4 tips for aspiring landlords in 2022, Home rental advice, Property running cost guide
4 Tips for Aspiring Landlords in 2022
16 June 2022
If you are like the many people that have realized that property is great to be investing in, you might have considered becoming a landlord. RedSail Property Management in Norfolk says, being a landlord is a lot of work, but is incredibly rewarding, especially considering that you are providing people with a place to stay.
However, as rewarding as it is, it can also be challenging to succeed, especially with all of the competition. If you are thinking of becoming a landlord, or you have just bought your first property and are wanting to rent it out, here are 4 tips for aspiring landlords in 2022.
Know the Laws
The first tip on this list is a rather important one, and it is to know the various laws that relate to being a landlord. If you are new to being a landlord or are thinking of becoming a landlord, you might not be aware of the fact that there are indeed many laws to be followed, such as paying taxes on time, or ensuring that the property is safe to live in on. If you rent out property in Brighton for example, you should be aware of Brighton council tax regulations. More than this, some laws related to the tenants, such as not just showing up unannounced at your property and letting yourself in, since this would be a violation of privacy. Before you even consider renting out your first property, ensure that you are familiar with all of the laws that need to be followed. The last thing that you need is a tenant suing you because you failed to follow the required laws.
Renovate Wisely
The next tip on this list could be considered to be as important as the first, which is to renovate wisely. When you receive your first cheque for rent as a landlord, your first instinct might be to treat yourself to something expensive, but you should hold back on that, at least for a while. Renovations are expensive, so you are going to need to save a portion of that rent every month for the end-of-year renovations.
More than that, you need to consider what type of additions to a property is most needed for someone who is renting. For example, improving the garden landscape is less important for someone who is renting a house compared to someone who is buying a house. Adding an extra toilet, or air conditioning, for example, would be a great addition for someone who is renting since it greatly improves the quality of life.
Effectively Vet Tenants
Another incredibly important tip, especially for new landlords, would be to effectively vet tenants. While you might be very excited to have your first tenants move into your property, you need to ensure that they will be able to pay rent. More than this, you should also try to find out about their renting history so that you can rest easy knowing they won’t be destroying your property.
You might be surprised by the number of people that pay the deposit and first month’s rent, don’t pay for up to six months, and then one day just vanish into the night. To avoid this, and the potential destruction of your property, you should create a list of questions and run a background check on any potential tenant wanting to move in. The good news is that there are many sites online that have complete lists of questions that you can easily adapt.
Don’t Be Rigid with the Price
A big problem that many landlords face is not knowing how much to charge for their properties. While it is understandable that you want to make as much money as possible, you need to consider the consequences of setting your rental price too high. If your rental price is too high, or rigid in a fluctuating market, you can expect fewer people to be interested in renting your property.
A great way to estimate how much to charge for rent would be to take a look at the other rental properties in the area and compare it to your own. For example, if the property next door has two bedrooms and two bathrooms, whereas yours has three bedrooms and one bathroom, the price would be pretty much the same.
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