The Importance of Tenant Referencing
Prices for private landlords are meant to increase at a faster rate this year than house prices, so if you're wondering whether to let or sell, it might be wise to hold on to your property for now. Private property lettings are a temporary solution if you can't afford to sell your house at a lower price. By privately letting your property to single or multiple tenants, you can make sure that it doesn't just sit and rot, waiting for good house prices but helps you make an income and keep your house actively working while you wait.
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However, with the wrong tenants, your property can become a stressful, problematic ordeal that makes private letting more stress than it's worth. When considering a potential tenant, there are a few things you need to remember to check out:
Affordability: Before signing any tenants up, find out if they can afford the cost! Youll need to consider not only rent, but living expenses and any excess bills if they're not already inclusive. It is advised that a tenants income should be 2.5 times greater than the rent you're charging. So double check that they'll be able to make the payments, because the last thing you want is to spend months paying for electricity, water and gas, as well as property maintenance, only to find your tenant cannot afford it! Ask for an employer reference as well, just to make sure your tenants claims are true.
Attitude and personality: Even though your relationship is that of landlord and tenant if you inherently dislike the person living in your property, you won't rest easy. Make sure you have a conversation with the tenant upon their enquiry a good time to do this is when you're showing them round. Ask them where they work, what their interests are, etc. Itll be good to know a little about your tenant.
Previous landlord reference: Even the nicest people can have strange habits. Its worth getting a reference from a previous landlord to make sure your lovely new tenant isn't a fan of regularly setting fire to the sofa to get warm, or painting murals onto the walls of your propertys living room.
With a little bit of referencing and research, you can ensure that you find the right tenant for you. A tenant-landlord relationship should be friendly and stress-free, and by getting to know them a little, checking their affordability and asking for a couple of references, you can rest easy knowing you've found the perfect tenant.
Contributors
https://www.lottadigital.com - Use these guys regularly.
http://numinacounselling.com - Many thanks for your late-night work Chase.
https://www.revelhomes.ca/ - Use these guys on a regular basis.
http://sharklawns.ca - A great site.
http://northbayspa.ca - Good business site.
Posted in Moving and Relocating Post Date 12/21/2014