If you have a spare property or apartment for rent in London, it is a great way to make an additional income while ensuring your property is maintained and cleaned often. However, as great as it is for those reasons, it is not as easy as it sounds. In the following post though you will find some great tips to help make the process easier though.
Find Suitable Tenants
to make money from your rental apartment in London, you need to find the best tenants possible. You want to make sure that your rent is paid on time and with no hassle or fuss. Along with placing advertisements in the local newspapers and online, you can also get the word out about your property by word of mouth. When you think you have found a suitable tenant, be sure to check out his references to ensure and his ID, because you want to ensure they are who they claim to be and that landlord’s in the past have a good experience with them.
Price Rent Correctly
To ensure that you do get people interested in your apartment for rent in London, you need to make sure you set the rent at a reasonable price. An estate agency firm like Newington Estates can give you advice in this regard. It is important to look at the rent charges for other properties of a similar kind to yours in the local area of your apartment.
Draw Up A Proper And Professional Leasing Agreement
You should never even dream of having your apartment in London for rent without a professional and thorough leasing agreement. Without one, you may lose your property or suffer in other ways. Hire a company like Newington Estates to ensure that you have a leasing agreement written up that is both legally sound and covers all bases to make sure both you and your tenant are fully protected.
Adequately Insure Your Apartment
Insurance should be common sense, but if we didn’t mention it, we’d feel bad about it. Therefore, it is crucial that you ensure you have adequate insurance coverage for your property before you rent it out to a tenant or tenants. This protects you if you have to make claims against a tenant for damages they may have done to the property.
Hire A Professional Property Management Agency
To have the best experience when you rent out an apartment in London, you need to hire a professional property management agency. They have the expert knowledge and experience required to give you peace of mind and to take on all the boring humdrum jobs of renting out property. They will manage your property so that you don’t have to.
Financially And Mentally Have An Eviction Plan Ready
Obviously, you want your tenants to all to behave as good tenants should – pay their rent on time, treat your property as if it was their own and deal with any disputes or issues with you in a reasonable manner. However, not all tenants are designed the same and some can be unruly, bad-tempered and spend all of their time enjoying a free place to stay without paying the rent.
When this happens though, you aren’t able to just walk in and throw your bad tenants out, without giving them any warning or following proper protocol. You need to, for starters, have an eviction clause written into the leasing agreement. You need to keep money aside too to ensure you can afford the appropriate help you need from the authorities if you have to actually evict someone.