When it comes to making the decision to privately rent out your property and become a landlord, there are a few things that must be considered. Questions such as ‘how do you go about becoming a landlord?’ and ‘what should your insurance cover?’ are right up there, but undoubtedly the biggest concern that all landlords are faced with is letting their property to the right tenant.
Anyone can and submit an application for your property, but what makes them the right tenant for you? Luckily, all relevant checks are carried out via LetsBid’s registration process, meaning that landlords who place their property up for rent via vetted estate agents need not worry.
One of the first things to consider when deciding to put your property up for let is how long do you plan to rent out your house? Do you plan on using the house yourself in the near-future? Or is it your intention to remain a long-term landlord and use lets as a source of income?
Whether you prefer a short or long-term let will have a huge bearing on the type of tenant you are looking to attract. It is likely that professionals whose work takes them from location to location will only be interested in a short-term let in the event that they move. Although this could mean you may have to find a new tenant all over again in just a few months, professional tenants tend to have better financial security.
Of course, most landlord insurance policies ensure that you still receive regular payments in the unlikely event that the tenant does fall behind on payments. When letting through an estate agent, they will be the party who chases up missing payments, meaning that pretty much everything is taken care of for you.
Long-term lets are certainly more popular because this provides more security for both the tenant and landlord. In 2018, more and more young professionals are opting to view as opposed to saving up for a deposit to own a home of their own.
As a landlord, as well as keeping up to date with rental payments, your main concern is that your tenants will leave the property as they found it. Estate agents normally arrange routine check-ups on homes to ensure that they are looking after the property and report on any damage and its cause (tenant or wear and tear).
Both landlords and tenants must adhere to laws when it comes to ending the tenancy agreement. The landlord does not have to give a reason for ending the tenancy, but must provide at least eight weeks’ written notice, and cannot end the tenancy within six months of the beginning of the original tenancy.
It will be written into the terms of the tenancy agreement how much notice the tenant must give to the estate agent and landlord to advise that they wish to end the tenancy agreement. Usually, this is either one month or four weeks, depending on whether rental payments are made on a monthly or weekly basis.
When your property is listed with LetsBid, you can rest assured that all applicants have passed our thorough review process, meaning that your new tenants are fully ratified before moving into your property.