All posts by Lisamarie

Property inspections are, perhaps surprisingly, one of the most important elements of property maintenance when you are a landlord. Remember, your property is an investment and needs to be looked at as a business; that means you need to take as much care of it as possible. Interim property inspections with a report to back up what is found are essential as they will enable you to run your property business correctly. These checks are essentially a piece of admin that will help everything run much more smoothly. Read on to find out more. 

The Benefits Of Regular Property Inspections 

The first benefit of regular property inspections – which, of course, can (and should) be carried out by an experienced inventory clerk for a completely unbiased view, as well as being time-savings – is that they will give you an overview of how the tenant is treating your property. If the house or flat is in good condition, you’ll have peace of mind that all is well and there is nothing you need to do. If problems are uncovered during the interim inspection, you’ll know that you need to do something. What that something is will be your choice, of course, but it’s far better to know early than to get a nasty surprise when the tenant leaves and all the issues that you didn’t know about because there had been no interim property inspections come to the fore. 

Property inspections also help maintain a good relationship between the landlord and the tenant. Far from being a way for the landlord to check up on the tenant, it should actually be seen as a way to strengthen the relationship. After all, for the tenant, this is how they can know that the landlord cares about the property and their happiness within it. It allows the tenant to speak up if they have any issues too. Some tenants are worried about mentioning problems that fall under the landlord’s remit since they are concerned they might be asked to leave. If the problems are spotted during the regular property inspections, they don’t have to say anything – the report will make it all clear. 

Other reasons to have property inspections carried out regularly include: 

• Ensuring the tenants are complying with the tenancy agreement
• Making sure no illegal activities are taking place 
• Building a good relationship with the tenants 
• Ensuring the building is in good condition and that any issues are dealt with quickly 
• Showing that you are a good landlord who fulfils their responsibilities 
• Creating a report that, should any disputes arise, can be used as evidence 

How To Make Property Inspections Easier 

It takes time to conduct a thorough property inspection. You’ll need to do a complete walk-through of the property, checking every room, even cupboard, everything. Although not quite as big a job as a full inventory report, it’s still going to take a few hours. Or at least, it should if you’re doing it right. 

This is why it’s best to engage a fully trained, highly experienced inventory clerk to carry out regular interim property inspections for you. 

At Looksy Inventories, we have the most up-to-date inventory software to enable us to create a report ‘on the go’, ensuring that you have the results of our property inventories quickly and efficiently. And our prices are excellent too. Contact us today to discuss your interim property inspections and find out more about our full range of property inventory services. 

Empty rental properties can be a problem for a wide range of reasons; when they are sitting dormant, the landlord isn’t receiving an income for one thing, but there are other issues to consider. One is mould and damp, another is pests such as rats and mice, and of course, there is always the risk of break-ins, vandalism, and – in rare cases – squatters. 

Yet something a landlord might not have considered when it comes to their empty rental properties is the challenge of legionella. This serious health hazard is undetectable to the naked eye; you can’t smell it, you won’t notice it at all until it causes a tenant or visitor to become unwell, potentially fatally so. 

What Is Legionella? 

Legionella is a type of bacteria that, when inhaled, can lead to legionnaires’ disease, a lung condition similar to pneumonia. Legionnaires’ disease affects the respiratory system, and, as we’ve mentioned, it can be a fatal illness, especially since it is often confused for flu at first, and medical help is not received quickly. 

Most legionella outbreaks don’t occur in empty rental properties or occupied ones, come to that. They occur in poorly maintained cooling towers, cold water storage tanks, showers, hot water calorifiers, etc. This is because the water within these storage vessels often sits for some time at the right temperature (between 20 and 50 degrees C) for legionella bacteria to proliferate. 

However, if your empty rental property has a cold water storage tank, that too can become a place for legionella bacteria to thrive. When a tenant moves in and turns on a tap or shower or uses the garden hose, if they inhale any droplets of water containing legionella, they could become unwell. 

