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Things to Consider When Becoming a Landlord

February 11, 2019 by Lauren Palmer

Deciding to become a landlord is not easy. Giving your property to someone you don’t know always comes with a lot of potential problems. That’s why a lot of people decide against offering their property to tenants.

In fact, lots of people with extra property we contacted said that the extra income they would get from rent will never come even close to the peace of mind you have when you don’t have to deal with problematic tenants.

However, becoming a landlord has its advantages and chief amongst them is that extra money you get on a weekly or monthly basis. It’s like going to the UK’s most popular internet casino every week and withdrawing money on your every visit. Just like gambling, being a landlord comes with a certain degree of risk taking, but the financial rewards at the end of it all definitely justify those risks.

This proposition becomes even more appealing when you consider that there are ways in which you can reduce the risks of becoming a landlord. Here are some tips on how to make the most of your property while at the same time enjoying more of a smooth sailing.

Avoid Short Stays

While there are lots of advantages to offering your place to tenants only staying for a couple of days, the effort involved in managing those stays can be quite tiring. Sure, the money people pay for short stays are better, but if you are looking for at least some peace of mind, you should only consider longer commitments.

Resolve Problems Before They Happen

Don’t think that just because it is your place it’s perfect. Always check if some of the appliances need fixing or upgrading, so that you don’t have to deal with your tenants’ complaints later and having an even bigger issue on your hands.

Think Like a Tenant

This is a pretty nifty trick if you want to separate the wheat from the chaff when choosing who might be a decent tenant. Whenever potential tenants come to see if your place would suit them, try to put yourself in their position.

This means that if a potential tenant gives negative remarks on the amenities you offer and then agrees to rent the place for a longer period of time, he or she might be looking for a way out of your apartment sooner than you think.

Draw up a Detailed Contract

In those types of situations, in which a client leaves sooner than agreed on, you should only blame yourself and not the client. Your poorly drafted contract probably left a lot of wiggle room for the tenant and if the contract was carefully planned, that probably would have never happened.

Look for Families

Offering your place only to families is a great way to make sure that you keep as much of your piece of mind. Families are more careful with appliances, can usually do small repairs around the house, and tend to keep a cleaner place, especially when they come with children.

Furthermore, these days it shouldn’t be a problem to find families to stay in your house or flat as, unfortunately, the number of families who are looking for a place to rent is increasing every year.

Filed Under: Finance Tagged With: finance, landlord, money, real estate, rental property

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About Us

Welcome to ABC at Home! The woman/parenting/homeschooling/entrepreneur resource brought to you by a busy, but efficient mother! I write articles about travel, business, finance and many more subjects for stay-at-home parents (yes, that includes men too) so that our kids can thrive as much as we do.