23 Sep Becoming A Landlord In Essex: 5 Things To Invest In For Peace Of Mind
Being an Essex landlord can be a great way to supplement your income and diversify your investment portfolio for retirement. Essex is a popular place for renters thanks to its proximity to London and the massive range of quality housing available. There’s no better place to start your journey to having a full property portfolio.
Renting a property requires trust between you and your tenants. A property is a massive investment, and you’ll need to know it’s well cared for and in the best possible condition at all times to ensure its longevity.
Trustworthy Tenants
The right tenants are key for an easy experience as a landlord. You will need to find people who will care for your property as if it were their own, keeping it maintained and letting you know if any issues arise. It can be hard to find suitable tenants, but there are processes you can use to help.
Interviewing tenants can be a good option, asking about why they’ve selected your property and why they’re moving on from their last home. You can also ask to see references from past landlords to get a better idea of how good they were as tenants.
Quality Alarm System
An alarm system can be a bonus for you and your tenants, keeping their belongings and your property safe from crime. Simply having an alarm fitted can be an excellent deterrent to crime, so you should look for a quality system and get it serviced regularly. While you can’t make your tenants use the alarm system, you could ask that they do so during your interview and give them guidance on how to change the alarm code.
Landlord Insurance
Insurance is crucial for landlords as a way of protecting their financial interests. It should cover any furniture or white goods you provide for your tenant’s use, the value of the rent should the property be unoccupied for a time, and liability coverage should your tenant or someone else visiting the property be injured because of the state of the property. You can find a landlord insurance quote to help you compare the cover offered from the experts at Quotezone.co.uk.
Reliable Property Management Company
A great way to have peace of mind and prevent your landlord duties from taking up too much time is to hire a property management company. They take over the day-to-day running of your rental property, saving you time and energy in exchange for a flat fee or percentage of your rental income. You should look for a management company with excellent reviews from both tenants and landlords to ensure they will offer the level of service you expect to your tenants.
New Boiler
A new boiler can be great for you and your tenants, providing them with cheaper energy and providing you with less to pay in terms of repairs and maintenance. Replacing a boiler can be costly, but the money saved over time can be well worth it. In addition, a new boiler will make your property a more attractive one in the eyes of many tenants and will reduce the overall carbon footprint of your rental property.