As an important matter of note, drinking water that contains legionella is not harmful; legionella must enter the lungs to cause any health issues. 

How To Control Legionella In Empty Rental Properties 

Temperature is the first defence against legionella bacteria. If you have a cold water storage tank, the water within it must be kept at lower than 20 degrees C if possible. If hot water is stored in a calorifier or Megaflow or similar, it must be stored at over 50 degrees C. 

On top of this, legionella bacteria grows when it can live on stagnant water, rust, and other debris. When the house is occupied, assuming the cold water storage tank is the right size for the property, then the water within the tank will be turned over every few days, meaning there is no chance for it to stagnate. If you have empty rental properties, it’s a good idea to run the taps once a week or so to empty the tank and reduce the risk of legionella growing. 

On the subject of rust and debris, the tank must be in good condition. If it is old and degraded, legionella is much more likely to occur. If there is no lid, or the lid is ill-fitting, it is much more likely to occur. As a conscientious landlord, if the tank in your empty rental property needs to be replaced, now is the time to do it before any vulnerable tenants move in. 

Showerheads are another cause for concern. Since legionella bacteria must be inhaled for it to cause damage to the lungs, and since showerheads produce a spray that someone can easily inhale, they need to be cleaned regularly. As ever, when the property is occupied, this is not an issue – the tenants will clean the showerhead or at least use the shower enough for it not to harbour any stagnant water. When you have empty rental properties, this is not the case. Before a tenant moves in, flush the showerhead through and clean it with a strong solution to ensure it is entirely descaled. 

Risk Assessment 

A legionella risk assessment is mandatory when you are renting out your property. You can do this yourself, although if you’re unsure about whether or not your empty rental property is at risk of legionella bacteria and potentially causing harm to the tenant or a tenant’s visitor, it’s a good idea to get a risk assessment carried out by an expert. Looksy Inventories can do this for you, so contact us today to find out more. 

Deposit disputes are the last thing either tenant or landlord wants at the end of a tenancy. The tenant wants their money back, and the landlord doesn’t want to have to withhold it because doing so means there must be a problem in the property that the tenant is responsible for, and that the deposit is going to have to pay for. It’s bad news all round. And this is why an inventory is always so useful; disputes may still happen, but they can be cleared up a lot more quickly and everyone can move on. 

So what is the biggest reason that leads to deposit disputes? Perhaps unsurprisingly, its cleanliness. Next in line is damage, and the third reason for landlords to withhold the deposit is having to redecorate. What you might not expect to find is that the fourth reason is gardening problems and that rental arrears come in way down the list at number five.

Increase In Deposit Disputes 

Between April 2019 and March 2020, there was a definite increase in deposit disputes, up by five percent on the previous year. This could, of course, be because more tenancies were taken up during that year than the previous year, meaning that more tenants were leaving properties too. 

The problem is often not down to neglect or an intent to cause any harm or problems; it’s simply that, particularly in the case of the cleanliness of the property, that the inventory was not clear (assuming there was an inventory at all) about exactly what the state of the property was. Some inventories rely far too much on photographs, for example, whereas a photo along with a description is much more helpful. 

What’s even more helpful is ensuring there is a proper check-in and check-out; any queries can be answered and any doubts put to rest. Although it might take a little more time, although it might cost a little more money, it does mean that deposit disputes are much less likely. 

Contact Looksy Inventories Today 

To put your mind at ease, contact Looksy Inventories today. We understand the entire inventory process and produce easy-to-read, detailed reports that both landlord and tenant can agree to before the tenancy begins. 

At Looksy Inventories, we’re always looking for new ways to engage with our clients, potential clients, and those who need some help and advice about lettings, landlords, tenants, and, of course, inventories. That’s why we’ve created a brand new YouTube channel.

We intend to post regular (workload dependent, of course!) videos that go into detail about rental properties and everything you might need to know about all aspects of renting one yourself or being a landlord. There’s a lot to learn, and our videos will be entertaining, informative, and, perhaps most important of all, they will be real.

