Five landlord disasters and how to avoid them
As a landlord of a buy-to-let property, there are pitfalls you need watch out for, from not vetting tenants to having a void period.
Here are five factors that can make life horribly difficult for a landlord of a buy-to-let property.
1. Not vetting tenants properly
“All tenants seem lovely at the viewing. It’s like a first date. But if you don’t check them out properly, it can be the costliest and most painful thing ever,” says lettings director Marc von Grundherr at Benham & Reeves.
Besides interrogating the letting agent about their methods for tenant screening, which should include credit checks and comprehensive character and employment references, further insight can be gained from social media.
“Employers do it all the time. So should landlords,” says James Greenwood, a regional director at Stacks Property Search.
It is also vital to keep a regular eye on the property. Jeremy Leaf, head of London estate agency Jeremy Leaf & Co, says: “The greatest landlord disasters usually stem from poor referencing and not checking the type of tenant that you are letting live in your property.
“A high proportion of tenants sub-let to people you aren’t expecting to live there.”
Read more: http://www.telegraph.co.uk/property/landlord-guide/landlord-disasters-and-how-to-avoid-them/?WT.mc_id=tmgspk_listfour_1677_An6m5jqzQ1JN&utm_source=tmgspk&utm_medium=listfour&utm_content=1677&utm_campaign=tmgspk_listfour_1677_An6m5jqzQ1JN