Category Landlords

Typically, investors strive to buy properties for below market value (BMV). Paying less for homes can play a significant role in determining how profitable investment property is. Unfortunately, in an increasingly digital and open world, purchasing a home below market value is becoming progressively impossible.

Investors who want to maximise their returns on their investment property must master the art of negotiating. Experienced landlords and investors will aim to bargain in order to purchase properties at the lowest possible price. Such investors can purchase properties at or below market value by haggling the price down as much as feasible.

Unfortunately, the art of negotiating does not come readily to many people. If you are one of these folks, here are some useful tips for buying an investment property at a good price.

Know Your Seller

Negotiating without first knowing the seller’s motivations might be a recipe for disaster. When viewing a property, try to schedule a viewing with the owner in attendance. If not, take the time to get to know the selling agent. It is critical to understand why the owner is selling the property and how this may influence their selections.

When seeing the home with an agent, ask if you may speak directly to the seller before submitting an offer. The opportunity to communicate directly with sellers and develop a connection will enable you to discover more about their goals and ambitions. If there are numerous purchasers, you may be the only one with whom they are directly communicating, giving you an advantage.

Let The Seller Make The First Move

Making the seller move first can be advantageous. After you’ve established a connection with the owner or agency and persuaded them that you’re a serious buyer, it’s occasionally worthwhile to ask the seller what they’d genuinely sell the home for. By doing so, you are requesting that the seller reconsider the price they are willing to accept for the property. In most cases, they will reconfirm the list price. They may, however, return with a cheaper price, in which case the goalposts will have already shifted in your favour.

Look For Emotional Anchors

Anchors are used by negotiators to reframe a seller’s perspective. A seller may have a specific price in mind, but if you start with an unexpectedly low offer – preferably one supported by a historical comparison – you can utilise this to subliminally peg their expectations to a lower value. Simply said, a low offer that is shockingly low can cause sellers to reconsider their own value assumptions. You must exercise caution not to make an insultingly low offer. Making an offer that is 20-25 percent below the advertised price, on the other hand, might be a beneficial approach when attempting to negotiate a lower price.

Establish A Range

Rather than selecting a precise anchor point, establishing an emotional range might be beneficial. Instead of making a single low offer, which might put sellers on the defensive, you can make a variety of offers. While their house is advertised for £150,000, other residences in the neighbourhood have sold for £120,000 to £140,000. The seller will still accept the lower end of the range, but making an offer as part of a range will make it more appealing.

Don’t Use Monetary Terms

While most individuals are motivated by the exact selling price, it is not often the sole consideration for sellers. You may utilise this to your advantage if you understand the vendor and what they want to achieve. If they want to relocate but haven’t located the appropriate property yet, you might offer to rent the house to them for a year with a one-month break clause. If they are purchasing a home that needs renovation, offer to put them in contact with a reputable builder you know. In every case, look for ways to offer non-monetary value. When you do this, the seller will see that you are making every effort to provide them a bargain that works for them.

Use Odd Numbers

Precision is provided by odd numbers. When making bids for an investment property, buyers tend to round up to the next thousand. People frequently become fixated on much bigger rounds than this, gravitating for offers to the closest £5,000 or £10,000. The issue is that this encourages vendors to push you to the next rounded offer.

Consider making an out-of-the-ordinary offer as you approach your price limit. Instead of rounding up to £200,000, offer £196,493, for example. The accuracy of this amount can disarm salespeople and persuade them that you have reached your financial limit, deterring them from asking for more. Such offers can be particularly successful when accompanied by an investment statistic.

Give The Seller Control – In Part

It is human nature to feel more at ease when you have control over a situation. Surprisingly, this can be a valuable bargaining weapon for purchasers. Buyers can obtain the results they seek by asking calibrated questions rather than delivering replies. Ask the seller questions that make them feel in control of the discussion while also encouraging them to come up with ideas that benefit you.

If you hit a pricing stalemate, ask the seller, “How can we work together to bring this deal over the line?” Similarly, if the seller appears to be fixed on a specific price, inquire as to why that price is so essential to them. The idea is to get the vendor to feel empathy for you and come up with their own solutions.

When employing calibrated inquiries, avoid starting queries with the word “why,” unless you want the seller to defend an objective that benefits you. The word ‘why’ sounds accusatory and puts sellers on the defensive.