Here’s a taster of what to expect. It’s our introduction video where you can ‘meet’ Dean, inventory clerk extraordinaire, and find out more about Looksy Inventories in general. Enjoy (and do please subscribe – there’s a lot more to come).

When tenants leave things behind, we’ve already seen that it can cause a number of problems for the landlord, and there are various steps they have to take to comply with the law (even if that does mean they are out of pocket or inconvenienced in some way).

Our first post on the subject of what happens when tenants leave things behind focused on those steps and explained in detail just what the landlord has to do before they can think about returning a deposit (or not), or disposing of any unwanted ‘junk’ or furniture or anything else that has been left by the previous tenant. This post is about what else can be done, and what other questions a landlord might have when tenants leave things behind.

Is There Anything Else I Can Do?

Being stuck in a situation where tenants leave things behind is annoying at best and disastrous at worst; it can mean that you have to delay re-renting your property, and you may even have to pay for storage or disposal (although this can be claimed back through the deposit, of course). In any case, no matter what, when tenants leave things behind they are going to be giving you a lot more to deal with that you need to, especially when you’re trying to find new tenants for the property.

Something that might speed up the process and give your tenants some momentum and impetus to actually remove their possessions without you having to get involved is the idea that, if they haven’t taken everything away, then they haven’t given ‘vacant possession’, and that means they can be liable to continue paying rent until such time as the items are dealt with. Although this usually applies in commercial leases, it could be just what you need to persuade the tenants to make a decision about their old stuff more quickly. Mention it before they move out, and those it will be a rarer event for tenants to leave things behind.

Negotiate

Not everyone leaves things behind on purpose, especially smaller items. However, coming back to retrieve them might not be possible if they have moved far away, are unwell, or anything else that might prevent them from returning. In this case, a negotiation might be a useful tactic.

If you understand their situation, and they are willing to discuss the matter, it might be possible to arrange for a third party to collect the items, for example. It would mean you or your representative would need to be around to let the collector in, so of course you might find it easier to arrange all of this (although the cost would be the tenant’s responsibility).

If you’re having a lot of trouble reaching a fair result, it’s best to reach out to TDS or MyDeposits for advice.

Duty Of Care

When tenants leave things behind, any landlord might assume that, if the tenant expresses they no longer want the items and the landlord can dispose of them, that instead they can simply leave them in the property for the next tenant. However, although this does seem to be a potentially sensible idea (again, depending on what the items are), there are some things to take into consideration at this point.

Firstly, does the furniture come with a fire safety label? Have the electrics had a PAT test? If not, you’ll need to get them inspected and approved – and you’ll have to do it regularly too (PAT testing needs to be carried out every five years).

Secondly, if you leave the items in the property and include them on your inventory as already being there, they are your responsibility. So although it might seem like a great thing if a tenant leaves behind a fridge freezer or dishwasher, for example, because new tenants aren’t going to have to pay out for their own, if something goes wrong you are responsible for fixing it. Often it can be easier not to have any furnishings or appliances in a property as there will be less for you to worry about.

If you want to use the items when tenants leave things behind – and you have permission to do so – then you can ask for them to be included on your tenancy agreement as a ‘gifted’ item. This essentially means that the tenant can use them, but you aren’t responsible for them. And, at the end of the tenancy, the tenant can take them with them. In fact, the tenant should take them with them otherwise the landlord will be in the same situation they were in before!

How To Prevent A Situation In Which Tenants Leave Things Behind

As we’ve said, mistakes happen, especially when moving the moving day is a stressful one and there are a million and one other things to consider. In this case, the issue of when tenants leave things behind is easily rectified. However, some landlords will have had major issues leading to major headaches in this situation, and they won’t want to go through it again. Although it’s never going to be possible to prevent it from happening entirely, there are some measures you can put in place to give you a fighting chance.

