Step-by-Step Guide to Becoming a Landlord


First you need to find a property. While renting is up there are still some places with no renting market so do your research. Note that a property in a good area might be more money but will attract better tenants who will be willing to pay more money.Once you have the property its time to make it ready for your first tenants. You’ll want to make sure everything is up to code. Its a good idea to pick fairly neutral colors when decorating. To bright of colors might bother potential tenants.Now its time to go looking for tenants. The are several ways you can advertise; paper, web even radio. The more people apply, the better options you have. Which method or methods you use often depends on the area and you particular choice.You will need an application and lease. There are many versions online. A quick search should help you find one.

Make sure to edit it to fit your requirements such as no smoking, no pets, breaking lease terms, late fees and so on.Once you have a stack of filled out applications its time to start reviewing them. There are tenant screening sites all over the web. It generally a good idea to pick a site that is BBB certified. Less risk of them being a scam since BBB monitors and will kick any business with poor conduct or lots of complaints.Call potential tenant’s previous landlords, bosses, and run a google search. You will be amazed by what you can find. Or what people try to pull. I’ve had people claim to be working for a company and bring in an old pay stub for only to call and find out they had been let go 3 months ago.Tips

Why Carry Out A Local Search


When you buy a property your conveyancing solicitor will often recommend that certain searches are carried out. While these searches add to the overall expense of buying, they are a useful tool for discovering potential issues with a property. One such search is known as a local authority search, and will reveal a lot of important information about a property.The first thing revealed in a local search is whether all the required planning permissions for the property have been obtained. If your seller has altered or maybe even built a property without planning, then it is possible for the local authority to require the alterations be removed or the building demolished. This could dramatically reduce the value of the house, and require a large outlay to put right.The next item revealed is whether the roads near the property are maintained by the local authority. If they are not then you may have to contribute towards future maintenance.

This is something you would then have to budget for, on an ongoing basis.A further item the search reveals is whether any new roads or railways are proposed within 200 metres of the property. This is especially important if you are planning to buy in what you thought was a quiet area. If you proceed, but find a major highway is about to be built, you may not get the peaceful property you thought you were buying.Any proposed traffic scheme comes next on the local search.

This may reveal a potential one way street that is planned. Again if you buy a property and are unaware of this proposal, your planned use of the property could be restricted.Public access over the land is the last item, and is vitally important. It would no doubt be highly troubling if you bought a property, only to find that there is a public footpath at the bottom of your garden. This could ruin entirely your private enjoyment of your property.

The golden rule of purchasing property is buyer beware. All of the above factors are a matter of public record and therefore it is possible for you to search them. If you could have searched the registers but chose not to, then it is you who will have to deal with the consequences.The result may be financially disadvantageous to you, or your enjoyment of the property may be seriously hampered. Therefore it is always advisable for you to undertake a local search, which will allow you to make a fully informed choice about proceeding with your purchase.