Have you decided it’s time for you to rent your property but don’t know where to start? Well, here are some of the best tips from letting agents for first-time landlords.
Becoming a landlord for the first time can be daunting. You may feel overwhelmed by all the rules and regulations or be unsure of which methods to use when advertising your property and selecting tenants.
Don’t worry – we’ve got you covered! In this post, we’ll provide practical advice from experienced professional letting agents who have seen it all before.
Get to Know the Law
The first thing you should do as a first-time landlord, or someone looking to become a landlord, is get to know the law. Many people think letting out their property is simple and straightforward, and for the most part, it is, but there are laws in place to protect tenants and landlords.
Various laws and regulations apply to landlords, and it is crucial that you become aware of them before you start renting out your property. Not knowing what all of the laws are surrounding renting out your property or becoming a landlord could lead to potential problems in the future. Hiring expert estate agents in Peterborough is a great way to learn all of these relevant laws and help you comply with them as best as possible.
Find the Right Tenants
Finding the right tenants is one of the most crucial steps when renting out your property for the first time. Unfortunately, there is no guarantee that you will get the perfect tenants, but there are a few measures you can take to find one that will be good for your home.
You should carry out varying things, such as background checks on all potential tenants and ask for references from previous landlords. A letting agent will be able to carry out these checks for you and help you find the perfect tenants for your property.
Draw Up a Contract
Another great thing to do as a first-time landlord is to draw up the best possible contract. A contract is a very important part of the landlord-tenant agreement, and you must ensure that it covers absolutely everything. Once you have found a suitable tenant, then you can draw up this contract.
This contract should include an outline of the rights and responsibilities of both the landlord and the tenant and should be signed by both parties. If you need help with this, a letting agent can assist you with drawing up an appropriate contract.
Set Up a Repair Fund
another great tip from a letting agent is that when renting out your property, especially for the first time, you should always set up a repair fund. This is necessary because there is no guarantee that you will receive your property in the same condition you let it out. Above and beyond, general wear and tear always happens to a house over time.
A repair fund should be used to pay for anything necessary about repairs that need to be carried out throughout the tenancy. When hiring a letting agent, they will be able to advise you on how much money you should put aside for this purpose so that you can efficiently complete any repairs necessary.
Be Prepared for Problems
Last but not least, the final tip from letting agents to landlords is that you should always be prepared for problems. Even though most tendencies tend to go smoothly, sometimes there may be the occasional hiccup where a problem will arise.
In this case, it is important to be prepared for such eventualities by having a clear policy for dealing with late rent payments, damage to the property, or any other issues that might arise. Hiring a letting agent will be beneficial in this case as they were able to advise you on how to best deal with this situation.