1. Referencing your tenants will let you know how they treated their last rented property. Did they leave it in a good state? This is important to know.
2. Include, in very simple terms, exactly what will happen if a tenant leaves any items behind. Make sure the tenant is aware of this clause before they sign the agreement.
3. Regular inspections can be useful too. The landlord will get a feel for how the tenant is taking care of their property, and the tenant will know that the landlord is keeping an eye on things (not in an obtrusive way, of course!). Plus these inspections will help both parties get to know one another. They’ll be less likely to leave things if they know the landlord better.
4. Once the tenant has given notice, ensure you write back to let them know you have received that notice, and to remind them of their responsibilities when they leave. Let them know there will be a check-out carried out too.

When you have a check-out report done at the end of a tenancy, it should be compared with the inventory done at the start of the tenancy, and it is going to highlight anything that is in the property that wasn’t there before; in other words, it’s going to highlight things tenants leave behind.

From large pieces of furniture to bags of rubbish to lost socks in the dryer, anything and everything that is in the property has to be catalogued.

Yet if there are things tenants leave behind (and it happens in around 52 percent of properties), what is a landlord supposed to do about them? It’s an annoyance at the very least, and if the landlord is searching for new tenants, it becomes even more of a problem. Those things tenants leave behind just shouldn’t be there, but since they don’t belong to the landlord, can they remove them? Dispose of them? Sell them? Read on to find out more.

Steps To Take With The Things Tenants Leave Behind

The very first thing to do – the first thing that you should do in any kind of dispute or area of concern, in fact – is to check the tenancy agreement. Ideally you will have a clause within that document that tells you exactly what you can and can’t do with the possessions and rubbish that have been left behind by tenants.

Remember; these clauses will need to be fair and they will need to be in line with the law. If you yourself have added a clause like this (or any clause) to the tenancy agreement, it’s best to get it checked over by a professional to ensure that you’re not going to have problems if you try to enact it.

What If There Is No Clause?

Not all rental agreements are going to include a clause about what to do with the things tenants leave behind – check yours now; if it doesn’t, it’s wise to add one, just to be on the safe side. Plus it will serve as a reminder for your tenants that they aren’t meant to be leaving anything of their behind when they do move out.

The main clause in a tenancy agreement will state that the property needs to be left in the same condition (or better) as it was when the tenant moved in. This is an easy clause to understand if the tenant has taken something away; a claim can be made on the deposit. But if they have added something, it’s much more difficult to work out.

In essence, the landlord becomes the ‘involuntary bailer’ for the things tenants leave behind, and it is their job to take care of those items. This is the law in the UK, but it’s a huge pain for any landlord, and they’re not going to want the hassle of dealing with it. Yet, without a clause written into the agreement, that’s exactly what they’ll have to do.

How To Act As An Involuntary Bailer

The landlord is going to want to deal with the issue of the things tenants leave behind as soon as possible once they have become the involuntary bailer. Here are the steps to take

Contact The Tenant

The first thing you will need to do about the things tenants leave behind is to contact the owner of those things. Find out what they want you to do with them. If they say you should dispose of them, get this request in writing, and ensure they know you’ll be charging them for the cost of that disposal – it can be taken from the deposit.

If the tenant chooses to come and take the items, you must let them. However, it’s a good idea to accompany them into the property.

Protect From Damage

Until such time as the tenant or their representative can collect the items, it is the landlord’s duty to protect them from damage. They might be things tenants leave behind, but you still need to ensure they are kept safe (even if they are going to be disposed of).

Take photographs of everything; this is your proof that all was well when you found the items. Also make a detailed list of everything that was left.

This can be an arduous task, and it’s what a check-out inventory is for, so even if you hadn’t considered needing one before, it would save you a lot of time and hassle to get one done now.

How Long Do You Have To Take Care Of Things Tenants Leave Behind?

This is a great question. The law says that you need to take care of things tenants leave behind for ‘a reasonable time’, but that is so vague as to be useless. In most cases, 21 days is a sensible time frame – that should give the tenant enough time to either let you know they want you to get rid of it all, or to come and get the stuff themselves.

