Landlords
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We can help with tried and tested Contracts and Notice to Quit at only £10 each Looking for a tenant A landlord is only really considering a few things when choosing a tenant.
To get a yes to all of these questions you need to consider what type of tenant you want. The tenant needs to match the property. If you have a penthouse suite to rent you would not consider a tenant on benefits as they would not be able to afford the rent and if you have a small property it would not be suitable for a large family. Here are a few things to consider before choosing your tenant.
Working tenants and their children tend to spend less time at home so there is less wear and tear to the property. They have invested money in the property by way of a deposit so should treat the property well and may have a higher standard of living. Retired people are likely to want to rent long term giving you less time when your property is not bringing in an income. However, this may make redecoration more difficult to undertake but on the other hand they may well look after the property very well. People on benefits have no personal cash investment in the property which could lead them to not bother about looking after the place. This is by no means always the case. There are plenty of very good and careful tenants out there on benefits but there are also plenty of the other type too. Don't forget that housing benefits do not usually pay the market rate for housing. You will need to make sure that you get the top up from the tenant. Getting your money from housing benefits via your tenant can be a minefield. Families tend to be harder on the property than single or couples but there is a larger rental market for families. Decide if you will allow pets as well. Consider the damage and smell that comes with them.
You do not need to fix the term of your tenancy longer than for 6 months and we would always advise you to use a 6 month shorthold tenancy agreement and let it change into a periodical tenancy if you are happy with your tenant. We can help you with this for only £10. They can then continue to live in the property as long as both parties are happy. A fixed term tenancy could make it more difficult to bring the tenancy to a close if you wish your tenants to move out early. You need to decide if you would like a tenant who stays for a short time, perhaps because you wish to refurbish the property and just want a 6 month let before you have time to do so, then consider youngsters (over 18 years) who often move in with partners quite quickly and people who are moving house and want short lets. A 6 month let is more difficult to find than one which would last longer. Do you want a tenant who is likely to stay at the property for years so that you can just leave it and make general repairs when required. Then look at families, middle aged couples and retired people. If you wish the middle road of letting the property for 2 to 3 years giving you plenty of opportunity to keep the property in good repair when the tenants change over, consider young couples saving to buy a property or moving up on the ladder and pretty much all other sectors too. This is the timescale we like to work around. We find people tend to 'take ownership' of the property after 2 to 3 years.
Be realistic about the price and the people living in the local area. Filter out the people you want to interview with their initial telephone call and then meet the rest. Only say yes to the ones you want. If you do not like them for any reason at this stage then do not consider them as tenants. Prospective tenants are at their best before they sign the agreement. If they are agro at this stage it will only get worse and that means it will cost you money. it is better to wait a little longer to get good tenants. Don't forget it is your property and you can let it to who you want but don't cut down the choice of prospective tenants by putting on too many restrictions. e.g. I only want women between 20 and 25 who are working, not smoking, don't have boyfriends who stay over and don't want children or pets.
Now that you have decided what type of tenant you want the next step is to get your tenant. Would you like to use a letting agent or find the tenant yourself? An agent will advertise for you and for his services you will be paying possibly an up front fee and a percentage of the monthly income. He can also arrange repairs and keep an eye on the property which is useful if you do not live in the area or are too busy to look after the property yourself. However, we feel that the work undertaken by the agent is very little for the money they charge. Therefore, you may prefer to find and interview your tenant yourself. This is not as difficult as you would think. An advert in the local paper is not expensive - you only need to put the basics not flowery descriptions but don't waste an advert by not adding enough detail just to save money. We find that an advert for one or two weeks is plenty to find a someone suitable during which time you can be cleaning and decorating your property ready for the new tenant. Then you will save the 10/15% of your monthly income which is taken by the agents. This can be quite a bit on a years rental income. We can make up your tenancy agreements and help you with deposits. The fixed and affordable cost can be passed onto the tenant, as it would with an agency. If you would like more details of what to consider then e-mail us with a description of your property and we will gladly give you free advice. |
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