Top Five Ways to Be a Great Landlord
To be a Great Landlord means to be a good Landlord to keep his/her tenants happy. There is a saying, “To be happy, make others happy,” so property owners are no poles apart. Being Great Landlord needs money, time, and effort, and it will be rewarding if it assists the property owner to keep the right tenants. A good tenant is precious, and the property owners may need them more than the renters do. Moreover, the tenants assist their homeowners in paying their mortgage by offering their monthly rent. If you are a property owner in the UK, and if you would like to be a great landlord, here are the vital steps you have to follow.
Always Consider the Safety of Your Tenants
If you are a landlord, you should understand that you have a legal obligation to make sure that your home meets safety standards. Gas and electrical tools should be installed and checked yearly by a licensed professional. Your home should be installed with carbon monoxide alarms and fire alarms, and you must often check the batteries and replace them, if required, and maintain proper records. If you follow this practice, you will not only put your tenants safe, but your landlord insurance will be validated as well.
Draft a Reasonable Rental Agreement
This means that any responsibility regarding the maintenance of the property should be clearly mentioned in the rental agreement. This is known as the Assured Shorthold Tenancy, for which you can hire the service of a leasing representative or a solicitor. You can also download the required templates available on the website of the Residential Landlords Association, rla.org.uk.
Protect The Deposit of Your Tenant
If you are a landlord in the United Kingdom, it is your legal responsibility to put the deposit of your tenant in an approved deposit plan to offer the necessary safety to you and your tenant. You should inform your tenant about:
– The authorised schemes you are currently using.
– The way to apply for the deposit refund at the end of the rental agreement.
– The justification for getting a deposit from your tenant.
– How to resolve problems if any disputes arise.
If you fail to obey or delay lodging the deposit of your tenant, you will face legal proceedings as well as a fine, which is equal to three times the deposit amount that you have collected from your tenant.
Prepare a List of Inventory in The Property
Although it is rather a difficult and time-consuming task, it will assist you greatly when there is a disagreement between you and your tenant if any damage is done during the rental period. The list of inventory will include the things of the home and their condition at the time of occupying your home by your tenant. It will also contain details about the existing cosmetic defects or flaws, such as flaking paint or peeling wallpaper.
Be a Rapid Fixer
If you want to be a great landlord, you keep your tenant happy by attending repairs in your home as quick as possible. Always keep a list of trustworthy tradesmen who can fix any sort of problems in your home within a short time to satisfy your tenant. If you choose a leasing agent, it is vital that you should choose a good person who offers the best value for your money, including a good service to your tenant. See that you get a quality service, as well. Furthermore, take care that you do not increase the rent so often, as it will not only distress your tenant, but it will also make your tenant vacate your home.
To conclude, it is always safe to take landlord insurance, as this will offer the necessary coverage for your UK home during natural calamities, for which your tenant is no way responsible. This will also assist you to prevent financial losses associated with your rental properties. The insurance policy not only covers your building, but it also covers the insured things in your home.