As landlords ourselves, and advisors to landlords, the Team at Cavendish Rentals have compiled some useful tips for you if you are considered becoming one. First you must realise that it’s not a “get rich quick” process, but if you are looking for financial gains in the medium and long term – then it may be a great opportunity for you. Make sure you think and ask as many questions before you make your start on empire building!
Here are a few things we have come across in many years of being in the rentals market.
- Buy the right property. Think of location; what the average rent is for such a property in the area? Are you getting a mortgage? Is it close to where you live (so you can oversee maintenance, check tenant’s wellbeing etc)?
- Get you finances in order. Make sure that the rent you charge compensate for the investment you have made. And will it cover your mortgage & costs, and give you a profit at the end?
- Get Cavendish to sort out the legal requirements! Yes, we know this is boring for some, but it’s important you know the rights of a landlord as well of your lovely new tenants. From inventory to deposits, this needs to be set down in a tenancy agreement. Get Cavendish Rentals to help you manage the property, and the paperwork.
- Cavendish Rentals will help you get the right tenants for your property. We ask for the relevant reference, to cut out your stress. We make sure your potential tenants are OK with communicating with us and ensure are comfortable letting your property to them?
- A Cavendish Rentals manged tenant scheme can include maintenance and inspections. We would set it out in the lease and interview that we would be doing this regularly, but in reasonable periods, so you don’t disturb the tenants too much.
- Talk to us in to help you throughout the process from the get go. Cavendish Rentals can come up with a strategy that suits your needs and budget, so you let the experts take care of the above, whilst you start seeing your “Empire” grow.
Call in, call us or drop us an email, and we can steer you in the right direction.
