Posted 17th Apr 2023
Hi all landlords
Will section 21 will be scrapped your thoughts !
How to choose the tenants which don't give paying rent issues and what to be careful about
Many Thanks
Will section 21 will be scrapped your thoughts !
How to choose the tenants which don't give paying rent issues and what to be careful about
Many Thanks
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7 Comments
sorted byIf it's your own property I would suggest looking at putting it in open rent and advertising it yourself and leave it there for 1 week minimum.
You will get lots of viewings maybe 4-5 a day.
Once you have marketed for a week then look at all your prospective tenants.
Open rent offer a tenant check. Mention this to the tenants as those that unlikely to pass will walk away. Then I would suggest putting a few through the checks and see which ones come out to your liking.
Pets and kids are normally the worse for wear and tear on a property but depends on how well they are look after as some are very good too.
Look at affordability, guarantors and the biggest which most neglect is to go at look at where they are living if possible.
But rent guarantee insurance as it's cheap for what it delivers if something goes bad. They will serve any notice and evict etc
If you do good due diligence then good tenants shouldn't be a problem.
Also reason I suggest not using a agent as they normally will give it to the first prospective tenant and charge a fee plus 10% a month.
If you do it independently you can choose the right tenant for you. The cost you will save in fees you can buy rent guarantee insurance and also tenant damage insurance if you needed it plus all your gas inspection, inventory fees, electrical certificate, and energy certificates out the costs.
Mention to the tenants that you will be inspecting it every 3-6 months as this will keep the cannabis farmers away and you can check for damage etc.
I would also mention that you will be looking to increase rent of 3-4% or plus a year. That way you can keep rent up with inflation and there is no nasty surprises for the tenants. I find this better then hitting tenants with a large increase in 5 years etc.
Keep it sensible, keep it full.
Most of the Conservative MPs have an interest.
Jeremy Hunt would clarify his position on this. Or maybe he wouldn't. (edited)
If Labour get into power, then a good chance it will be banned or reformed.
If banned, you may see some landlords exit the market so the already limited supply of rental properties will reduce even further.
And yes if you put a property on rightmove via openrent for £35 you will be indundated with enquiries in much of the country. How you choose is a nightmare, the best tenants are those who don't need to rent... (edited)