Top tips for DIY landlords

Top tips for DIY landlords

According to property consultancy, Galbraith, demand for good quality rental homes continues to rise across all regions in Scotland.

With the private rental sector still offering a sound investment opportunity and high competition amongst tenants pushing rental prices up the firm is urging current and prospective landlords to consider the following top tips to ensure a successful tenancy.   

Choosing a reputable agent that will help with tenant selection and missed payments is sometimes a vital service for landlords. However, for those who are considering becoming a DIY landlord, Galbraith offers a helpful checklist:

1. Vet prospective tenants thoroughly, it’s important to check bank, employer and previous landlord references. Generally, as a rule of thumb, a tenant’s annual income should be at least 30 times the monthly property rent.

2. Always take a deposit and perhaps more importantly always protect it through one of the Scottish deposit protection schemes. If the deposit isn’t protected with a scheme as the landlord you can be made to pay the tenant three times the deposit amount back. Most tenants expect to have to pay a deposit of at least one month’s rent so be wary of those who try to wriggle out of this.


3. Schedule regular property checks don’t just leave tenants to their own devices after moving in. Ensure that the first inspection is within three months of the move in date and at least annually thereafter. If there is a breach of the lease act on this immediately, don’t leave it to perpetuate or get worse.

4. Alert tenants to rent arrears straight away as acting promptly will prevent the situation becoming difficult. Keep a copy of all paper work and emails sent to tenants as well as this will make it easier to serve a ‘Notice to Quit’ to tenants if the contract is consistently breached.

5. Keep up-to-date with legislation. The new Scottish Private Residential Tenancy, (SPRT) is expected to be introduced at the end of 2017 and means that the grounds for repossession becomes more restricted; all the more reason to ensure you find suitable tenants from the outset.

As the lettings sector becomes more heavily regulated Galbraith fully expect to see a rise in the number of landlords seeking professional advice and assistance.

Bob Cherry, head of lettings for Galbraith, said: “We are often approached by landlords for advice or assistance once a problem has already developed. Seeking help early on can avoid costly mistakes. The experienced lettings team can also advise landlords on preparing property to let and meeting all the current compliance obligations as well as using our extensive prospective tenant database to match the right people to the right property.”

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Comments

  1. IrisJ.IrisJ.17 July 2017 09:54:45

    The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits are a must!

    Reply to this comment

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Latest Comments

IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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Jo Mullett
Jo Mullett 07 Jul 2017

Here in Swansea, known as the Japanese knotweed capital of the UK, it never fails to amazes me that people have no idea of the potential problems this invasive non-native plant can cause when buying or...

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NathanG
NathanG 05 Jul 2017

McDonalds, for example, have been purchasing their real estate on prime locations for years. If something happens to the company they'll have invaluable assets that will be able to save them. We might

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Jonah
Jonah 04 Jul 2017

Graham: surprised to see you cite the "extra tax liability" as capping out at ?560. It doesn't - the extra tax is exponential, as it is levied on the income (i.e the inflating level of rental income you...

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Dianne Griffen
Dianne Griffen 29 Jun 2017

Be very wary of anyone bringing you deals that they have ?found? and want to ?sell on to you? or ?joint venture? with you on ? you need a proper legal contract for this, involve a RICs surveyor to confirm...

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jason hadzikostas
jason hadzikostas 28 Jun 2017

The most important thing is a budget. Students have to manage their spendings in food, house maintenance, books and many other things. According to me, student Studios are the perfect option for them as...

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SecomTech
SecomTech 22 Jun 2017

AT Last...This was discussed years ago and there was a move towards landlords registering their bad tenants on a database..(can't remember where) It seems a logical step though our leaders will probably...

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Bertrand
Bertrand 02 Jun 2017

How about the Welsh Govt introducing a scheme to protect landlords against "rogue" tenants who are then taken to court for criminal damage to the properties they trash. Pretty unlikely I suspect and politically...

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AmberMorris
AmberMorris 25 May 2017

"Please don't pick a novelty tune-playing doorbell. They're not 'fun'. They're stupid." Laughed a lot to this. It's actually true, though.

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Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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