What makes a good tenant?
As a landlord, you’re relying on your tenants to look after your investment. As well as trusting them to care for the property itself, you’re putting your faith in them paying their rent on time every month so that you can keep up with your payments and keep your rental property running smoothly.
The quality of the tenant that you have in your property will have a big impact on your experience of being a landlord. While a good tenant will cause you very few problems, pay their rent on time and look after your investment, a bad tenant could turn your property dream into a nightmare. To help you sort the wheat from the chaff, here’s our guide to spotting a good tenant.
If something goes wrong with your property, or if your tenant can’t pay their rent on time, you need to know about it straight away. Problems that are left untreated for weeks, months or even years can turn into serious issues, potentially damaging your property and landing you with a huge repair bill.
Likewise, if your tenant fails to tell you their rent will be late, you could go overdrawn and miss vital payments, both of which can impact on your credit score and your financial stability. The more communicative your tenants are, the better. Though you don’t want emails and phone calls coming in at all hours of the day and night, good communication will make your life easier.
As a landlord, you want to be able to rely on your tenants paying their rent every month without fail. If you can be sure the money will be in your account, you’ll be able to focus on your day job and ensure you don’t get into any unnecessary financial difficulty.
Ideally, you want a tenant who’s going to look after your property like it was their own. From mowing the lawn to taking the bins out and keeping it clean and tidy, the better a tenant cares for your property, the more value it will hold and the better your investment will be.
You want your tenant to cause you as few problems as possible. If they’re quiet, considerate and get on with their neighbours, it’s likely to make your life a lot easier. Considerate tenants, who keep the noise down, take the bins out on the right day and look after the exterior of their homes, are also more likely to look after your property, keeping your investment in great condition.
If you’re thinking about becoming a landlord, or if you just want advice on buying property in the local area, get in touch with a member of our team today.« Back to Latest Monthly News