There are plenty of horror stories doing the rounds about dreadful tenants who don’t pay their rent, destroy carpets and steal curtains – for the virgin landlord this can conjure nothing but anxiety and apprehension.
Although landlords insurance will save you financially, it can’t prevent the stress of late-paying or destructive tenants living in your property.
Here are five tips to help avoid unwanted hassle when renting out your property:
1. Go and visit them at their current property
This will give you a good idea of how your property will be treated if they do move in. Habits are
hard to break, and if you walk into a filthy house that smells of smoke and has remnants of last
night’s party everywhere, chances are your house will look the same in a month or two.
2. Ask for a guarantor
This will almost guarantee that rent will be paid into your bank account each month – however, make sure you only accept guarantors who are in full time employment or are home owners.
If your potential tenant is employed, not on DSS or a student, ask them for a reference from their employer. Make sure you follow this up as some tenants will embellish on their work status. Getting a reference from a previous landlord is probably your best way to landing a good tenant –
ask for a letter which details when the tenancy agreement started and finished, whether there were any problems and if rent was paid on time. Be aware that you may receive a glowing reference if a landlord wants to get rid of someone – if you have any doubts, go for the tenant’s penultimate landlord as they will be more honest.
4. Ask for a bank statement or payslip
You will need proof that your tenant can afford to live in your property – if they are genuine they will more than likely be accommodating to this request, whereas a bad tenant will make a fuss. Keep in mind that their salary needs to be three times your monthly rent-rate in order for them to
afford to live there.
If you are an existing landlord or potentially a first time landlord get in touch with Belvoir Kettering today to take advantage of our vast expertise and experience to ensure you are getting the best advice. Contact us today on 01536 267755. or email us at firstname.lastname@example.org