Whether you’re a seasoned landlord or are dipping your toes into the buy-to-let world for the first time, there are a few key things you should know. my years of experience taking care of landlords and tenants in Chelmsford, Essex, have taught me a thing or two that I think all landlords should know.
Choose the right agent
Picking the right letting agent can make all the difference. They’ll make sure your property is well looked after and that your tenants are happy, which means less chance of empty properties. Take your time finding an agent you trust, read reviews from other landlords, and make sure you feel comfortable working with them.
Get the price right
Tenants want a fair deal, and if you price your property too high, you might struggle to find someone to rent it. A good agent can help you set the right rent that’s competitive and attractive to tenants without you leaving money on the table.
Emergency fund
Expect the unexpected! Having some money saved up for unexpected expenses like boiler repairs or periods when your property might be empty can be really helpful. Without it, you might feel pressured to accept tenants who aren’t the right fit just to get some rent coming in.
Insurance
Always take out landlord insurance. It’ll cover you for legal disputes with tenants and any lost rent if your tenants stop paying. It’s definitely worth having for peace of mind.
Understand your Legal Obligations
There have been some big changes in regulations recently, and getting things wrong can be costly. If it’s all feeling a bit overwhelming, consider letting a professional handle it for you.
Buy Cheap, Buy Twice
It might be tempting to cut costs with cheaper materials for repairs, but in the long run, it could end up costing you more. Investing in good quality materials means fewer repairs and replacements down the line.
Understand your tenancy agreement
Make sure you’ve read and understood your tenancy agreement inside out. If anything’s unclear, don’t hesitate to ask your letting agent to explain.
If you’re thinking about renting out your property in Chelmsford, Essex or already are and you want some advice or just a chat about how I can help, give me a call on 01245 202 579. I am here to help!
