Common Mistakes When Renting Property

There are a number of common mistakes that any landlord can make that can cost time and money, but with a few precautions these can be easily avoided. If you want your experience of renting property to be profitable and stress-free with your houses to rent Milton Keynes, then it's crucial to know exactly what these mistakes are and how best to avoid them.

Of course, the most essential thing for any landlord is finding the right tenant, but this is often difficult. It’s all too tempting to accept the first serious applicant that calls who appears friendly and is happy with the agreed monthly rent. The important thing to remember in this situation is that it’s not the same as choosing a friend, it’s a serious long term commitment for both parties, and acting as such can often lead to problems further down the line. The relationship between landlord and tenant should remain pleasant, cordial and above all professional. The ideal way to find the right tenants is through a quick informal phone interview followed by a viewing of the property during which time you can evaluate their suitability for the property.

Clearly, as your houses to rent Milton Keynes are primarily an investment opportunity, ensuring that your rent arrives and on time is the most important factor. The first thing to do is to ensure that the tenant is able to afford the costs of the rent; as a typical rule of thumb the rent shouldn’t exceed more than a third of total income - much more beyond that is likely to become a struggle, and could lead to rent not being paid.

Another common mistake is how to approach security deposits. A common complaint from tenants is that they feel they will not receive their deposit back at the end of their rental period, with some considering the deposit as an inevitable extra month’s payment rather than a deposit. Whilst the deposit is vital it’s important to remember that as a deposit you are holding the money until the client leaves the property. The deposit should be deducted if your tenant if the rental lease has ended and rent or utilities are still due, or if the tenant has damaged the property due to neglect or abuse (general wear and tear through normal use should be considered the landlord’s responsibility). Knowing when to reasonably deduct money from your tenant's security deposit means that your reputation as a good landlord is likely to grow through word of mouth.

Becoming a landlord is an excellent for of investing, and if these guidelines are followed both the tenant and the landlord are certain to be happy with the arrangement. For extra advice and support for houses to rent Milton Keynes visit Houseflys, experts in advertising your property on print and online.

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