Mistakes landlords must avoid
As a landlord, it is important to remember that as well as keeping your tenants happy, your number one priority is to make a profit. Whilst ensuring that you provide a great service to your tenants, there are a number of things you must consider in order to ensure that your buy-to-let mortgage remains profitable to you and is worth your while.
Not reading your tenancy agreement
Landlords often forget that the tenancy agreement is as much for them as it is their tenants. By ensuring that you are up to speed with everything agreed within the tenancy agreement, you can ensure that you stick to your contract and equally, stay on top of what you agreed to provide and what is not your responsibility with regards to tenant requests – saving you time and money.
Neglecting to pay insurance
As a landlord it is crucial that you take out a comprehensive insurance policy that covers you and your property in the event that something bad should happen. Severe damage to your buy-to-let property could be costly and without the correct insurance policies in place, the entire cost could fall at your door.
Taking a step back
Once your property is paid for and your tenants are moved it, it can be tempting to sit-back, relax and let them get on with it. Whilst it is right to leave your tenants in peace, you must also ensure that you are available to answer their queries, and are on top of any ongoing responsibilities such as yearly gas checks or other regular scheduled maintenance.
To find out more about our buying, selling, renting and letting processes and how we can guide you through a seamless and stress-free process, contact our expert estate agents in your area today! Call 01489 584298.