Seven Things That Every Landlord Needs To Know

 

We have many years of experience looking after landlords and their tenants in Warrington and our experience has taught us that whether you are an experienced landlord or are just starting out there are seven things that it is very important for you to know.

1. Choosing the right agent

This is without doubt the most important decision you will make as a landlord. A good letting agent will ensure that not only is your property well looked after but that your tenants are too which will lead to less rental voids. Take your time selecting an agent, read their testimonials from other landlords and always ensure that you are happy working with them before going ahead.

2. The right price

All tenants are looking to rent a property for a competitive price and good tenants tend to have their pick of rental properties. A good letting agent can help advise you on the correct amount of rent to charge for your property. Remember setting the rent too high will likely result in a rental void while you are looking for a tenant so don’t shoot yourself in the foot by being greedy!

3. Have an emergency fund

It is wise to have some money saved to cover unexpected costs such as a new boiler or a rental void. If you do not have some money put aside to help you through a rental void you may feel under pressure to accept an unsuitable tenant just in order to have some rent coming in.

4. Insurance

Landlord Insurance is an essential when you rent out a property. It will typically include rent and legal protection so that you are covered for any legal disputes with your client and will also cover you for lost rent if your tenant defaults.

5. Legal obligations

There have been massive regulatory changes in the last few years. Small mistakes can have large financial repercussions so if you are finding it hard to keep on top of them, consider using a letting agent to manage your property to reduce the stress on you.

6. Buy cheap, buy twice

It is usually far more financially beneficial in the long run to buy good quality materials in order to carry out repairs/refurbishments instead of buying cheap ones that have a shorter lifespan and will therefore need replacing/redoing sooner.

7. Understand your tenancy agreement

Ensure that you have read and fully understand your tenancy agreement and have made sure that it is appropriate to both your property and your circumstances. A good letting agent will always be happy to answer any queries that you may have.

If you are considering renting out, or are already renting out your property in the Warrington area and would like some more advice or to discuss how we can help you to rent out your property please do not hesitate to give us a call on 01925 235 338.