If you’re thinking of becoming a landlord, be it through your first property investment or by extending your portfolio, there are a number of factors to consider before you get started.
- Do your research – as well as finding a property in the right location, you’ll need to know your legal obligations as a landlord. Righthaus’ professional agents have already done the legwork and have up-to-date information about all aspects of renting your property, and can also help you find the right property to invest in.
- Understand your role as a landlord – when renting out your property you’ll need to know your rights, the tenants rights and where your legal position lies. You’ll also need to know how to handle a security deposit, what steps to follow when evicting a troublesome tenant and your responsibilities for property maintenance and upkeep.
- Prepare your property for rental – before you can even begin to let your property you’ll need to know that you’re legally allowed to do so, including under the terms of your mortgage. As well as ensuring it’s in good condition with a good decorative order, you’ll need to ensure the property is fitted out with all the amenities / furnishings that you’ve advertised.
- Decide what rent you’ll be charging – letting your property is much like running a business. Obviously you want to see a return on your investment and working out the right price to charge your tenant(s) will depend on a number of factors, including: market value, your mortgage costs, landlord insurance, letting agent fees, repairs and maintenance.
- Get your paperwork in place – you’ll need to keep digital and paper copies of all paperwork, including: tenancy agreement, gas certificate, electrical certificate, EPC (Energy Performance Certificate), all related insurance policies, guarantees for completed works, security deposit protection scheme, rental inventory, proof of right to rent check and all rent payments. Before you’re able to let your property you’ll need to have a professional tradesperson / company carry out an EICR electrical check and a gas check. All this information, and more, can be found in our How To Rent booklet.
- Should you use a Lettings Agent? – as experienced industry professionals, Lettings Agents provide many advantages and will offer their support and guidance. They will act on your behalf, undertaking actions such as: collecting rent, ensuring all legal requirements are met, marketing your property, finding suitable tenants, devising an in-depth inventory, carrying out regular property checks and arranging maintenance works and repairs.
Entering into a partnership with Righthaus ensures peace of mind as you’ll be working with qualified professionals who provide a fully tailored service. We can advise you on all aspects associated with your role as a landlord and put you in touch with the right people and services you need to fulfil your role successfully. Our Management Services include: advice on taxes for UK landlords, legionella disease risk assessment, energy performance certificates, guide to safety regulations and your responsibilities regarding property maintenance and repairs.
