There is an awful lot to think about if you are embarking into property investment with a view to letting out the property so we hope that the following tips for landlords will prove informative whether you are either considering such a venture or have already entered the lettings marketplace.
There is absolutely no point in purchasing a property to rent out unless it is going to provide you with a good return on your investment. In this respect, you should seriously consider seeking the advice of a number of specialist letting agents to get their opinion on both its suitability as a rental property and the level of rental income it might command in what is a very competitive marketplace.
Unless the prospective tenant is well known to you, ensure that references are obtained.
Even if you were going to let the property to your best friend or a relative you should make sure that a formal tenancy agreement is drawn up between all parties. We have heard of a number of instances of this not being done and problems occurring as a result. It is just not worth the risk.
Whilst you are under no legal obligation to insure your rental property and any contents unless a mortgage lender makes it a condition of the advance, it would be a sensible course of action to take. After all, you have no doubt invested a substantial sum in this business venture and surely you would want to protect it.
Further information about insurance is detailed elsewhere on our website.
No doubt you have spent a significant sum when buying the property and may well have spent further monies on fitting it out and decoration. It is easier to keep a property in pristine condition if it is regularly maintained rather than to not bother for 2 or 3 years. A property that is not well maintained may not command as high a rental income as one that is well looked after. Either you or your letting agent should visit the property periodically to check the condition of the building, fixtures, fittings and contents that you own.
Hopefully the above is of benefit to you.