Think About Timing

It may be tough to strike the right balance when it comes to making an offer on an investment property. On the one hand, you don’t want to reply too soon since it would confirm the idea that you were always willing to boost your offer. On the other hand, you don’t want to wait too long because it may indicate indifference or allow other bidders to outbid you.

When negotiating, never reply with a counteroffer right away. Instead, inform the seller or agent that you will examine the offer and will need to double-check the maths before responding. Provide a timetable for when you will respond to them. If you are at work, say you will verify the figures when you get home and respond first thing the next morning.

When you receive a counteroffer, you should use the call to express concerns or questions if the price is too high. You should not reject the offer right away. Instead, you might say that it may be tough for you to achieve that amount or that the counteroffer remains rather high.

Use A Surveyor

When you have an accepted offer, you can make it contingent on a building survey. The advantage of doing so is twofold. To begin, having a trained surveyor examine the property will aid in identifying any structural concerns or expenses. Even the finest negotiators will be out of cash if the home is discovered to have severe structural concerns. Second, if small faults emerge, you may use this knowledge to return to the vendor and negotiate a cheaper price.

Walk Away If You Need To

The goal of being a landlord in the cold light of day is to make money. You must buy properties that will provide a significant rental income or capital growth to justify the time you will invest in them. If not, what is the point of devoting so much time and money to the project?

Buyers frequently make the mistake of becoming emotionally engaged in an investment property. You may have non-financial motives for wanting the transaction to go forward for one reason or another. When this is the case, you are more likely to overspend and make an expensive mistake. Calculate the projected return on the property before making an offer. Calculate the price at which you will need to buy the property in order to achieve your goal return and set it as your maximum price. If the discussions go above this amount, you should be firm and walk away.

Whether you’re a seasoned or inexperienced landlord, hiring an inventory clerk is a necessary cost. Even if your budget is tight, an inventory clerk should be considered an essential element of the process and could end up saving you a significant amount of money in the long run. But how do you go about finding the perfect property inventory clerk, and where should you look?

How To Recognise A Good Clerk 

It’s quite easy to discover an inventory clerk online, but hiring the first one you see could be a costly error you’ll soon regret. Even if you prioritise cost-effectiveness, the cheapest choice may not give what you’re paying for.

A perfect property inventory clerk will pay close attention to detail and have a thorough understanding of their work. It is not enough to simply mention everything in your property; it is also critical that the report be formatted in accordance with industry standards. If it does not, a court may refuse to accept the inventory as evidence in the event that it is required.

When creating an inventory report, a clerk should include everything, right down to the door handles and locks. This immaculate attention to detail will supply you with all the information you need to prove the condition of the property and its contents.

Where To Find Your Perfect Property Inventory Clerk

Starting with word of mouth is usually a wonderful place to begin. If someone you trust has previously utilised an inventory clerk, their personal recommendation may be all that is required. If you don’t know someone who can recommend a clerk, you’ll have to do some further research on your own.

Looksy Inventories could be your perfect property inventory clerk. We certainly tick all the boxes. We are:

• Dedicated
• Expert
• Professional 
• Reliable 
• Cost-effective
• Local 
• Experienced 

For more information, including our pricing, please don’t hesitate to get in touch. 

During the tenancy period, a tenant is usually responsible for paying council tax and utility bills. A tenancy agreement will usually state that a tenant is responsible for paying council tax and utility bills when renting, and many disputes arise when a tenant fails to do so.

In such cases, an adjudicator may be presented with a number of unpaid bills that correspond to the length of the tenancy. Nonetheless – and importantly – if the bills are in the name of the tenant, an adjudicator will usually determine that the landlord has not suffered a loss and will not make an award.

This is because the contract is between the utility provider and the tenant, and any loss or liability is thus not the landlord’s responsibility (and would instead be pursued by the utility company against the tenant directly). Alternatively, if a landlord presents unpaid utility bills when renting in the landlord’s name (or at the property’s address), an adjudicator may determine that the landlord is entitled to make a claim against the deposit.

This is because the liability (as stated on the bill) is in the name of the landlords and letting agents for the property, and thus the landlord would suffer a loss. Commonly, this occurs with council tax liability, where a council may not have been updated as to the tenant’s occupation of a property, and the landlord will retain liability for the council tax at the address. A liability in the name of the landlord (or the name of a property) can be recovered against the deposit; however, the standard burden of proof principles will apply.