After this ‘reasonable time’, the landlord can dispose of the items without permission. They can also sell them if they want to, but any funds that come from a sale like this will technically – legally, in fact – belong to the tenant for up to six years after the sale.

If you are intending to dispose or sell the things tenants leave behind because you haven’t had a response from your efforts at contact, you need to give written notice to the tenant telling them exactly what you intend to do. You are legally obliged to return the deposit within 30 days from the move out date. Giving a notice of 21 days for the collection of the items gives you up to a week to claim your loses if you move fast.

Legally the document to refer to is the Torts (Interference with Goods) Act 1977. The notice must contain the following:

1.         Date of the notice

2.         The Bailor’s (tenants) name and other details if you have any

3.         The Bailee’s (landlords) name and address

4.         Your intention to dispose or sell the items if the tenant fails to collect them within the notice period

5.         The list and reasonable level of description of the items in question

6.         Instruction about how they can collect the belongings

7.         If you intend to sell, you must include the date and place of the sale. Also include that if items are sold cost for storage and selling fees will be deducted.

8.         Specify the amount, if any, which is payable by the bailor to the bailee in respect of the goods, and which became due before the giving of the notice.

What Else?

These are the first steps to take once you have had a check-out inventory and discovered that there are things tenants leave behind in your property. Part two will be out soon which will have some more specific examples of what else you might be able to do.

In the meantime, if you need any advice or assistance, please don’t hesitate to contact Looksy Inventories.

It’s easy to assume that you need a property inventory when you are letting out a property. Although this is crucial, and it’s certainly where Looksy Inventories spends the vast majority of its time, that’s not the only reason for having an inventory carried out. Read on to find out more.

Before Letting A Property

As we’ve said, the most common reason for hiring a property inventory clerk in Sevenoaks to carry out said inventory is because you have a property that you intend to let out. Ideally, you will already have found a tenant, and the inventory will take place no more than a week (and usually two or three days) before they are due to move in. The longer the time between the property inventory in Sevenoaks and the new tenant’s moving day, the more chance there is that something can change, especially if you’re making upgrades like new carpets or you’re repairing any issues that need to be dealt with in advance.

The inventory will then be passed to the tenant to check through to make sure they are happy with what has been included, and to suggest any amendments that might need to be made (inventory clerks are only human, after all, although we are very proud to say that amendments are a rare thing when it comes to Looksy’s property inventory reports).

After Letting A Property

Technically, this Sevenoaks property inventory is actually a check-out. It’s a home inspection that will compare the original inventory with the state of the property and make a note of the differences. Of course, normal wear and tear is something that should be expected, especially if the tenant has lived there for a number of years. However, big areas of damage and anything that is significantly different – good or bad – from the initial inventory should be mentioned in the report.

Once anything that needs to be made good has been, and once the property is ready to be rented out again, the full inventory can take place.

After A Death

A property inventory in Sevenoaks isn’t just about tenants and landlords; there are other reasons to have one done by an expert. One of these reasons is if you feel you want to protect the property and possessions of a deceased person while the will is being executed. A full inventory of everything within the property, and the state of the property in general, can be a useful tool should you need it.

Although it’s not a pleasant thought, sometimes items of great value (financial or sentimental) can go missing after a death, especially if a variety of different people have keys to the property. Knowing that there is a full list of all these items, confirmed by a professional Sevenoaks inventory clerk, is a great way to keep them safe. It will also help if there are any disputes regarding the will.

After A Separation Or Divorce

This is, we’ll be honest, not something we’ve been asked to do as yet, but our services are here as expert Sevenoaks inventory clerks if required in this upsetting situation. The inventory report will be a record of all the items that the couple owned jointly, ensuring that the assets can be split fairly once the separation or divorce becomes permanent.

