When a landlord signs up a tenant he is actually giving the keys to a stranger to occupy his property. So choosing a bona fide tenant for a property is very important to safeguard the investment.
Housing Rules
So the process of zeroing in on the right tenant must be done within the framework of the Federal Fair Housing Act. Adhering to the Act will saves the landlord from future charges of discrimination.
For lovely properties to rent in London, if a landlord takes time to follow a due diligence many troubles can be avoided in the future. As per law a landlord is not supposed to discriminate any tenant on the basis of
- Race
- Color
- Nationality
- Religion
- Sex
- Familial status
- Disability
Since many states follow their own Fair Housing Rules adhering to the local laws will be safe.
Good Credit Rating
Always look for a tenant, who is financially responsible in terms of paying bills, and rent on time and will be accountable to the upkeep of the apartment.
Verify Income
Get copies of the potential tenant’s payment slips. Or talk to the employer and verify the job, tenure and earnings. Ideally the monthly income should be three times the monthly rent.
Credit Check
Verify whether they have a history of paying bills on time. Even if the income is three times the monthly rent factor, check how much debt they have. If the rent is $1000 per month and a Tenant has monthly income of $3000 a month, the balance $2000 spent on debt payments every month will breed a bad situation. Such a person cannot afford an apartment unlike a tenant who earns $2500 a month yet he has no liabilities of debt.
Rental History
Talk to at least two previous landlords. This is because even if the tenant is problem-maker, a current landlord may not be candid enough as he will be looking to rid of the tenant somehow.
The questions to ask are
- Did they pay rent on time?
- What was the Reason for the move?
- Did eviction happen on the basis of non-payment of rent or breaking the rules?
- Was there the mandatory 30 days notice before moving?
- How hygienically they maintained the apartment?
All these factors help in choosing the right tenant and save time by avoiding costly evictions, non-payment and damage to property.
