When you decide to allow someone else to rent your property and to enjoy living in it, you make a big decision. You have given over the keys to a very large investment and one of the most expensive things you will ever own.
Fortunately, it is not a step into the dark and you won’t be the first people ever to have done so. Whilst it is unfortunate that there are some horror stories around, it’s warming to to that it’s not something we hear about every day.
Here are five steps to making your landlord experience as pain-free as possible.
- Prepare The House
Knowing that you are not going to be living in the house, you can decorate it in neutral colours and with generic fixtures. Don’t opt for the cheapest taps and showers as these tend to break easier. Spending a little extra at the start could save you a lot of money in running repairs and call-out charges
- Get The Right Insurance
Just as with your own home, you will need to get landlord’s insurance and all policies will vary slightly. It is worth spending the time comparing quotes for landlord insurance to make sure that you have chosen the one which does exactly what you want and what you will need.
- Know Your Coverage
You would never assume that all car insurance policies are the same, so don’t do this for your landlord insurance. Some will specifically state that they cover certain criteria, whilst others will not mention it. Boilers and white goods are normally exempt for landlord insurance and you will have to take out separate coverage for these. There’s a brilliant Homelet e book which will tell you all you need to know.
- Plan For The Worst
We don’t really want to think about what will happen when something goes wrong. If the boiler blows up or the heating stops working, is there anything you can do to help out your tenants. More importantly than what you can do, you should know what you legally need to provide for them. Should you give the tenants the number of a plumber you have selected who can fix any issues? Make sure you have some kind of plan.
- Build Relationships With Your Tennants
If you have found good, reliable tenants, then you will want to keep them as long as possible. The best way of doing this is by making their lives as easy as possible. The first step to achieving this is to have a working relationship with them. If you can talk to them about any small problems and get them fixed quickly, it can stop the bigger problems from mounting up.
Being a landlord can be a fun and very rewarding experience if you approach it right. Planning for the future and setting yourself up properly are the best ways to start off on the right foot. Choosing the right insurance policy will not only help you prosper but will also allow you to sleep better at night.