Postal Services Act 2000

While a landlord may be concerned about unpaid utilities, a landlord and agent cannot open the tenant’s mail without permission, and doing so may constitute a criminal offence under the Postal Services Act 2000. In any case, a landlord should keep in mind that a utility contract is typically between a tenant and a utility provider, and as such, it is not the landlord’s responsibility (or liability) – such correspondence, therefore, should be forwarded to the tenant at their forwarding address, unopened.

However, such a liability would usually arise if the property was left vacant – and a tenant cannot be held doubly liable for council tax on a property where a landlord or letting agent has found a new tenant to offset the impact of a breach of the fixed term. However, if the property is a property of multiple occupations or if a landlord can claim an exemption due to an unoccupied/substantially unfurnished property, the circumstances may be different. In these cases, it may be prudent for a landlord or letting agent to seek legal counsel.

Contact Looksy Inventories Today

Contact Looksy Inventories today to find out more about how an inventory can prevent disputes at the end of a tenancy, and ensure your rental property is safe and secure. Utility bills when renting can even be included, ensuring everyone knows who is responsible.

With all of the responsibilities and risks that come with the role of a landlord, venturing into the world of property can be quite a heart-racing endeavour. However, not only you but also your family can benefit greatly from renting out your home. Continue reading to see how it can be useful to your family and what the benefits of renting out your home really are.

A Source Of Constant Passive Income

Renting out your home is a way to generate passive income. One of the advantages of passive income is the convenience of having money deposited into your account on a regular basis with little to no effort. It can be a profitable venture from which you and your family can benefit quickly. As a landlord, you must ensure that your home facilities are in good working order. This can help you charge the most rent in order to fully reap the benefits of passive income.

The Chance To Do More

Renting out your home allows you to market it in the property market and generate revenue as opposed to leaving it vacant. As your reputation as a landlord grows, more and more people will recognise the value of your property. House location, size, and proximity to nearby amenities are all factors that can increase the value of your home on the market. If you’re renting out your home for a few years, the value of your home will undoubtedly rise. This creates an excellent opportunity to profit from. When you finally find a buyer, you can sell your home for a higher price and make a larger profit.

A Good Starting Point

Dive headfirst into property can be a daunting experience, especially if you plan to start later in life. Renting out your home is a great way to gain this valuable experience. It improves your business acumen and fosters a newfound passion for real estate. Lessons learned as a landlord can help you establish more opportunities, as well as teach you how to manage buildings, finances, and emotions. It broadens your horizons, which can lead to the leasing of many other valuable properties, providing you and your family with a stable source of income to last a lifetime.

Renting Out Your Home Is Your Retirement Plan

When your children reach a certain age, the cost of college and other general expenses begins to skyrocket. By the time you retire, you should have completed your role as a parent. Retirement is a near-term concept associated with wealth, golf, and a life of leisure. In short, now is a good time to settle down and enjoy your golden years in peace. However, have you decided how you intend to support yourself in retirement? Investing in real estate is a capital idea that most people begin when they retire. It can be difficult to grasp without prior experience, and you may make a number of mistakes before mastering the trade. You stand to benefit from renting out your home.

Some people are just a little noisier than others. They may have a louder voice, they may walk more heavily, they may forget their kitchen cupboard doors aren’t soft closing and slam them once in a while, but generally, these people are not too much of a problem. They might cause some annoyance or irritation every now and then, but it’s nothing anyone’s really going to complain about. After all, these things happen.

But some people are noisy in a different way. The ones who get into screaming matches with their partner or children regularly, the ones who have loud parties every weekend, the ones who can’t seem to enjoy their music without the volume being so high everyone in the street can sing along. These are the problem noisy tenants because they are interfering with their neighbours’ quality of life. This is a serious issue, but is it the landlord’s responsibility? 

What Is A Loud Noise? 

In general terms, a noise is considered loud when it disrupts the general lives of those around. The noise itself can be anything from dogs barking to motorbikes revving to heavy footsteps to piano practice. If it’s too loud and it means that neighbours can’t enjoy their own homes, it’s a nuisance issue. 

