Advice to Landlords
Whether you are a seasoned property investor, thinking of soon becoming a landlord or are thinking about letting a property for the first time, we’d love to help. Being a successful landlord is dependent on a number of factors, including, but not exclusively, the below:
- Location location location! Buying not only the right kind of property, but making sure that the property is in the right location, appealing to a large variety of tenants is key. It sounds obvious, but you need a product that people want
- Most importantly, you need good quality tenants who will pay the rent on time and look after the property as if it were their own.
- You need to be able to manage the tenancy properly. You are essentially managing someone’s home, which for the majority of people is the single most important place in their lives. A good tenant will not take kindly to bad management
- You need to make sure you are compliant with the rules and regulations on letting a property
- If your property is an investment, you cannot become emotionally attached. It is generally a long term investment and therefor a mistake to treat it as your own home
Guide to Letting
Preparing your property for let? There are a number of issues to consider before you are able to put your property on the market.
Choosing an agent
You need to choose an agent that you trust, who is ideally, local to the area and is easily accessible. The better the relationship with your agent, the more you should get from the let.
Marketing your property
Check what channels your chosen agent uses to market your property. With so many choices available today, both on and offline, you need to be confident your property will be seen by the right audience. Also seek advice from your agent when going to market with viewings. They will advise you on tips and helpful hints when showing your home.
Energy Performance Certificate (EPC)
All domestic properties to let will require an EPC. Your agent can provide this for you, normally at a small charge. This gives visibility on how energy efficient your property is.
Gas and electrical testing
A qualified professional will need to check and authorize all gas appliances to make sure they pass the regulated standard safety checks.
You will need to insure your property and note exactly what is covered.
Letting agent’s charges
There will be fees incurred from the agents that let your property, these vary depending on the agent and it is best to ask for a comprehensive list of these charges before you begin the letting procedure.
Repairs and maintenance
Unless caused by the tenant, all repairs and maintenance is the responsibility of the landlord.
Do you need to store any valuable or personal items before the tenancy begins?
Landlords are liable to be taxed on income from a tenant/let. For advice for UK landlords please visit: www.hmrc.gov.uk
Tenancy Deposit Protection
It is vital that your agent belongs to a tenant deposit scheme. This is an independent third party so neither the landlord or the tenant can withhold the deposit unfairly.