You are here: Home - Mortgages - Buy To Let - News -

Prospective landlords: seven steps to get your property rent-ready

0
Written by: Christina Hoghton
07/03/2018
Letting out your property for the first time can be a daunting task and there are many important factors to consider before putting it on the market.

From practical advice to legal responsibilities, ARLA Propertymark has published its top tips to get you started:

David Cox, chief executive of the trade body, said: “Whether you’re a first-time landlord or have let properties before, there are some things every landlord should know. Regulations change often which means that not checking the rules, can see landlords unwittingly breaking the law.

“We’ve put together these tips to ensure you understand your obligations and responsibilities as a landlord, and how to protect your property, keep your tenants happy and deal appropriately with any issues as they arise.”

Preparing your property

As a first step, you should undertake any maintenance which needs to be done. Your property will be more attractive to prospective tenants if it’s had a fresh lick of paint, all repairs are done and if necessary, new flooring has been fitted.

Do your homework

You need to get to know your market. Research similar properties in the local area and find out how much they are being let for per month. If your rent is set too high, or too low, prospective tenants will steer clear. Think about your target demographic and consider for whom your property would be suitable; for example, young families, students or single professionals.

Know your responsibilities

In the first instance, check your mortgage allows you to let out your property, as some agreements include caveats to prevent homes from being rented. If you are unsure, speak to your mortgage lender and they will be able to advise you accordingly.

You will be accountable for all repairs and maintenance and taking care of refurbishment of the interior and exterior of the property when required, unless you agree for your letting agent to manage the property – in which case they will deal with all minor issues.

Insurance

Your existing buildings and contents insurer must be made aware of your intention to let your property, as it’s likely that your policy will need to be amended. While specific landlord insurance isn’t a legal requirement, it is advisable as the policy will protect the building, your tenants and your investment as a whole – some policies will also pay out if your tenant misses their rent payments.

Vet prospective tenants

You may wish to meet potential tenants before agreeing to let them your property, or you may prefer to leave it to your letting agent, if you use one. If you do choose to use an agent, they will perform reference and credit checks on potentials tenants to ensure everything is reliable. Otherwise, you will need to do this yourself.

Legal requirements

When it comes to being a landlord, there are more regulations to comply with than you can shake a stick at. To put it into perspective, there are currently around 150 laws that landlords need to adhere to while letting a property.

At the start of a tenancy agreement, landlords must carry out right to rent checks in line with immigration laws, protect deposits and have all the essential paperwork in place.

The safety of your tenants is very important, so you must undertake a Gas Safety check every year. It’s also a good idea to make sure all electrical appliances and wiring are tested regularly too. Finally, it goes without saying that your rental property should be fitted with smoke alarms on every floor and carbon monoxide protectors where necessary.

Choosing the right agent

If you want to make the process pain-free, consider using an agent to manage your property and guide you on everything you need to know. A good agent will take away the stress of finding suitable tenants and also ensure your property complies with any regulatory changes. Propertymark Protected letting agents work to a code of practice in order to help landlords manage their homes.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

  • According to @YourMoneyUK the #Govt is considering a Care ISA’ which would be exempt from #inheritancetax. Could th… https://t.co/hPVZZfdyDr
  • RT @unitetheunion: “We need tough action against unscrupulous debt collection agencies who prey on people’s misery to ramp up the debt thro…
  • RT @unitetheunion: “We need tough action against unscrupulous debt collection agencies who prey on people’s misery to ramp up the debt thro…
Read previous post:
2340824-premier-foods1r
2018 due to be the year of the ‘savvy spender’

The concerns of the economy are trickling down into the purse strings of the younger generation as more than half...

Close