What The Law Says

When it comes to excessive noise, the good news is that the law is on the side of the person who has to suffer from it, not on the side of noisy tenants. Under the Environmental Protection Act 1990, it states that noise can be considered a statutory nuisance if it “unreasonably and substantially interfere with the use or enjoyment of a home or other premises”. Of course, this can be somewhat subjective, but it’s a start; there is assistance out there. 

What About Landlords? 

So we know what loud noise means in terms of the law, and we know that there are avenues to go down when you’re on the receiving end of things, but what about landlords? Is the noise down to them to sort out? In short, the answer is no. Unless the landlord is a direct contributor to the noise, it’s not their fault, and they are not responsible – after all, you can’t control your tenants’ lives (and nor should you try), so what they do to make noise isn’t your problem. 

Except… although it might not technically be your responsibility, that doesn’t mean you shouldn’t try to do something about it. After all, people are upset, and if noisy tenants mean they all start to move away, your property suddenly becomes much more undesirable. Prices can drop, and that includes how much you can charge for rent. It’s in your best interests to get the issue sorted ASAP. 

What Can A Landlord Do About Noisy Tenants? 

If you are made aware that you have noisy tenants, there are various things you can do. The first, and easiest, is to ask the neighbours to sort it out amongst themselves because, technically, it’s not your responsibility. Of course, as easy as this is to say, it’s not always going to be easy to do, and the truth is that the neighbour has probably already tried this before taking their complaint to the landlord. Or they might feel intimidated and don’t want to do this, hence they have come to you. 

The next step is to speak to your noisy tenants directly. The tenant might not have any idea that their neighbours have a problem with them, especially given that very often, no one will want to say anything to their face. If the talk goes well, hopefully the tenant will pay closer attention to the noise they’re making, and that will be that. If they are less helpful, it’s good to check the tenancy for a noise clause (there will usually be one). Let them know it’s in there and that they signed agreeing to abide by the rules, and if they can’t be quiet, they may have to go. Ask the neighbours to gather evidence in the form of recordings and notes just in case you need them later on. 

If no one is getting anywhere, then a complaint to the local environmental health department may have to be made, either by your or the neighbours, about the noisy tenants. These complaints will be kept confidential too, so you can take this step without any worries. 

If you need to evict your noisy tenants, you can start this process even while the noise complaint investigation by the local authority is taking place. After the eviction, you’ll need a full inventory, so contact Looksy Inventories to find out more.

You’ve made the choice and decided that being a landlord is the right step for you to take, and why not? When done right, it can be a lucrative career move, and whether you do it part-time with just one property or you make it your full-time job with a whole portfolio, the general premise is the same. And the one thing that all landlords need is good tenants. If you have those, you can make money; if not, you’ll lose it. So it’s crucial that you do as much as you can to find good tenants and, once they’ve moved in, to keep them for as long as possible. Read on to find out more.

 

Make Sure The Property Is Clean 

It might seem like this is a given when you’re looking for good tenants, but it’s actually something that can be forgotten or entirely neglected, and so it’s worth having a reminder. You can’t just assume that the last tenant left things looking good, and that’s why having a check-out and then a full inventory is crucial. The former means that you can compare the property to how it was when you rented it out, and the latter means you’ve got the place in a good state for the next tenants. 

With all that being said, making sure that the property is clean and bright will make a big difference not just to how quickly you find tenants, but how well they will treat the property while they’re there. When you find good tenants, they will be the ones who treat the place carefully, and the cleaner it is at the start, the cleaner it will be at the end, saving you time, money, and effort. Plus, if someone likes the property because it’s nice and clean, they give you a good idea of their attitude to keeping house. 

Give The House Good Kerb Appeal

When you want to find good tenants and you’ve spent plenty of time getting the inside clean and tidy, don’t forget the outside too. Although not more important than the interior in the grand scheme of things, it will make a difference in that all-important first impression. If you can convince prospective tenants to come and take a look at all that goodness inside, you’re halfway there. 

The kerb appeal of a property – how it looks from the outside when you pull up to it or when you see it on a property portal – is vital in this regard. If the photos of the house don’t look good or there is a big mess in the front garden, flaking paint on the property, or any other issues, when someone comes to view, they’re not going to like it. Especially when there is plenty of choice out there, and they could go for something much nicer looking. 

Do All The Checks 

A tenant might come across as very professional, polite, friendly, and so on. But that doesn’t mean they’re the best people for your property. It’s easy to be swayed by a good reason for needing a property or why they had to leave the last one or anything else, but no matter if true or not, these stories shouldn’t make a difference to whether you let your home to them or not. 

