When stepping into the role of a landlord for the first time, there are a lot of factors to consider and responsibilities to manage. It is important to steer clear of several common mistakes that can lead to significant challenges further down the line.
Here are our top 4 mistakes to avoid guaranteeing a smooth and hassle-free experience as a landlord.
Not Taking Your Responsibilities Seriously
Whether the income you gain from property rental is just a little extra that helps to alleviate monthly expenses or your main source of income, you should never treat your property portfolio as a side-line. Doing so is the fastest way to lose large sums of money with minimal effort on your part! To succeed financially as a landlord, you must stay observant and focused at all times.
Failure to Vet Tenants Properly
This can be the costliest in terms of time, effort, and money. You must perform thorough checks on each tenant before entering into any agreement together. Failure to establish whether a tenant possessed the legal right to rent could result in many potential negative consequences, not least some substantial fines.
Not Familiarising Yourself with Your Own Tenancy Agreement
This straightforward yet potentially expensive error is common among new landlords. They fail to invest the time or money to get a bespoke tenancy agreement and then also fail to familiarise themselves with the terms and conditions in what they do provide or what the government set. As a landlord, you are bound by the government rules and regulations. Ignorance of the law is no defence. And if you provide any paperwork that outlines you will undertake specific responsibilities, you must ensure that you uphold them. Don’t upset your tenants by failing to deliver on your promises.
Not Scheduling Frequent Property Inspections
It can be very tempting to simply allow your tenants to enjoy your property, especially as it relieves you of the responsibility of visiting them every few of months. You might even convince yourself that you are doing it to make them feel more relaxed and at home but regardless of your reasoning, this is a mistake. Regular property inspections help to quickly identify and address small issues before they escalate into larger, more expensive issues.
If you would like to know more about how you can become a profitable landlord without the headaches, please call us on 01400 675175 or send us an email to gemma@flying-keys.co.uk.
