If you have decided to invest your hard earned savings in bricks and mortar, renting out property is a very productive way to ensure a regular income. The rising cost of housing means that the rental market is booming, and providing you have a desirable location, there’s no reason why you can’t ask top rates. For those who are thinking about doing this, here are some important things to bear in mind.
- Responsibility – The moment you become a landlord, you have certain responsibilities to your tenant, and if you require a landlord certificate in Peterborough or surrounding areas, there is a local company who can do that for you. Once you have this piece of paper, your tenants can rest assured that the property is both clean and safe.
- Legal Services – You will need the help of a good property lawyer, who can help you to draw up a rental agreement to be used with your tenants. The solicitor will also be able to handle any claims made by tenants, and this field of law is very complex, and if the tenant knows their rights, you could end up in a very sticky situation. While the law is designed to protect both landlord and tenant, the latter does seem to have the upper hand, which is why it is essential that a landlord seeks legal advice when dealing with conflicts or issues.
- Outsourcing – You will need the help of a local builder from time to time, and he can ensure that the property is always in good order, and repair any small issues. Prior to renting out a property, the building should be inspected, and any small repairs noted and carried out by the builder. There are specialised companies that manage properties for landlords, and with a comprehensive service, many land owners take advantage of this excellent range of services.
- Tenant Screening – It can be a little stressful allowing a total stranger to reside in your property, and as nice as people seem, if a bad tenant got access, this could be the beginning of a nightmare period for the landlord. Screening your tenants ensures that you are dealing with responsible people, and there are companies that will carry out this service on your behalf. Checking that a person has no criminal record, or has a history of debt, will ensure that things go well, and there are even companies that will find and screen potential tenants on your behalf.
- Fire and General Safety – In order to rent out a property, it must be declared a safe structure, and this involves asking a local company to provide a landlord certificate, which can be presented to the local council.
For all the hassle and work involved, renting out property can be a very good investment, and most successful landlords have a team of spacialists that they use on a regular basis. If you would like to know more about the pros and cons of being a landlord, there are many resources online that can help you to better understand what your responsibilities would be.