When you want to find good tenants, the credit score and the bank account are what will do the talking. Now, of course, you can be flexible when it comes to the credit score, and sometimes it’s wise to be – mistakes happen, and those scores go down much easier than they come up. However, the bank account does not lie, and neither do the payslips. You need to ensure that whoever you install in your property is going to pay. After all, as much as you might like the idea of helping people, this is a business, after all. 

The question of how landlords can reduce costs when renting out a property is one that many will be asking. Whether you’re a first-time landlord, an accidental landlord, or a landlord who has been renting out properties for decades, trying to find ways to save money without compromising on the quality of the accommodation you have on offer can be a delicate balance to find. Yet it is possible. Read on to see just a few of the ways it can be done so that your property, the tenants in it, and your profits are all as good as you want them to be. 

Research The Right Rent 

Marketing your rental property at the right rent is crucial when it comes to knowing how landlords can reduce costs. Speak to an excellent local agent who understands the area and has experience in renting out similar properties to yours, and take a look online at the property portals to see what kinds of levels the rents are at in your location. By doing that, you can see where you should be marketing your property too. 

When you opt for the right rent, you’ll find a tenant much sooner, which will help all landlords reduce costs because an empty property is expensive. The quicker you have a paying tenant, the less money you’ll lose, and your outgoings will reduce. 

Find Reliable Tenants 

Another helpful insight into how landlords can reduce costs when renting out a property is to find reliable tenants. As we’ve said, setting the right price is a good start, but you should also ensure you look at references, do credit checks, and interview the prospective tenant so you can get an idea of what they are like. Alternatively, having a letting agent do this work will save you a lot of time and money. Your choice will depend on how confident you feel about making the right choice regarding your tenant. It will cost you more to use an agent, but this may be a case in which you can consider the money spent an investment since you won’t have to worry about anything – the agent will do it all. 

If you choose to do the work yourself, make sure you tick all the boxes when it comes to compliance and legality, and ensure you select Looksy Inventories to complete an inventory report and a check-in report on your behalf. In this way, you can reduce costs further down the line. 

Quotes 

Another great thing to remember when it comes to how landlords can reduce costs for their rental property business is to always get multiple quotes for any work that needs doing. Having more than one price and speaking to more than one contractor or expert means that you can make an informed decision and who is going to do the best work at the best price. 

It’s not always about the lowest price, though – sometimes paying less at the start means having to pay more later on to fix the problems that a less qualified or experienced tradesperson has created. The old adage of you get what you pay for is never truer. 

Looksy Inventories Is Looking Out For You 

Paying for the best is sometimes expensive, but when it comes to Looksy Inventories, not only do you pay fair rates, but you get exceptional quality results in return. Contact us today if you want to know how landlords can reduce costs when renting out a property – we’ve got the answers. 

Although the majority of tenancies end with no problems, a checkout report can bring ultimate peace of mind to both the landlord and the tenant. And if there is a problem at this potentially sensitive time, the checkout report is there to help – it is an unbiased record of exactly what the state of the property was when the tenant moved out. 

When you have a checkout completed by an independent inventory clerk such as the experts at Looksy Inventories, landlords and tenants can avoid most disputes. If there is still a problem, the report itself is the evidence needed if you choose to take the case to adjudication with the TDS (Tenancy Deposit Scheme). It’s clear that having a checkout carried out at the right time by the right professional inventory company is crucial. 

What Is A Checkout Report?

Before we go any further into exactly what landlords need a checkout report carried out, let’s delve a little deeper into what this report actually is and what it entails. Essentially, the checkout inventory report is a thorough record of the condition of the property once the current tenants have moved out. Every room is inspected, and a report is made on the state of how the tenant left it. This report provides all the evidence needed to justify any deduction that the landlord might need to make for repairs or other issues that the tenant’s time in the property has meant needs to be done. It will also show the landlord what work needs to be done before they can rent the property out again. 

When compared to the full inventory report that your inventory clerk did at the start of the tenancy, the checkout report makes it easy to see what changes have occurred – good and bad – within the property and a full assessment as to the landlord’s next steps can be made. If there is a dispute, both documents together will form the main evidence in an adjudication process, and if either is missing, the TDS is more than likely going to give the tenant the benefit of the doubt because who’s to say when the damage was caused and who by? It could have been there when they moved in unless the checkout and inventory prove otherwise. 

