Home renting mistakes by owner
Buy to let is a good long term investment with high returns. Landlord or home owner sometimes faces many problems while renting a home. This is only due to lack of knowledge and unprofessional behavior. Renting out a home is very easy if home owner understands the process. Here are the tips to avoid home renting mistakes by owner.
No knowledge of duties and rights
Many buy to let landlords face difficulties as they have no knowledge of their rights and duties. Duties of landlord include the maintenance of property, peaceful stays of tenant and one months’ notice before eviction. Rights of Landlord include the monthly rent, information about the condition of property and one months’ notice if tenant wants to empty property.
Not checking the affordability of tenant
In many cases landlord never checks the affordability of tenant. Due to this, tenant sometimes faces difficulty to pay rent on time. This situation can be avoided by asking few simple questions like employment details of tenant. Generally, government employees, salaried persons and pensioners pay rent on time. Therefore it’s important to check the rent affordability of tenant.
Not writing down the tenancy agreement
It’s highly unprofessional to not write down the rent agreement. This creates lot of problems in the future, especially when you want to evict your tenant. Annual rent increment cannot be imposed without written agreement. Therefore it’s highly recommended for landlords to have proper rent agreement to avoid disputes.
No understanding of legal process of eviction
Many landlords have no idea of eviction process which leads to quarrels. This is not good as landlord should be professional all the times. If any dispute arises, you should give verbal notice to tenant, then eviction letter from your layer and at the end you can take tenant to the court to solve the dispute.