Investing in a property is a smart move to make in these current financial times. After all, your money isnt doing anything in savings accounts anymore, so its always been good advice to put your money in bricks and mortar and invest in property. You may already own your home, so other options to consider are to buy a house to rent out to people who are struggling to get onto the property ladder themselves. While it all may sound very simple, there are problems even the most experienced landlord can have. I thought I would share with you what some of the most common ones are.
A good tenant will always pay on time, and of course, if you have the support of an agent, then you may always be guaranteed the rent. But, there are still issues you could face if you find yourself with tenants who dont pay their rent on time, or at all. This means that you may have to get involved in regards to bailiffs or chasing arrears of payments if you find they start to pay the agreed amount. It can be an unpleasant thing to do, as often, the tenants are not paying due to circumstance. However, you do find that you can end up with tenants that are trying their luck with messing you around.
Needing the tenants out at their end of their agreement
With all tenancy agreements, there will come to a point where the contract ends. Of course, you may have already renegotiated for a new term or agreed with your tenants the next step, but, in some cases, landlords may want to have the property vacant once more. Maybe to sell it or renovate it, or get rid of problematic tenants. However, you may find yourself in a situation where the tenant wont move out. This is when you may need the help of property litigation solicitors to resolve any issues. It wont be easy with sitting tenants in your home, and they may even change the locks or cause you distress. So it is vital to have the law on your side.
Damage to the property
If you have a decent tenant, then the chances are they will take care of your property as if it was their own. Ensuring that no damage is done and that it remains, and anything you provided within the property, in good condition. But there could be times where a tenant damages the property and then leaves without any way of you contacting them to pay for the damage. In rare cases, the damage can be substantial.
Finally, as a landlord, you may find that you are expected to resolve any residential issues that may arise due to your tenants. They could be disruptive to neighbours, cause brawls or issues on the street, or perhaps dont leave the property looking as good as it should be, for example, leaving rubbish on the front. There are all types of residential issues you could face with your tenants, and it can be quite hard to resolve and deal with people who have such a difference in opinion.
I hope this has made you more aware of some of the problems you could face when renting out a property, however, do bear in mind that this isnt always the case, and renting out a property can be a very worthwhile investment to have.