The landlord lifestyle is full of worries. Are the tenants cleaning the oven, are they having wild parties, are they going to pay the rent next month, have they fallen asleep with the chip pan on…
But it needn’t be that way. By approaching things stoically, and having a solution in place for eventualities, landlords can find a way to sleep soundly at night. As Marcus Aurelius put it: “You have power over your mind – not outside events. Realise this, and you will find strength.”
Worry: Your property will sit vacant.
Solution: The rental market is buoyant in the UK. If your property is fairly priced, finding tenants won’t be a problem. Put your mind at total rest by listing your property two months before the end of the lease, and putting aside an emergency fund to cover the mortgage for twice that period.
Worry: The tenant will be late paying.
Solution: Set up a direct debit or a standing order to ensure the bills are paid on time. Alternatively, you could employ the services of a rent collection and arrears management service to chase up late payments for you.
Worry: The tenants will stop paying.
Solution: Eviction. Make sure you have done your homework, though; you don’t want to be found guilty of harassing or illegally evicting your tenants.
Worry: Tenants damaging the property.
Solution: Wear and tear is par for the course, but there are steps you can take to tenant-proof your property. Check out our handy guide.
Worry: Teaspoons will go missing from the Ikea cutlery set you furnished the house with.
Solution: Nail down the inventory, with the exact condition of all the property’s contents backed up with photographs. Get the tenants to sign it before they move in.
Worry: Disgruntled neighbours.
Solution: Leave your contact details next door. It will turn you from anonymous land baron into trusted confidante.
Worry: Always being on call.
Solution: The reality is, you’re only going to get a text or email from tenants every couples of months at most.
Worry: Your property being broken into.
Solution: Invest in a quality lock. It sounds like simple advice, but far to many landlords cut corners when it comes to bolting down the front door. You can find a definitive guide to locks here.
Worry: It will take up too much of your time.
Solution: If you’ve taken your time to carefully vet tenants and your property is in order, this shouldn’t be a worry. Alternatively you can pass on all your concerns to a management company. Rentify will do it for just £80 a month.
Worry: Cleaning the house after tenants vacate.
Solution: This is an easy one. If the tenants don’t leave the property in the condition they found it, simply deduct the cost of a professional clean from their deposit.
Worry: The boiler breaking.
Solution: Gather a list of trusted contractors and keep them handy.
Worry: There’s just too much legal work to get your head round.
Solution: The legal legwork is daunting for any landlord, but there is a simple solution.. Sit down with a cup of tea and a copy of Rentify’s Landlords & The Law. You will get yourself up to speed in no time.
Worry: The bathroom will get mouldy.
Solution: Splash out on a silicon sealant-free wet room.
Worry: Keeping your accounts in order.
Solution: There are plenty of all-in-one property management software packages out there that make keeping track of your track income and expenses easy. Excel nightmares be gone.