First-Time Landlords Must Know These 4 Additional Things
With increasing amounts of legislation relevant to the private rented sector, being a first-time landlord can be rather daunting. Here is some advice to ensure you comprehend your legal obligations so you won’t get on the wrong side of landlord rules and regulations.
1. Use a Tenancy Agreement
A document for the landlord and tenant, a tenancy agreement lays down the terms and conditions of the tenancy.
While written agreements aren’t legally required, it is good practice so that both landlord and tenant are clear about their rights and responsibilities.
2. Inspect Regularly
It’s good to regularly inspect the property, but be mindful that you can only enter the dwelling if the tenant has given permission; otherwise your entry is trespassing and against the law.
It is best to grant the tenant notice of 24 or 48 hours in writing, and you should stipulate this in your tenancy agreement.
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There are more tips for landlords here: https://www.propertyreporter.co.uk/landlords/top-tips-for-first-time-landlords.html.
3. Take Out Landlord Insurance
You must tell your buildings insurer that you are renting out your property; otherwise you risk your policy becoming invalid.
Usually, normal buildings insurers fail to supply the protection you need as a landlord, so it is worth buying specialist landlord insurance. Good policies will cover rent loss, legal expenses, damage and liabilities. Contents insurance is also important, especially if your property is part-furnished or fully furnished.
4. Get the Property Ready for Rent
If you are supplying your property as a furnished home, be careful about what you provide. Don’t include anything sentimental or valuable – apart from the damage risk, tenants can be put off renting a property if it contains someone else’s belongings.
You should also consider the sort of tenants you desire. If you would like a family to move in for some years, for example, they may already have their own furniture and so they won’t appreciate your things. However, if university students are your target tenants, it’s very unlikely that they’ll have gathered enough items to furnish a house.
No matter who your tenants are, make sure that your property is clean and tidy before anyone arrives to view it, and complete any DIY or modernisation projects.