It seems very clear that being a landlord is no easy task; you have nightmare tenants to deal with, copper thieves that will strip your pipes and failing rent payments. It can be a stressful job, especially if you have a business or family to run too. Whilst it can be hard, never let the stress get the better of you and enjoy these few tips for reducing landlord related stress and letting yourself enjoy the finer things in life.
Being open and honest with your tenants will help you build a stable relationship and make dealing with problematic situations that much easier. Not to mention that maintaining a relationship with your tenants will provide them with a sense of accountability; the property they’re renting will be seen as belonging to a real person. This realisation will encourage a healthy respect for both you and the house and reduce the likelihood of careless accidents and in turn, your stress levels.
Investing in landlords insurance is a great option when it comes to reducing financial related stress. More Than landlord insurance will protect you from accidental damages, public liability and buildings insurance, meaning your covered in the event of fires, floods and other damages that are entirely out of your control. Having this extra layer of financial protection; a coverage that will keep you from being hit with big, one off repair charges, will help you sleep easy and shed a few layers of stress.
Finally, nothing will save you from you property stress quite like being clear and precise in your lease. Ensuring your tenants know their responsibilities exactly will mean you won’t be left worrying about the grey areas that can leave you vulnerable. What is more, being clear in your agreements with tenants will make sure you are not left liable to any lawsuits as a result of poor communication. Set the rules and straight away in the lease and you will be happy and stress free for sure!
The Mental Health Foundation claim that 57% of British Adults feel stressed every day or every few days. Don’t let the stress get you down, take a few stress reducing precautions and you should be ready to enter the leasing market with a strong head and mind for business.