Over the past few weeks, you’ve probably been asked numerous times what you would like for Christmas. And while you may have asked for a gift that you will enjoy, there are some things that all landlords want that just can’t be wrapped up.
For fun, Just Landlords has created this ideal Christmas wish list for landlords and given some tips on how you can get the gifts you really want.
- A rent arrear-free Christmas
As we have discussed in our previous blog posts, during the festive season it is more likely for one or more of your tenants to fall into rent arrears due to their budgets being stretched.
In turn, you need to prepare your finances in advance to negate any lost income and ensure you don’t find yourself struggling to make ends meet.
Ideally, all landlords would like to be safe in the knowledge that they will receive all their rent money on time at Christmas, however this is very difficult to guarantee.
Instead, you can invest in rent guarantee insurance, which you will always be able to rely on and ensure you won’t have to worry about money during the festive season.
- A full property portfolio
With the private rental sector currently booming, most landlords find it relatively easy to fill the properties in their portfolios. However, this doesn’t mean that every tenancy runs smoothly, and we have seen a number of reports stating that evictions are currently increasing throughout the UK.
Finding a tenant who is financially stable and adheres to the rules set out in their tenancy agreement can often be tricky, which is why performing thorough background checks is necessary.
There are a number of companies that specialise in tenant referencing and if you shop around, you could even find a good deal, so make sure you find one that can help your business.
- Mild weather
While most people are dreaming of a white Christmas, landlords would much rather milder weather.
Snow, rain and heavy winds often spell out property damage to landlords, as well as multiple phone calls from tenants needing help or advice.
Unfortunately, the weather is often quite hazardous at this time of year and as such, you need to prepare yourself for the fact that you are likely to get a phone call at one point or another.
The good news is that if you have an extensive landlord insurance policy, any damages to your property will be fixed as quickly as possible, allowing you to relax knowing everything is under control.
- Considerate tenants
No matter what age you are, Christmas is a time of excitement and fun, however, this often means that people can be unknowingly inconsiderate of others.
While no one likes to be a Scrooge, it’s important to remember that not everyone wants to celebrate Christmas the same way as you.
Arguments between neighbours often flare up during the festive season, and it’s usually over small things such as Christmas lights, cars blocking each other on the road or music being played too loudly.
To avoid these arguments, it may be wise to issue a friendly reminder to your tenants to be considerate to their neighbours over Christmas, ensuring everyone has a good time.
- A strong property market
There have already been reports that the UK’s economy, and subsequently its property market, have been improving over recent months, which is great news for landlords who see their properties as a nest egg for the future.
Most will therefore wish for this positive trend to carry on well into 2014, and so far it looks as though this wish may come true. After so many years of uncertainty in the property market and the private rental sector, a stronger economy in 2014 will be beneficial for the whole of the UK and will enable landlords to relax a little.
To make the most of the upcoming year, you should start making a business plan now – just remember not to rush into anything you can’t realistically afford.
As we have shown, getting everything you want for Christmas as a landlord is achievable; it just takes careful planning and a bit of help from the experts.
Next week we are going to look at some more traditional presents that landlords would be happy to find under their trees, so watch this space.