3 Tips for New Landlords

3 Tips for New Landlords

For those with the financial power becoming a landlord can be a lucrative scheme, bringing in a sizable income on a regular basis. However, the life of a landlord is not always as straightforward as many believe.
With a little research and knowledge of the trade, landlords can ensure that they are seeing a solid return without putting in a large amount of regular work. Here, we take a look at three tips for new landlords to ensure that they are smart with their money and are able to get the most from their investment.



Low Maintenance Properties

Whether you’re keen to buy new for minimal hassle or are looking for a project to work on prior to letting, landlords should not overlook the importance of buying a low maintenance property. A property which requires regular work will not only prove costly over time but will cause disruption to your tenants and will detract from the letting value of that property as a result. A low maintenance, recent build will ensure that your time as a landlord runs as smoothly as possible.

Insurance

While it can be tempting for new landlords to keep costs to a minimum, there are a number of purchases which a smart landlord will never bypass. Insurance comes pretty near the top of this list. New landlords are advised to seek a landlord insurance quote in the early stages, to reduce the chance of having to fork out to meet the cost of any unexpected developments.


Tenancy Agreements

Those looking for an investment which requires just a small portion of their time might be keen to skip the process of issuing tenancy agreements. Whether you are familiar with your tenants prior to their move or not, it always pays for a landlord to deal inside the law, making use of contracts to ensure payment of rent and other key issues. Simple tenancy agreement forms are available on most high streets and will clarify the finer points of your tenants’ stay in more concrete terms than an oral agreement.



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