, run security and credit checks to make sure all is above board and then get references from previous landlords. This way you can rest assured that they are able to meet the rent and avoid future problems.
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Cross all the Ts and dot all the Is
Legal matters are your top priority as a landlord. You need to ensure you have an Assured Short-hold Tenancy Agreement in place which will outline contractual details between you and your tenants.
You also need to make sure that you find a Tenancy Deposit Scheme. Introduced in April 2007, the TDS protects both tenants and landlords alike on the grounds of giving back the initial deposit.
Join a landlords organisation such as the National Landlords Association (NLA) who will provide you with all the legal documentation and advice you need.
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Set aside some tenant time
Finding the time to manage the property can be a bit of an issue for some landlords. The most important way around this is to buy close to home. Calls at 3am from tenants who have lost their keys are not unusual for landlords so if you only live round the corner, even the worst case scenario isnt as bad as it could be.
Living closer also makes it easier if you want to make improvements to the property, perhaps when it comes to a tenant changeover at the end of the lease. Get to know the local tradesmen if youre not a DIY expert then youll need someone on board who is.
Difficult tenants
Be careful who you let your room(s) out to. Carrying out the necessary checks should separate the wheat from the chaff but it is important that you have faith in the people who are living in your house.
If you do end up with difficult tenants then dont be afraid to issue warnings. Complaints from neighbours and rent in arrears are relatively common problems for some landlords, be prepared to take action if things get out of hand.
Be aware of your rights. If a tenant has broken the terms of their contract, you are well in your rights to serve them notice.
Having a problem?
If you are having problems ending your tenancy then you may not have had the relevant measures in place to start with. Make sure that you get a proper inventory together to make sure that when the lease period comes to an end, you know it is in a fit state for the next person. You also will need to refer to this in the event of something being in a worse condition than when you left it, in which case you can deduct the relevant amount from the deposit.
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