Contact Looksy Inventories For Property Inventory In Sevenoaks

Based in Sevenoaks but covering all the surrounding towns and villages – and further afield if required – Looksy Inventories is your expert property inventory service for the area. We can carry out inventories for any reason you need one, and our reports are clear, concise, and understandable. Contact us today for more information and to find out how we can help you.

COVID-19 has changed everything, and that includes the rental market. COVID-19 and lettings are, it turns out, not entirely compatible. With restrictions on evictions firmly in place, landlords – and their tenants – may well be reassessing how things are going to go once lockdown is ended and vaccinations are more widespread.

Landlords in particular may well want to know how they can increase the rental value of a property they know is going to be empty soon. Increase the income from one property by enough, and you will start to make up for any shortfall you might have suffered during the pandemic. Here are some ways it can be done.

Outside Space

Lockdown has meant that we’ve all been indoors a lot more than usual, although in properties that have nice outdoor spaces that will have been at least bearable. With no end in sight to lockdown, as well as the fact that many people are now aware of how important their gardens actually are, you need to make the most of the outside space your property has.

Spend a little money and put in a large patio, replace the lawn, maybe even add some sliding doors to the back of the house so everything can be opened up.

Outdoors is something that might not have been crucial before, but it certainly is now once you look at the impact of COVID-19 and lettings.

Room For Home Working

Maybe everything will go back to ‘normal’ once COVID-19 is no longer such a threat. For the most part, that’s a good thing. However, the home working revolution has definitely begun, and it’s unlikely that this is going to change. Now that employers and business owners have realised that they can save money by not having any office space to pay for, and now that employees know that their job is perfectly doable from home, why would it go back to the way it was?

That means, of course, that renters are going to be searching for a home in which they can work. When there’s a spare bedroom, an actual study, a dining room they’re not going to use, perhaps even a conservatory, they’ll be happy. But if your property doesn’t have any of these things, you’ll need to try to make space. Can you split any rooms into two to create a study? Can you add an outside room or any kind of extension? You’ll be able to rent the place out for more, so you should be able to make your money back.   

Allow Pets

If you don’t allow pets in your property, you’re missing out on some fabulous tenants, and you’re limiting your market. To get the place rented, you might have to reduce your asking price or accept an offer.

If you allow pets, you’re effectively doubling your tenant pool and you can ask for more money because of it, despite the issues that have come about because of COVID-19 and lettings.

During lockdown, many people have decided that they need a little company, and a dog or cat – or whatever – has come into their lives. Now they’re looking for somewhere they and their pet can live, so be a little more flexible, and you’ll make a lot more money.

If the current tenant’s agreement is about to end and they are going to move out of your rental property, it’s a good idea to give them some useful information about what’s going to happen during the check out process. After all, this will save both you and them from worrying, make things much smoother, and it will help you to decide whether or not to hire a professional for the pre-check out.

What Is The Check Out Process?

The check out process is a simple one, but not something that all landlords are happy to conduct themselves. Lettings agents are busy and can’t always be on hand to conduct the process either, and this is where inventory professionals will come into their own; the check out (and pre-check out) is all part of the service.

The check out process technically begins with the notice to leave, which will either come from the tenant or the landlord, depending on the situation. At this time, the pre-check out service can be implemented.

Next, the tenants will need to return the property to its original condition. Remember, a landlord should never expert any betterment (although it is sometimes the case that this has happened – a great bonus) but they should receive their property back in at least the condition they let it in. Again, another reason to have a full inventory report carried out; that original condition will be clearly stated and matched against what the property looks like when the tenants leave.

On the day the tenants move out, the check out itself should take place, and a check out report completed for the landlord. The tenant will also be able to see the report and will be able to either accept it or challenge it. The deposit return can be negotiated and then released.

The Pre-Check Out Process

We’ve mentioned the pre-check out process a number of times now, and although it’s not something that every landlord requests, and it’s not something that every tenant is going to demand, it can be useful in terms of ensuring everyone is aware of their duties at the end of a tenancy. Plus it gives the tenants the time needed to put the property back the way it is meant to be, if that is something that needs to be done.

