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.
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.
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.