Investing in property is considered one of the best ways to make the most of your money. Whilst the initial cost of buying a home to rent to someone else can put you out of pocket to start with, you certainly reap the benefits once its all been figured out and you have a regular income.
Its not easy being a landlord and it takes a serious commitment of time and money to make it work. If youre new to being a landlord then check out these tips on how to make your to-let a profitable affair. A good relationship with the tenants is one of the most important relationships in a landlords life and for some, its not all swings and roundabouts.
But it doesnt have to be like that. There are ways to ensure you maintain a happy, long term relationship with the tenants in your rental properties and below are some of the best.
- Get things done
One of your responsibilities as a landlord is making sure all repairs are taken care of. Doing so in good time is one of the most important ways to keeping your tenants happy. Theres nothing worse than a broken boiler in the winter, so dont make your tenants suffer whilst youre away living the high life.
- Small gifts get big results
Your tenants arent going to expect a free swimming pool installment any time soon but giving your tenants a little something, such as a gift card at Christmas will keep them happy and theyll feel like you care about their needs as a person rather than just a number on your bank balance.
- Give a big warm welcome
Moving can be a really stressful time, so helping to calm their nerves is definitely something that will be appreciated. Consider putting together a little welcome hamper that includes home essentials or leave a champagne gift in the kitchen for any young couple moving into their first home together.
- A little comfort goes a long way
You dont have to break the bank and purchase state of the art furniture for your tenants. But if youre offering an all inclusive deal in your rental property, then supplying decent furniture is a must. Beds and mattresses can set anyone back a fair whack, but there are cheaper alternatives out there. If there are children in the property, supplying a memory foam mattress single topper will do the job until they outgrow their beds.
- Respect their privacy
As the actual homeowner, you do have the right to inspect the property, but dropping in unannounced is very inconsiderate and it may ruffle a few feathers. Even giving a few days notice will make all the difference, so communicate with your tenants to let them know of any visit youll be making in the near future.
- Be child friendly
If youre hoping to make big money from larger properties, your tenants will most likely have a young family or will do in future. Making the home child friendly and safe is one way to attract young couples or families. Here are some quick and easy tips to creating a kid friendly home.