More often than not, you hear about how to ensure that your landlord is trustworthy and credible. It is not very often that you hear about how to ensure that your tenant is trustworthy. And this is a big point for many landlords. You certainly do not want to have a tenant in your investment property who is not going to treat it as well as you would.
So, how do you make sure that your tenant is the type of person that you want in your home? There are a few things that you should look into that can help you make this determination.
Credit worthiness: Is your tenant credit worthy? Are they gainfully employed, and do they have a steady employment history?
Rental history: Does your potential tenant have history as a tenant? Can they provide references from previous landlords? If they cannot, yet they have been renting for some time, you might reconsider having them as a tenant.
Personal habits: Age and personal habits will also come into consideration when thinking about taking on a tenant. Are they very young, and likely to have many social get togethers that might upset neighbours or get out of control? Do they smoke or own pets?
While it might be tempting to take on just any tenant when a tough financial situation is at hand, in the long run it might cause you more grief and financial loss than waiting for a tenant that will be in your investment property for a longer term, and who is gainfully employed and has no bad habits.
It’s tough screening potential tenants, but hopefully the above will give you a headstart.
Property Friends is a specialist Property Investment Advocacy that has been operating for the last 13 years on the basis of 3 principles: Trust, Community & Progress. www.propertyfriends.com.au (03) 9758 5331
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