Whether you’re a landlord or a tenant, when you rent out residential property there are certain rules and regulations that you need to be aware of to ensure a harmonious living situation. Read on to find out what our top renting rules are.
Make sure you protect your finances with suitable insurance. Providers such as HomeLet can help you out to ensure you get the right cover to you. As well as including buildings and contents protection, landlords insurance can help to protect you against things such as emergency repairs and non-payment of rent from tenants.
Doing the right tenant checks before anyone signs a contract is crucial. Ask for references from any potential tenants and try to get to know them to ensure you will all be able to work together. Checks such as employment status and any previous financial problems are a must.
If something does need repairing try to be prompt. This will ensure you maintain a good relationship with your tenants meaning you shouldn’t face too many issues further down the line.
Making sure you know your rights when living in a rented property is essential. As a tenant you should be able to live in a property undisturbed, be protected from unfair eviction and live in a home in a good state, amongst other things. Making sure you know what you’re entitled to will ensure you get what you deserve.
When you move in make sure you do a thorough inventory check. Make note of all of the contents of your home as well as the condition everything is in. Take photos if there is any existing damage etc in order to ensure you don’t get charged for the damage when you move out.
Unless you want to potentially face eviction make sure you stick to the terms of your tenancy agreement. If you keep to your end of the bargain then hopefully your landlord will too.
Following these simple tips should ensure you all have the perfect renting experience. What are your #RentingRules?
Byron Simpson is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance cent.