How do we select the best tenants for us?Make Text Bigger
We are first time landlords so looking for some advise on selection of tenants. We put up our property in Cardiff for lettings, and went through 6-7 viewings on 1 day. Out of these, there have been 2 parties interested, details below.
1. Two mates currently living in shared accommodation. They live and work locally. One of the guys is working with a company from last 4 years and other one is self employed and doing some part time jobs. Second guy hasn’t got any accounts as such as he just got self employed few months back but prior he was doing these part time jobs. — These guys are giving us the advertised rate of £750 pcm. Issue we have here is, what if one of these 2 guys decide to leave. How would we create the contract on whose name etc.
2. A couple — both of them works and have been living in previous rented place for 4 years. No pet or no child at a moment but surely looking to grow the family — which we have no issues with. These guys are willing to pay £700 (unfurnished)
Now our flat requires some work — already got the flooring done, new bathroom going in. If we give it to couple then we may have to do kitchen as well, but if we give to the Tenant 1 then not required as those guys hardly be using kitchen. We are not sure how to decide which tenants should we go for.
We went for open rent, and will be going through the reference check as they provide for a small fee. Is that enough ? Shall we take a hit of £50 and give it to a couple as they tend to stay longer? Please advise us on which tenants we should consider and what all checks we could do before giving them.
The flats within same block have history of bad tenants like drugs etc, and not paying the tenants so we are little on cautious side and wanted to give it to right people.
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