Yes, we know that being a landlord is like any other business…it come at a cost sometimes. We, at Cavendish Rentals, have put together a short report to help you avoid some of those landlord pitfalls.
- Take financial advice – have a good mortgage advisor, and only take-out short-term bridging loans if it’s necessary and know you can pay it back.
- By using a company like Cavendish Rentals, we would ensure good tenant references – the best way to never experience a bad tenant is to do intense due diligence on all applicants. Let us take the pressure off you by doing this as part of our managed services.
- Protect the deposits – get a Tenancy Deposit scheme set up immediately – ask us about this.
- Do an inventory. This sets out the condition and contents of your property at the start of the tenancy so that there is something to compare at the end of the tenancy. Perhaps take pictures of items of concern or value.
- Get adequate insurance. Not just on the property & landlord, but investigate late or missed payments cover, income protection etc.
- Maintain your property regularly – make sure it’s fit for habitation, check condensation/mould, etc. Prepare the property for first-time use for its new tenants.
- Keep up with current legislation
- Value your tenants – they are an asset in the business that makes you money!
- Use someone like Cavendish Rentals as a property manager & help to set up your tenancies, maintain your properties and look after your tenants. We also offer a friendly ear – we are human after all!
