New landlord questions - assessing tenant affordability, what would you do differently!
So I'm just about to let out my first property, a purpose built one bed flat built in 2008 (and have been diligently following the excellent RLA guides) but have a few questions that don't seem to be covered and was hoping you folks could share an opinion:
1) I'm using HomeLet's "Enhanced" referencing service (they follow-up and speak to employer's ex-Landlords) - but how do you assess whether a tenant can afford the rent. Do you just rely on their word and the referencing check (for bad credit etc); or do you ask for details on income and outgoings?
2) I've read up on combined rent guarantee and legal insurances - are these good value for money? Also, who would you use for boiler cover (I have a combo boiler)?
3) For those experience landlords, what would you do differently on your first property (knowing what you know now)?
I have my Landlord's Gas Safe inspection done, I know I need to do the Right to Rent checks, and share a company of the Government's Renters' Guide.
Thanks in advance!
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