If you are a first-time landlord, you might have a few questions. After all, there are lots of laws and requirements surrounding renting a property, and it is essential that you abide by these laws.
But that isn’t the only thing you need to consider: you also need to consider the property market in your area, and you need to make sure that the tenants are happy with the property.
Here are six tips for first-time landlords.
Do Some Research
There are nearly two million landlords in the UK, so it is very likely that other homes are up for rent on the same street as your house. Make sure the home is clean and ready for tenants to move in. This could mean simply cleaning up, or it could mean repainting the walls and replacing broken furniture.
So do some online research to make sure your prices are fair and reasonable, as this will make it easier for you to find tenants quickly.
Get the House Ready
Make sure the home is clean and ready for tenants to move in. This could mean simply cleaning up, or it could mean repainting the walls and replacing broken furniture.
Be Aware of Your Responsibilities
As a landlord you have a responsibility to make sure that any house issues are dealt with in a timely manner. You will also be responsible for maintenance issues, and you should keep track of the furniture in the house. You can do this using property inventory software. If you are wondering where can I find property inventory software online, there is now a number of specialist providers.
Don’t Forget the Legal Requirements
You also have legal responsibilities as a landlord. In fact, there are around 150 laws that you need to abide by! If you are not sure about these laws, consider speaking to a lawyer to make sure that you are clued up.
Speak to a Mortgage Provider
If your house is being rented out, you are no longer the occupier, and this will affect the mortgage (if there is a mortgage on the house). So if your property still has a mortgage, speak to a mortgage provider before moving tenants in.
You should also arrange insurance for the things inside the house (such as the furniture). This means that you won’t have to pay out cash if anything is broken or damaged. Obviously, this isn’t such an issue for unfurnished homes, but it is important if the property is furnished.