If you have just invested in a buy to let property, you might be already counting the money you will earn from letting it out to tenants. There are several challenges ahead, though, and things tend to go wrong at the worst possible time. This is the reason why you will need to take care of the services and secure them before your tenants move in, so you can sit back and know that you are not going to lose your income due to an accident or a safety risk.
Contract Drafting and Referencing
Even if you are not using a realtor to take care of your contract, you will need a professional to draft your contract and protect your assets, as well as your tenants. You will have to decide how long you are letting the home out, and get an inventory drafted. At the same time, you should also get an agency to gather references and check the credit file of the applicants, so you can avoid disappointments and troublesome tenants who will cause you issues and financial problems.
No matter if you are letting out a holiday home short term, and you don’t want to visit it all the time, or simply would prefer not to turn up and engage with your tenants, you will need a reliable person to check the property’s condition. If you fail to carry out the checks, you will be the only person to blame when things go wrong or something gets damaged without your knowledge
. Property Maintenance
If people live in a house, chances are that things will break and they need to get fixed, If you have a family living in the house you own, you cannot expect them to be without water or electricity for long. It might be a good idea to work with a property maintenance company that will go out and fix things fast. You don’t want to stress yourself over little things if you can get them sorted by someone else.
Heating and Air Conditioning Checks
It is also your responsibility to keep your tenants safe and comfortable. If you have an older furnace or HVAC system, it might be a good idea to change it, so you can reduce the maintenance cost and get it repaired on a warranty. Alternatively, you can sign up for a regular maintenance and checkup deal with an expert hvac company.
There are different real estate and rental home regulations depending on your state and the type of the house or apartment. It is crucial that you are aware of these, so you can make a plan, schedule a fire safety review, and get smoke alarms installed, so you can make sure you will not be held liable for damages or injuries.
Becoming a landlord is a big step, and can improve your residual income. However, it is also important that you avoid trouble and improve your chances of generating a good yield.