Do you have flats to let in London? If so, and you do not have much experience as a landlord, it is important to do your research before you jump into the process. A lot of landlords fail to do this, and they learn the hard way. To learn from their errors, read on to discover common mistakes you need to avoid as a landlord.
The first mistake that a lot of landlords make is spending a fortune on London letting agents. There is no denying that some letting agencies London way charge extortionate fees, and some people feel they have no other choice but to pay them. However, this is not the case. In today’s digital age, you have the option of using an online letting agency. You will get an even better service, yet you won’t have to pay anywhere near as much. It is the sensible option.
Another common error is failing to run adequate checks on a potential tenant. Tenant referencing is not something that can be overlooked when considering a tenant. This process involves making sure that the person in question can afford the monthly rental payments while also ensuring they do not have any issues you need to be aware of. For example, they do not have a history of trashing the rental properties they have been in previously.
Another common error made by landlords is underestimating the cost of on-going property maintenance and repairs. If something goes wrong with the property, you need to get it fixed, and you need to do so with a sense of urgency. This is your responsibility. And, there are months when you won’t spend a penny, but there are other months that will be very costly. Keep money aside for this.
Finally, if you have flats to let in London, never rely on a handshake! You need a formal contract for your own legal protection. Even if the person is a friend or family member, draw up a contract.