Category Archives: Landlords Section

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property

Ways To Become A Landlord And Its Responsibilities

If you want to rent your property and become a landlord, know that it comes with many pros and cons. You need to have the knowledge and a solid understanding of the requirement needed to become a landlord. Read the tips below on how you can achieve things with your new title:

Calculate the income your property will generate.

  • Look up on the internet or read some resources on how much rent you can achieve. You need to know if the money you earned from rent can cover the mortgage payments, insurance, tax, and house maintenance while still making a profit. Have an understanding by talking to local lettings agent who will carry out a valuation for you.

Let your mortgage lender know your intentions.

  • Inform the mortgage provider that there is someone other than you will live in your property as a tenant. If you fail to do this step, you may be breaking the terms of your property’s mortgage agreement that would lead you to harsh penalties. Always check the social media and online letting portals to find out if your property has been put on the rental market.

Provide a safe home for your tenants

  • Have knowledge of the legislations and regulations of letting a property to help you succeed in your business. It includes the electrical regulations, gas, fire, Energy Performance Certificates (EPCs) and also the Tenancy Deposit Protection. After checking out the things needed for your property, check the prospective tenant if they can legally rent a property in the UK. Understand the legal measures around evicting tenants, too.

Talk to property lettings agent

  • If you are a new landlord, talking to letting agents can give you knowledge and resources. Be updated with the current regulations and legislation. Agents will give you bits of advice on the achievable rents on the current rental market as well as how you can present and offer the property in the best way to get good tenants.

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Things You Should Know Before Letting Your Property

A quick guide to letting your property.

Letting your property can be very financially beneficial for you. In the UK, the lettings market is the strongest it has ever been.

If you are only starting to be a landlord now, then you might lack experience. You probably have tons of question in your mind, more specifically, about where you need to start.

The good news is that Clearhaven Lettings is here to help you all throughout. Here are some things you should know before letting your property:

Study the letting process well.

Property letting has its own process. It is best to find a suitable Letting Agency to help you with this process. Finding a suitable letting agency will speed up the process and make things more convenient for you.

Identify your target audience.

As previously stated on our blog, identifying your target audience is very important. Research the area to assess the type of tenants you are most likely to attract.

Choose the right letting agent.

As mentioned above, you need to find a letting agent to help you with this process. However, you cannot just choose any letting agent. You must choose the one suitable for your goals. It also helps to pose your own questions and requirements in able to find the most suitable letting agent for you.

Get the consent to let.

Yes, it might seem obvious. But this step is often overlooked. In able to successfully let your property, you must first get the consent to let. You can obtain this by talking with your mortgage lender.

Notify insurance companies.

Letting your property comes with its own set of pros and cons. It is important to notify your insurance company that you are planning to let your property so you can arrange an insurance.

Do you have more tips to share? Let us know in the comment section below! In the meantime, follow Clearhaven Lettings on Twitter here. 

 


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property

Experts’ Advice for A Beginner Landlord

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Trying to become a landlord can be a bit frustrating. Especially if you have little to no clue about what you’re doing.

This is why Clearhaven Lettings is always here to help. Our goal is to guide you through. Today, we have gathered some great advice from experts which can serve as your guide being a landlord.

First, you might want to check out Tips To Be A Successful Landlord and A Guide To Letting Your Property. Now here are even more tips to help you get started. Read below:

Ask for your tenant’s previous landlord contact and employment information.

When tenants apply to rent your property you need to have space on your application for not just the current landlord’s number, but as much previous landlord contact information as possible. If the tenants are problematic, the current landlord may just want them out and neglect to tell you the whole story. The prior landlord who is no longer involved provides a much more accurate referral about the tenant.

It’s incredibly important to have their employment information filled out, if they cannot remember their work number this should be a red flag. If their employment history shows a habit of moving from job to job every other month, it’s another red flag. Constant new jobs could indicate problems with having money for rent in a timely fashion. – 

Know Fair Housing Laws

For some reason, many investors choose not to educate themselves on fair housing laws, and there can be serious implications if you violate them.

There’s no excuse to not educating yourself on the laws in the real estate industry. Landlordology has created several easy-to-follow guides on fair housing. – 

Start Adding Systems NOW

You’re just a “mom and pop” landlord looking to make a little side income, right? No need to hone your methods or organize paperwork.

WRONG. If your ultimate goal is to achieve more free time and not be tied to your day job (and yes, landlording can definitely be a demanding day job), you’ll do yourself a HUGE favor to start building systems now. That way, when you’re the proud owner of 10, 20, maybe even 50 rentals down the road, you’ll be able to step away seamlessly for that early retirement — and your business will still run like a well-oiled machine. – 

Do you have more tips for a fellow landlord? Let us know in the comment section below!


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Tips In Maintaining A Cordial Relationship With Your Tenant/Landlord

Keeping a cordial relationship with your tenant is not as difficult as it seems. If you’ve been a landlord for a while now, this can be easy as pie for you.

However, for those who are still learning the ropes on how to be a good landlord, here are still much to learn. Today, we’ve listed some tips which can help you maintain a cordial relationship with your tenants. These tips also apply

These tips also apply for tenants who are looking to establish a good relationship with their landlord. See tips below:

Get everything in writing

We couldn’t stress this enough. We have reminded everyone of this tip over and over again, and for good reason. Having every agreement and requests in writing helps maintain a professional relationship.

Mutual respect for each other is important

As with any other relationships, mutual respect between tenants and landlords are also important. Let your tenants live peacefully in your property. The same goes for tenants, respect your landlords rules and policies.

Remember to keep calm

As we are all aware, a landlord-tenant agreement is not always perfect. This is why it is important to keep calm during hard times. Communicate calmly. This will help solve your problem faster without compromising your relationship.

Do you have more tips for your fellow landlord/tenant? Let us know in the comment section below!