Being a landlord can be incredibly rewarding, but it’s not simply a case of buying a property and then watching the money roll in. Care, time and attention to detail are needed if you want to achieve success in the buy to let market. Here are some of the most common mistakes made by landlords.
Investing in the wrong location.
The whole point of a buy to let property is to attract tenants to live in it, so if it’s in an area that doesn’t offer appealing qualities to your target audience, you could lose out. Students will want to be close to their colleges and universities, professionals will want good transport links to the city centre and families will want to be in easy reach of local schools, parks and amenities.
Failing to make an inventory.
This document details the exact condition of your property and its contents when the tenancy begins, giving you protection against any damage that occurs throughout the tenancy. If you don’t have one and your tenant damages the property, you will have no proof and no legal recourse for financial compensation.
Choosing the wrong tenants.
A little background research can ensure your property is occupied by reliable tenants who can afford to pay their rent on time, saving you plenty of time and stress. Credit checks, references and proof of income will give you peace of mind and give you a better chance of securing successful, long-term tenancies.
Failing to keep your property well maintained.
As a landlord, you will be legally responsible for handling repairs and maintenance and making sure your property is safe for tenants to live in. Issues such as structural damage or damp can not only cause conflicts with your tenants and possible legal problems for you, but can also reduce the value of your property and make your lose out financially in the future. It is crucial that your investment is kept in good condition and that repairs and maintenance are completed as quickly as possible.
As a busy landlord, it can be challenging to handle maintenance by yourself, so it’s a great idea to get help from a professional property team such as ours. We specialise in property and estate management in Brent and throughout the rest of the capital, and will ensure that your investment is well looked after throughout the entire tenancy. We can also provide informed support and guidance to help you invest in the right properties at the right time, so you can start off your career as a landlord on the right foot.