What Does A Checkout Report Include? 

A checkout report will give you a detailed description of the cleanliness, overall maintenance, and specific damage within a property. At Looksy Inventories, every checkout report is meticulous and thorough and will contact photographs as well as in-depth descriptions. 

It’s hard for a landlord to be objective when it comes to their property, especially if they have owned it for some time, or perhaps they once lived in it themselves, and it can often be hard to determine what is damage and what is fair wear and tear (something that you cannot claim for). The checkout report will make it clear so that the landlord can decide on their next course of action. 

What Are The Benefits Of A Checkout? 

As a landlord, it could be tempting to bypass the checkout altogether. After all, if you have the full inventory report completed, is there any need for the checkout? Can’t you just move on after the tenant leaves? Of course, it’s always down to you; it’s your property and your business, but there are many benefits to having a checkout report, and here are some of them:

• An independent checkout expert shows your tenant you are being fair 
• A tenant is much more likely to agree to any issues if a third party completes the checkout report
• A checkout report promotes a positive landlord-tenant relationship 
• A checkout report will reduce unnecessary costs and save the landlord time 
• The checkout will ensure a much smoother transition from one tenant to the next, ensuring you have less time with an empty property on your hands 

At Looksy Inventories, we are thoroughly trained and highly experienced when it comes to checkouts. We can provide an independent, thorough, and easy-to-read report that will give you the confidence you need to take the next step, whatever that might be. It’s not easy to be a landlord at times, and anything that can be done to assist you is important; the checkout is one of these things. 

Contact Looksy Inventories For Your Checkout Report 

When you need a checkout for your rental property, don’t hesitate to contact Looksy Inventories. We are independent, unbiased, and offer great prices on all our reports. You can trust that no matter what you need us for, we can be there for you. 

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. 

Since 2008, the number of properties sold with sitting tenants has quadrupled, and that figure accounts for about 11 percent of all rental properties. So what does this mean? And if you are thinking of buying a rental property with sitting tenants, what should you be considering? Read on to find out more.

A Property With Sitting Tenants Is Good News All Round

The first thing to take note of is that this is a good thing all round. If a property with sitting tenants is bought by a landlord, that means the tenants can remain in their home, and the landlord doesn’t have to spend any time or money searching for new tenants for the property. Everyone wins.

That doesn’t mean, though, that there aren’t some important things to consider when you are buying a property with sitting tenants. It might be the easiest option of all when it comes to starting your landlord journey – or adding to your portfolio – but in order for the entire thing to go smoothly, you need to do your research too. Don’t just assume that all is well.

Inventory

When you are buying a property with sitting tenants you’ll want to see the inventory that was carried out when they moved in. 25 percent of all tenants sign a lease that lasts for two or more years, and the longer tenants are in a property, the more potential there is for damage to have occurred.

The inventory is the ideal tool to make sure that, when you inspect the property before buying it, it is all how it is meant to be, bearing in mind how wear and tear will affect the look of a property too. This will give you a good idea about how the tenants are treating the property and how much you might have to spend when the tenancy is up. If that cost is going to outweigh the cost of buying an empty property and finding a new tenant, it’s not worth the risk.

And make sure to see any copies of the mid-term inspections that should have been carried out. Again, you’ll be able to see exactly what’s happening and have all the information this way to allow you to make an informed decision.

Referencing

It might surprise you to know that, as a new landlord, you have the right to run checks on the sitting tenant of the property you buy. You can’t charge them for the work, of course, but it’s worth doing a check for your own peace of mind. You’ll want to know that they are exactly who they say they are and that they have the right to reside in the UK. This is crucial since you’ll need to comply with the immigration right to rent legislation.

Anything could have changed between the original tenancy starting and you taking over, and since you’ll be responsible for ensuring that your tenants are living here legally, you must check this out.

Deposit Protection

Make sure you have proof that this has been carried out correctly by the previous landlord, including serving the paperwork to the tenant. It wouldn’t hurt to have written confirmation that this has been carried out too directly from the tenant, as an extra safety net.

Rent Guarantee Insurance

Because you haven’t hand-picked this tenant from the start you have no idea whether they are a good tenant or not, so obtaining rent guarantee insurance would be a good idea.