Deciding to become a landlord is a big step, it can be both exciting
and daunting so today we’ve got some tips on what you need to think
about when renting out a property so you can make your first venture a
smooth one.
Market research
To work out how much
rent you could be expecting, have a look at similar properties in your
chosen area. If you’re not sure seek out a valuation from a recognised
letting agent.
Your property needs to be tenant.
A
well-maintained home is more attractive to any new occupants and a few
improvements could make all the difference. Ensure that outstanding
repairs are complete before any viewings take place.
Being a Landlord brings responsibilities
Being
a landlord can be time consuming, it’s your responsibility to take care
of any major issues which may arise whether they occur during the day
or night. Emergencies, e.g water leak or a gas leak, may require your
immediate attention. If you choose to self-manage your property your
tenants will also look to you to arrange to carry out repairs and
maintenance.
Be Compliant
As a landlord you will
need to navigate through a host of laws and regulations. Commencing a
tenancy is not just about issuing an agreement. Amongst other things
there is a need for a right to rent check, issue of appropriate
prescribed information and you must make sure that you’ve taken the
correct steps to register and protect your tenant’s deposit.
In order to rent there must be in place a current Energy Performance Certificate for the property.
In
addition there must be working smoke alarms fitted and an up-to-date
gas safety check (where applicable) – which is required on an annual
basis.
Manage or Be Managed
You may decide that
you want to manage your property yourself, however, the right letting
agent can make your first experience as a landlord less stressful, act
as a buffer between you and your tenants, and provide expertise and
support if things don’t go according to plan.
Here at
Martin & Co we’re with you every step of the way. Get in touch with
any questions you may have and one of our experts will be happy to help
and support the start of your Landlord journey.
