“With great powers, come great responsibility”. This truly applies to the person owning a house and willing to rent to a stranger. Along with the responsibility of the house, the landlord is also answerable to their surroundings. Bringing in a wrong person will only disrupt the peace and tranquillity at home and also in the neighbourhood. So being a landowner, having an insurance is not all, you must also make sure to the best of your abilities that the tenant is a good one for the residence or the holiday home.
The following queries must be met:
Can They Afford It?
Receiving a payment is the main factor why you are renting in the first place. They should be able to convince you with documents that they earn enough with which they can pay the rent and also maintain a decent living. This usually means that they will earn about three times more than the monthly rent.
Will They Maintain the Deadline to Pay?
This is by far the most common problem faced by landlords. Due to various reasons (there is never a shortage of reasons!), the tenants miss their deadlines for payment. It is for the landlord to be empathetic and not rush to decisions as there might be unexpected problems. But it is also necessary to maintain strictness so that they do not exploit the softness. Their history of paying on time should be thoroughly investigated.
Willing to Keep It Clean?
The tenants should be able to keep the walls and the floors clean. The garbage must find its place in the proper place and not out the window even when they are at a vacation in your holiday home. They must be aware that keeping everything clean not only brings a healthy living but also creates a habitable atmosphere for everyone around.
Inclined to Criminal Activity?
You must be made aware of any criminal records or illegal activities by the potential tenant. They might be shady characters to spot but an experienced landowner can differentiate.
There are strict laws preventing you from unjustifiably denying any tenant of the home, but on the other hand, you also reserve the right to deny this service for a good reason. “I have chosen the best fit for multiple applications” is usually a kind reply to those you have crossed out.
Keeping records of every strange interaction with the tenant, having landlord insurance for full-time rentals or holiday homes can further safeguard your property from misfortunes. Perform a thorough investigation of your tenant’s background, credit, previous landlord references, job history and also neighbours. This will hopefully ensure your stress-free and reputable personality as a landlord.