Being a landlord is a difficult task, there’s no doubt about it. Here are the key mistakes a lot of landlords make, so be sure to avoid them.
Not Treating Tenants Fairly
There’s nothing worse for tenants than a landlord who is always coming round and disturbing them. You might have good intentions, but the vast majority of tenants simply want to be left alone by their landlords. Even if the tenant is causing problems for you, it doesn’t make sense to start harassing them because that’s not something you have any right to do. If you do have a problem with a tenant not paying the rent, be reasonable and fair about it. You could be breaking the law if the tenant deems your behaviour as harassment.
There are a few different types of insurance that landlords should have. Firstly, the building needs to be insured with a good landlord insurance policy. You can compare landlord insurance online to find the best deal possible. That’s not the only type of insurance that you should have though. It’s also a good idea to have public liability cover. This will cover you if your tenant claims compensation from you in the event of them suffering an injury because your carelessness. Hopefully, you’ll never have to use it, but it’s good to have.
When you buy a house, you need to have a detailed inspection carried out. It’s not good enough to buy the home and then get to work on renting it out. You need to make sure that the property is 100% safe to inhabit. And if it’s not, you need to carry out the necessary changes so that your tenants will be safe when living there. It’s your duty as a landlord to make sure that the property you are offering to people is secure. By skipping the inspection stage, you could be creating a lot of problems for yourself later on.
Falling Behind on Maintenance
Making sure the property is maintained to a high standard is vital. It’s about keeping your tenants safe and happy. Firstly, you don’t want them to be uncomfortable and unhappy about what they’re paying for. If they don’t like the service you’re giving them, they’ll leave as soon as they can and find somewhere else to rent. And if the home isn’t safe, you could face even bigger problems. If the tenant gets hurt as a result of your carelessness and lack of maintenance, you will be liable. And that means you could have to pay out money in compensation.
Failing to Check References
When you welcome tenants into your property, you want to make sure they’re going to respect your home and look after it while they live there. Checking the references the tenant gives doesn’t take very long to do, but it could be a huge benefit for you. Doing the checks will confirm their details are correct and raise any issues that past landlords might have had. You don’t want to accept a tenant that is known for causing trouble for past landlords, so carry out those checks.