Steps To Prepare For Life As A Landlord

Investing in property can be lucrative. If you have bought a house to let, or you are renting your home for a period of time, here are some steps to help you prepare for life as a landlord or lady. 

Understand the costs
Many people choose to buy to let as an investment, but it’s also possible to make money from short-term lets. If you’re planning to travel, for example, or you own two properties, you may be looking to let your home out for six months or a year. If you plan to rent a flat or house, it’s beneficial to be aware of the costs involved. If you want to use a letting agency to manage the property, contact agencies and compare quotes. It’s also important to factor in the cost of repairs and maintenance and health and safety checks and inspections. Letting your home can provide a stable income, but there could be unexpected expenses along the way. It’s always useful to set aside funds to cover repairs. 

Research legal requirements and regulations
Landlords and ladies are required to comply with rules and regulations to ensure that rental properties are safe for tenants. Before you decide whether or not to take the plunge and put your home up for let, research legal requirements and make sure your property is fully compliant. You will need to buy an Electrical Installation Condition Report and make sure that your home passes the relevant fire safety checks. If you don’t already have smoke detectors in the house or flat, you will need to ensure that you have them before tenants move in. You should also supply carbon monoxide detectors. 

Choose whether to hire a letting agency
One important decision to make when letting your home to a tenant is to decide whether or not to use an agency. Letting agencies provide a range of services, including marketing properties, finding tenants, carrying out referencing and financial checks and managing homes. If you choose to hire an agency, you will have to pay for the service, but it will save you time. It may also make life easier for you, especially if you already have a packed schedule and you don’t want the stress of taking calls from tenants, organising payments and deposits and arranging repairs or inspections. 

Find a suitable tenant
It’s understandable for property owners to want to find tenants who will treat their home well and keep up with payments. As a prospective landlord or lady, there are various steps you can take to try to maximise the chances of finding a reliable, trustworthy tenant. You can hire an agency to manage the process of finding tenants and carrying out checks. You can also meet with people before you decide whether or not to proceed and ask to see references from previous landlords. 

Renting your home or a second property is a great way to boost your income, but there are some drawbacks. It’s wise to prepare in advance and make sure you know what letting a property entails.