Nightmare Tenants
There’s nothing worse for landlords than nightmare tenants. From late rent payments, to damaged property, irresponsible tenants are not only infuriating and stressful but they can leave you seriously out of pocket.
It’s not always easy to spot a bad tenant when you’re going through the letting process, regardless of how good their references are or how nice they seem when you’re vetting them.
So what are the tell-tale signs of a not-so ‘model’ tenant? And if you do end up with a problem tenant then what can you do to protect yourself from loss of income and your property from damage?
Student lets
As students start heading back to Uni after the summer holidays, thousands of landlords around the nation will be getting set to welcome these youngsters into their properties and for those less experienced at renting out their property to students — there will no doubt be a few nerves amongst them.
The perception of students as tenants is not always positive with many landlords worried that this will leave their property in ruins, with messy students running amok and partying every night with little regard for their property. Student renters do pose other issues for landlords too, such as the fact that their leases are often shorter term and their properties tend to remain empty over holiday periods.
So how can you find the best student tenants? What ground rules need to be put in place from the start? How can you make sure your property is in good shape when they leave? And how do you make sure you have the right insurance in place?
Don’t get stung by your inventory
As more and more people struggle to sell their homes and decide to rent their properties out instead, confusion on official procedures such as creating inventories, drawing up contracts and taking deposits is becoming a growing issue, for an increasing number of people. Whilst it is absolutely imperative that you have a formal agreement in place; even if you are letting your property to someone you know socially, it is also important to have these other formal documents and procedures in place too.
Spotlight on Troublesome Tenants
More and more people are struggling to sell their homes and an increasing number of sellers are opting to let their property out as a result. Inheriting a home or moving in with a partner, are also examples of situations when people might find themselves becoming a Landlord without necessarily planning to be one.
However, with new research from Total Landlord Insurance revealing a staggering number of Landlords are unwittingly opening themselves to risk, now more than ever before is the time to swat up on your tenancy agreements and to make sure you don’t fall foul of a rogue tenant.
One thing is for sure it’s absolutely imperative that you have an official agreement in place, even if you are letting your property to someone you know socially. Do you find it hard to keep up with the changes in Landlord and Tenancy rights, which seem to be constantly evolving? What happens if you do have a tenant that is repeatedly having complaints of anti social behaviour brought against them? What rights do you have if you want to evict a tenant?
