Five tips for new landlords

Category: Finance 27 0
SEMrush

The increase in the UK’s rental sector has increased dramatically over the past decade.

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Being a landlord, however, comes with a number of duties and responsibilities, and it is important to understand these. A simple guide can be found at the government’s website, dealing with many of the issues.

Once you have understood these aspects of renting out property, there are a number of simple measures you can take to ensure you are in full compliance with the law, operating as a good landlord.

1. Adopt a professional approach

Whether you have bought one property, are an accidental landlord, or are trying to build a small investment portfolio, you should act like a professional landlord from the outset. All contact with your tenants should be undertaken as if you were operating a property management company. Set up regular rental payments, check the property is being used in line with the lease and respond to repair requests promptly. You will have to treat this as a job not a hobby.

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2. Check your tenant’s history

Make sure you choose the right tenant, one who is not going to have problems meeting their financial obligations. By screening tenants, checking their credit and rental history and their employment record, you will avoid problems in the future.

3. Prepare a comprehensive lease

Your lease should be a comprehensive document spelling out each party’s responsibilities, and explaining the consequences of any failure in compliance. A hastily prepared, brief document will not cover all the matters which need to be addressed and will cause problems in the future. It is worth getting this drawn up by a professional.

4. Inventories

One of the major sources of disputes between tenants and landlords revolves around the period at the end of a lease, when the tenant is required to hand the property back in a good condition, subject to the terms of the lease. By using property inventory software, which can be found online at sites such as https://inventorybase.co.uk/, you will be able to give yourself and your tenant peace of mind, and most disputes can be avoided.

5. Set the right rent

Some properties offer the opportunity for extra rental income over and above the main property if they offer extra storage buildings, a garage or a parking space.

You are now all set to be a successful landlord.

 

SEMrush

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