Are you thinking about investing in a buy-to-let property? If so, then you have probably heard that you can earn a fortune by renting the right home out to tenants. But, you do need to be careful here as you will be taking on all the responsibilities of a landlord. So, let’s explore what this means and some of the problems that you can face here.
Breakages
First, you need to think about issues with breakages. If there are things in the property that are broken or that have fallen into a state of disrepair, then you could be responsible for fixing them and ensuring that they are prepared as quickly as possible. This will be the case if the breakage was not due to the actions of the person renting your property. Instead, it could be connected to something that has broken because of a fault such as the water heater. If that’s the case, then you will need to make sure that you arrange for your water heaters to be repaired by an expert. Don’t forget, if a breakage makes the home unsafe, then you will be leaving yourself open to a lawsuit.
Rent Trouble
You could also find that you have rent trouble with tenants refusing to pay the rent that you are owed. Some tenants will withhold rent if they believe that you are not upholding your side of the tenancy agreement. If that’s the case, then you might think the easiest option will be to evict. However, evicting a tenant isn’t always as easy as most landlords assume. Forcing someone to leave will require legal support which can take months of work and patience. It’s far better if you can reach an amicable agreement.
Nightmare Tenants
Of course, withholding rent isn’t the only way that tenants can be an absolute nightmare. You might find that they treat your property with absolutely no respect, leaving it dirty and neglected. This can lead to a final problem that we will discuss a little further down. They could also be a legal nightmare, using your property for a wide range of activities. If you do find that your tenants are breaching their agreement, then it’s definitely worth at least considering legal action.
Infestations
Finally, you could discover an infestation on your property. This must be dealt with before a tenant decides to move into your property. It is not something that you should leave and then deal with at a later date. If however, an infestation occurs while a tenant is living in the home, then it could be their responsibility to deal with it. They might need to hire the exterminator and pay the costs of doing so. When a tenant moves out, you should always check for signs of an infestation that they could have caused.
We hope this helps you understand some of the issues that you can encounter as a landlord and that you might need to be prepared for if you do decide to pursue this business venture.