The pre-check out visit is conducted by an inventory clerk who can look at each room and make a report as to whether any action needs to be taken. The original inventory is crucial at this time, otherwise the clerk is not going to know what the property was like initially, and won’t be able to say one way or another whether anything has or hasn’t been changed.

What Are The Benefits for Tenants?

The tenant will absolutely benefit from a pre-check out. They will be given all the information they need, written down and explained, regarding the tasks they need to carry out before the day they move out. In other words, they will be told exactly what they need to do in order to have their deposit returned to them with no quibbles.

The tenants do have a number of responsibilities when they come to check out. These will depend in part on what is written in the tenancy agreement, but usually include:

• Cutting the grass
• Disposing of rubbish
• Conducting a thorough clean
• Defrosting the freezer
• Removing all personal items
• Repair any damage (over and above normal wear and tear)
• Replace any items that were removed during the tenancy

Knowing this information in advance will make it more likely that the work is done.

Benefits for Landlords and Letting Agents

The pre-check out isn’t just useful to give tenants the heads up on what they need to accomplish before the day they move out; it’s also useful for landlords and letting agents. It makes the check out process a much quicker, smoother one. It also means there is going to be less maintenance required before the next tenant moves in, saving time and money and keeping the new tenant happy because there are no delays. Plus it helps to keep communication channels open between all parties, with the inventory clerk as the mediator/facilitator.

What Next?

If you need an inventory report, check in, check out (or pre-check out) or interim report, please get in touch with us at Looksy Inventories. A friendly, family run business with a positive, professional attitude, we can make sure everyone in the process is happy.

Buying your first rental property so that you can be a landlord is something that works for a wide variety of people. It’s a neat way to make an additional income, and it’s even better if you have a portfolio of properties

It sounds like a dream.

But of course, if it was that easy everyone would be doing it, and there are plenty of challenges to consider and obstacles you’ll need to overcome to do it successfully.

The very first hurdle to get over is finding the right property to rent out. Just because you would live in it, or it’s in a popular location, or the house next door rents out for a nice amount of money, that doesn’t mean the property you have your eye on will work out. Here are some useful tips for buying your first rental property so you have an idea of what to look out for.

Research The Location Of Your Rental Property

Location, location, location, as they say, and as Channel 4 likes to remind us on a daily basis (you’ve got to love a bit of Phil and Kirsty), and it’s true. Location is the single most important factor you’ll need to consider (after budget, of course, but that goes without saying) when you’re buying a rental property.

However, the surface isn’t enough; you’ll need to scratch well below it and find out as much as possible about not just the town or village, but the road itself. Don’t think that, just because you won’t personally be living in the property, any additional building works that are slated to start, or any neighbour disputes, or any problems with the local schools, and so on, are not your issue. They very much are because savvy tenants are going to be doing this research and finding something untoward is going to put them off signing on the dotted line. They don’t want the hassle, and neither do you.

You Will Need Landlord Insurance

Once you’ve found the right house for the right price in the right location and you’re marketing it at the right rental money, you’re still not home and dry; you need to get landlord insurance.

Most of the time, thankfully, the tenants you have in your property will take care of it; it’s their home, after all, even if it is your house. But sometimes, they just won’t. They’ll make mess, they’ll cause damage, and they’ll stop paying rent. Landlord insurance will cover all of this and more, ensuring that even the most difficult of tenants are only going to be a headache, not a blinding migraine.

It Will Cost More Than You Think

If you think that the monthly mortgage payments are the only cost you’ll need to consider, think again. We’ve already mentioned landlords’ insurance, but there are still more potential costs that a rental property might incur, and it’s vital you have money put aside to cover them.

As a landlord, you are responsible for the maintenance of the property, and if something needs to be done – a plumber is required, there’s a problem with the roof, a fence blows down, and countless other things – you need to be able to pay for it. Your tenant isn’t going to be impressed if they have to fork out themselves.