Top Tips for Landlors

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    22-Jan-2015

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how to avoid some of the pitfalls of becoming a landlord

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<ul><li> 1. Home Letting ScotlandBig enough to manage, small enough to carehomelettings.co</li></ul> <p> 2. Being a landlord is not 3. HoweverBecoming a landlord is not assimple as finding a tenantand renting it out. 4. There are many ways tobecome a successful buy-tolet investor, 5. and just as many methods tolose your hard-earned cashplaying the property rentalgame. 6. 8 Landlord Tipsfor landlords to attract risingrents rather than rising dampfollow these tips. 7. Tip 1Do NOT buy a property you want to live inlook for properties with good transport links to nearby urban centres,and proximity to local shops, parks, hospitals, universities and schools.Dont make the mistake of thinking about what you want in a home and if you arent sure where the rental hotspots are, do some research 8. Tip 2Vet your Tenants thoroughlyWhatever you do, do not trust people to be good tenants just becausethey seem friendly, they drink in the same pub as you,they are friends with your brother-in-law or any other reason.If you are not sure how to do a thorough check, speak to a letting agentwho will be able to source and vet prospective tenants for you for afee. 9. Tip 3Do the adminBuying-to-let can be profitableand for many landlords, anenjoyable way to earn a living.However, it comes with its fairshare of red tape and if youneglect your admin and forgetabout the rules andregulations you could landyourself in serious hot water,or simply be wasting money. 10. Tip 4Invest in the propertyA lot of people will think, Well, Im going to rent it out so I dont reallyneed to paint, or fix the fourth burner on the stove WRONG!!It may seem counterintuitive to upgrade for others, but the payoff is big:Nice homes attract nice renters.Broken items not only pose a potential liability, but tenants can claimuninhabitable conditions as a reason to not pay the rent. 11. Tip 5Plan for the futureLife is currently sweet for lots oflandlords.Those landlords lucky enough tobe on super-low, long-term tackerrates or standard variable rateshave seen their mortgage costsplummet and their rental incomerise.The biggest mistake they canmake is to take that excessincome as profit now, becausethe good times wont last forever. 12. Tip 6Dont be loyal to your lenderYou get no rewards forloyalty to your lender, sodont linger on your ratewithout at least reviewingyour mortgage once a year. 13. Tip 7Ignorance is not a legal defenceTaking on renters is a little likeadopting children; you becomelegally responsible for their safety,at least as it relates to theproperty.That includes structural damage,environmental hazards (radon,carbon monoxide, lead paint,mould) and security.Its up to you to ensure theproperty meets code when it isrented and up to you to takereasonable measures to respondto renters concerns about unsafeconditions. 14. Tip 8Ensure you have adequate insuranceBesides insuring a property fordestruction caused by naturaldisasters, a landlord shouldinsure a property against lawsuitsbrought by a tenant.If a landlord illegally evicts atenant, makes an illegal entry, orif a tenant or a person legally onthe premises is injured becauseof a dangerous condition,insurance will cover the cost oflitigation and will pay the damageaward. 15. If you would like to know more about buy to lets, becoming a landlord and rentingproperty, please call us on;0131 654 9563 Home Lettings Scotland 16. Big enough to manage smallenough to carehomelettings.co graeme@homelettings.co </p>