The responsibility of owning a house goes beyond ensuring that the property is safe for habitation. Especially when you intend to rent out your house, it is vital to ensure that it is done according to regulation and the right procedures. However, if you live very far away from the property, you will need to take extra precautions in your decision to be a long-distance landlord. According to statistics, about 42% of landlords in the UK own two or four properties. That aside, 23% of these landlords manage their properties long-distance. Here are some tips on how to succeed at it.
Choose trustworthy tenants
When your property is finally rented out, you will need to abide by certain rules and regulations that bind landlords. For example, you will not have the luxury of visiting your property at a moment’s notice when you have tenants living there. Moreover, after the tenant has paid their rent in full, they have rights spelt out in the tenancy agreement. For this reason, flouting these rights may give them the platform to seek redress in court, if need be. To avoid all the inconveniences that come with tenancy, it is important to settle on an individual or tenants you can trust.
Admittedly, it can be tough knowing who fits the bill as the right tenant. However, with a basic background check, you can find someone. For instance, as long as the law allows it, you can check their credit history for any information that may raise suspicions. Additionally, their rental background information can be accessed to give you peace of mind. Most long-distance landlords prefer to rent their properties out to friends and family in many cases. Unfortunately, this may be problematic, especially because statistics indicate that renting to friends and family has a higher risk of damaging relationships.
Avoid compromising on maintenance schedules
Every property requires a great deal of routine maintenance to ensure it continues to be habitable for many years. Maintenance enhances the condition of a property and ensures that damages are caught early enough before they progress into major repair works. In addition to this, routine maintenance goes beyond looking out for repairs around the property. It includes sticking to a cleaning schedule to improve the house’s aesthetics.
Therefore, as a long-distance landlord, you have several options at your disposal. For example, you can hire facility management services to oversee routine cleaning and other maintenance works. This way, you can rest assured that your property is in safe hands. If you already have tenants living in the house, it would be advisable to include the name of the facility management company in the tenancy agreement. This way, your tenants will be aware of them before they arrive at the premises. Depending on the contract drawn between you and the tenant, you can agree to split the cost of management services. However, if your tenant disagrees, you can hold them responsible for the proper care of your property.
Any relationship working on a long-distance schedule requires a lot of communication. With this strategy, you can be in tune with every relevant thing that happens with or to your property. Landlord-tenant relationships can be strained, especially when communication is lost. To avoid these inconveniences, you have a responsibility as the property owner to be in touch. Moreover, make it easier for your tenants to get in touch with you.
You can do this by providing alternative phone numbers you can be reached on. Also, include at least two email addresses and a proxy landlord. Again, you have a duty to encourage your tenants to keep you in the loop whenever there is any information about your property. By putting all these measures in place, you can create a platform where tenants find you considerate, helpful and easy to reach.