There may be a bit more to being a landlord that finding tenants for your property and then just collecting the rental income.
You need to be able to manage your property efficiently while at the same time taking heed of regulations, as well as obligations that you may have to your tenants. Some tips that may help might include:
- keeping yourself up to date with safety regulations which may typically include having all gas appliances serviced and certified at the start of each tenancy and annually thereafter;
- if you are letting your property out on a furnished or partially furnished basis then you may have to ensure that all upholstery and soft furnishing fabrics conform to fireproofing regulations;
- if you have a mortgage on your property then you may need to inform your lender of any change of use of the property. Buy to let mortgages are obviously specifically designed for you as a landlord but if you have a regular mortgage then its terms may have been based on the assumption that you were living in the property yourself and this may need to be renegotiated if you decide to let;
- when you let your property out you have certain responsibilities regarding its condition and its general maintenance and those may involve significant amounts of your time – and not only at times that are convenient for you;
- you also may need to be fully aware of the rights that your tenants may have and this may include the fact that you may have to give them adequate notice before you enter your property to carry out repairs;
- whether you manage and maintain your own property or use a management company to help you out, you may obviously be concerned to protect your asset as much as you can;
- making sure that your landlords insurance provides you with cover sufficient for your needs by looking at features such as public liability cover, how to accurately assess the insurance value of your property and its contents etc. may be extremely important – or feel free to get in touch – we’d only be too happy to help;
- failing to meet your obligations as a landlord may not only have legal consequences for you. You may also invalidate your insurance cover putting your investment in your property at risk.