With house prices on the up in the UK, purchasing and renting property can become a steady stream of income for those fortunate enough to have the initial capital. You’ll want to make your property available to as many people as possible, but how do you then make sure you’re getting the right tenants? Whether an individual will pay the bills on time and be responsible with your property is difficult to determine from a short meeting. Fortunately for you, the property market means you’ll likely have lots of applicants to choose from so you can afford to be picky. Here’s a few tips to make sure you rent your home to the right people.
Check Their Background
First off, run a credit check to see if they have a history of paying their bills on time and their income to debt ratio. You need to make sure they can actually afford to live in the property you’re renting. A general rule of thumb is that their monthly earnings should be around three times that of the monthly rent, but you can use your own judgment here.
You could also call their current employer to verify this information, as well as their length of employment and attendance record. Finding out how stable their employment situation is will help you determine how reliable they’ll be as a long-term tenant.
Consider Their Rental History
If you can, contact a previous landlord of the potential tenant. Remember, though, that the current landlord might not always be the best source of this information. If the individual is a bad tenant, the current landlord might withhold certain stories to make them seem like a better tenant than they are. You’ll want to find out information such as: how long did they live in the property, did they pay the rent on time, and did they leave the property in an appropriate manner when they left.
Many people say hunting for a home becomes a full-time job, and as a landlord you’ll have to put some research into your tenants too. Don’t be embarrassed about requesting this type of information, as you’re only trying to look after your interests. The likely situation is that the tenant will treat your property with the kind of care they’d show their own home (because it will be!), and you won’t have any major problems, but it pays to be prepared. Follow these tips, learn how to really increase the value of your property, and you’ll make the most out of your role as a landlord.