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Monthly Archives: June 2014

Holiday Letting Tips

If you are a landlord and considering getting into the holiday lettings market we thought that you may find the following information useful. Do bear in mind that this area of property rental is rather complex so you may wish to obtain some professional advice. Where to buy a holiday rental property? There are so many possibilities. In deciding where to buy a holiday let you need to consider whether it is going to be situated within reasonable distance of where you live or not. Do you prefer it to be situated on the coast or in the countryside? Properties with a sea view can usually attract a premium rental but, of course, you may have to pay more for it. Booking and Enquiries In the early years, you may wish to advertise your holiday let through companies that specialise in such properties and accept that you will need to pay them a commission. Once you are established you may be able to advertise the property independently. In any event, you will no doubt want your own website. When you receive an enquiry you should respond to it quickly as this will look professional. Do follow up enquiries from people…

Should A Landlord Do A Credit Check?

As a landlord, you will no doubt wish to do everything that you possibly can to make sure that the new prospective tenant is not going to prove troublesome in any way when they take up occupancy of the rental property. For instance, you hope that they will keep the property tidy and pay their rent on time. So, what can you do to ensure that the monthly rent will be paid by the agreed date and not have to be troubled with needing to chase up the tenant? Most landlords will take up references from previous landlords going back over a number of years but not as many will think of carrying out a credit reference search despite the fact that it is an inexpensive process. If you think about it, if you were to apply to a bank for a personal loan as a new customer, they would carry out a credit reference search on you to assess your suitability to meet the repayments. So, why should you not adopt the same process to help ascertain if a prospective tenant can afford the rental that could run into many hundreds of pounds or more each month? In order…

What Responsibilities Does A Landlord Have?

Should you be considering entering into the property rental market as a landlord of a private residential property you need to be aware that there are a number of legal obligations that you must comply with. Many of these are designed to safeguard both you and the tenant. Below, we highlight some of them: – Repairs You must keep the property, fixtures and fittings and the contents that you provide in a good state of repair. This is to ensure that the tenant has a safe environment in which to reside. For instance, if the carpet on the stairs were loose you would need to remedy the problem as this could prove dangerous as your tenant could trip over it and injure himself or herself. Things like drains and guttering need to be well maintained. Sanitary ware has to be kept in good order. So, if the toilet pan were cracked causing it to leak, it would need to be replaced. If a tap were leaking it would need sorting out. Heating systems must be in working order and well maintained. On an annual basis all gas appliances must be inspected by a Gas Safety Registered Engineer. Fire Safety Fire…

The Pros And Cons Of Renting To Families

When it comes to renting out a property one of the things that you need to decide is which sector of the rental market you prefer to operate within. For instance, do you favour renting to those on housing benefit, to students or what about to single people or families? Let’s have a look at some of the positive and negative factors of renting to families – those families with two adults and a couple of young children living in the property. Positive factors If you are fortunate enough to have found a tenant who always pays their rent on time and keeps your investment property in pristine condition then you would probably prefer that they remain in your property for as long as possible. Well, you tend to find that families prefer to stay in a rental property for a longer period of time than say a single person. The main reason for this is that the family unit is often looking for some stability in their lives. The children may well be settled in local schools and make many friends in the locality in a relatively short period of time. One could also argue that a family tenant…

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