6 Tips On How To Be A Good Landlord

It takes time, money and effort to be a good landlord but is absolutely worth it to if you want to find and retain the right tenants for your property.

Having a good, reliable tenant is worth its weight in gold – so when you find them, you want to keep them. Here are some of our top tips on how to be a good landlord:

1. Have A Fair Tenancy Agreement

Always ensure that everyone’s responsibilities are laid out clearly in your tenancy agreement. There should be no ambiguity about who is supposed to take care of what regarding the property. Be sure to consult an expert when drawing up legal agreements.

2. Safety First

When it comes to safety, you are legal obliged to maintain certain standards. Make sure you keep up to date with gas and electrical checks on the property, which should be carried out annually by registered engineers. Fit fire alarms and carbon monoxide detectors, then check them regularly – always keep records.
These are important regulations to comply with, as not doing so puts your tenants at risk and invalidates your insurance.

3. Protect Deposits

The law requires the use of an approved deposit scheme ensuring security for the landlord and tenant alike. It is important to not only do this but also provide your tenant with relevant information regarding the scheme you have chosen, how they can apply for the return of their deposit at the end of tenancy, the purpose of the deposit and what to do if there is a dispute.
Failing to do this, or even delaying this process, can lead to legal action and a fine of up to three times the amount of the deposit in question.

4. Keep an Inventory

This might seem like a long, boring process but it is essential to make a detailed inventory of the property. You will be grateful for it if there are ever any disagreements over damage that occurred during the tenancy.

5. Take Care of Business

It’s important to stay on top of repairs and maintain the property to a certain standard, even if that means spending money on tradesmen or upgrading appliances, etc. Being lacks in this area will not only leave your tenant unhappy but could create a nightmare for you if they leave and you have a long list of potentially expensive repairs and touch-ups to do before you can attract a new tenant.

6. Be Available, But Not A Nuisance

Your tenants should be able to contact you easily for repairs or any issues with the property, so it is important that they have phone numbers and email addresses for you, and that you are available to deal with these promptly. However, as a landlord, you should make sure your tenants are moved in and then keep your distance. Always ensure that you give at least 24 hours’ notice before any visits or inspections and keep these to a minimum. No one wants to feel hassled in their home.

As always, we hope this helps! For more information on how ABC Mortgages can help you with your mortgage needs you can contact us through the information below.

Thanks,
Bill Muir
ABC Mortgages