Park and Bailey's advice for new landlords in Surrey
Becoming a landlord in Surrey is a great investment, but it is important to have a plan. People will always need places to live, and a property in Surrey is an excellent investment, which will also increase in value over time. Renting your property out will provide you with extra income whilst knowing that your property is being taken care of.
There is more to being a landlord than waiting for the rent payment each month. Planning and preparation is important, if you want to avoid problems. You’ll need to make time to deal with your tenants and ensure that you are meeting legal requirements for the time that you are a landlord.
At Park and Bailey, we have come up with some advice for anyone starting up as a landlord…
Get everything in writing
You must always get a written tenancy agreement, which must be signed by both parties to avoid confusion or trouble and expense in the future. When money has changed hands, you are legally in a landlord tenant relationship. Before the new tenant moves in, you should have a detailed written inventory of everything in the property.
Have the right insurance
Everyone needs specialist landlord insurance to cover the building and its content. Standard household insurance isn’t valid if someone else lives on the premises. Liability insurance and rent guarantee insurance are advised. It will provide you with rental income, in the event of a tenant defaulting, as well as cover your legal expenses in the event of an eviction or similar case.
Like any property, things can go wrong and your tenants will turn to you to get them fixed. Make sure you have electricians, plumbers and handymen who are reliable. This will save you money, time and stress. Keep their numbers and pass them onto your tenants too.
Check tenants thoroughly
You always want respectful and trustworthy tenants in your property. Make sure you get references from previous landlords and employers and if possible run a credit check on your potential tenants. Besides this, a simple chat with the right questions will enable you to get a feel for the kind of people they are.
Use a letting agent
As a landlord, you will want to achieve the best rental! We have had over twenty years’ experience in the industry! We have a team dedicated to lettings and an unrivalled Surrey reputation and we are here to offer advice and assistance, whether you are a seasoned landlord or just starting out. We offer three levels of services, Let Only, Rent and Collect and Managed.