One of the main complications that landlords have to deal with is having problems with their tenant. Some may be too noisy which could annoy the neighbours, while others may cause serious damage to the property or pay their rent too late or even not at all. Other difficulties that may arise could include disputes surrounding the deposits.
- Reduce the possibility of having complications with a tenant by carrying out a thoroughly detailed credit and reference checks. It may also be better if you hire a skilled agent on the sole purpose of executing checks and finding an appropriate tenant.
- Be professional at all times and do not get easily angry with a tenant. Being a landlord; you should always treat your tenants with courtesy.
- Diminish the damage to your property by using durable décors. Use laminate flooring, stain protected carpets, and washable paints for instance.
- A tenant who protests that upkeeps and repairs are not being performed should not be considered as a problem. Maintenances and other related issues do not easily go away. However, you must deal with these problems promptly and do not permit your letting agent to disregard tenant concerns.
- Perform regular checks of the property, particularly if concerns such as neighbour disputes and major repairs arise. A landlord must provide reasonable notification to the tenant before doing so, often from 24 up to 48 hours. Utilize these visits to talk to neighbours as well in order to gain additional understanding of your tenant’s behaviour.
- Keep precise records of the financial transactions, tenancy agreement, and any communications with the letting agent and the tenant. It is highly advised for the letting agent and the landlord to make sure that they are present when the tenant is doing an inventory check at the start, as well as the expiration of the tenancy period. This evades any misunderstanding when there’s the need to use some parts of the deposit fee, in order to meet the cost of any loss or damaged property.
- If a tenant breaks the law, be sure to promptly inform the police. If a tenant is 14 days late with their scheduled pay; remember that landlords have the legal right to reclaim the property. There are various tenancy eviction services which can specifically handle the task of reclaiming a property.
Letting out a property is a business like any other, for that reason, any revenues are potentially subject to taxes like corporation tax, income tax, and capital gains tax.
In the same way, there can also be tax benefits in the way that property ownership is organized. For example, some mortgage interest is deductible against tax for an investment property, whereas it is not exactly the case for private residences.
The proper handling of tax in property ownership is necessary to a well-functioning investment.
Table Of Contents
- Landlords Home Letting guide Intro
- Responsibilities Of A Landlord
- Landlords and Houses In Multiple Occupation
- Letting A Room In Your Own Property
- Contracts With The Tenants
- Pros And Cons Of Hiring A Letting Agent
- Landlord Letting Insurance
- Tenancy Deposit Schemes
- Evicting Tenants
- Difficulties That May Arise With Tenants