Being a landlord can involve an awful lot of work. There is an abundance of things to take into consideration whether you’re a brand-new landlord or a seasoned veteran – here are our 6 tips for landlords in 2019:
1 – Vet your tenants
When you’re letting to a new tenant it is massively important to make sure the arrangement is going to work for both parties, and vetting your tenants is key to this. First of all, always meet everyone you are considering letting to face-to-face and ask plenty of questions. It’s important to get an idea of who’s going to be living in your property – and if anything about them makes you feel uncomfortable, find somebody else. Other things you can do to ensure that you find the right person can be running credit checks, ask for references from previous landlords and employers, carry out an immigration Right to Rent check, and most importantly – agree on a tenancy agreement. This is the official document that contractually gives the tenant the right to reside in your property and you the right to receive rent from them. It also outlines the breakdown of payments, proposed dates, duration and required notice periods should either party decide to terminate.
2 – Own a valid EPC
In today’s market, all landlords are required to be able to provide tenants with an Energy Performance Certificate, better known as an EPC. An EPC is a rating defining how energy efficient a building is, spanning a spectrum from A (very energy efficient) to G (inefficient) – a building is required by law to have a rating of E or higher. EPC’s let a person who will use the building know how much it will cost for things like lighting and heating as well as its carbon dioxide emissions. EPC’s are required every time you let your home to a new tenant.
3 – Get landlord insurance
It is impossible to know when things may go wrong during a tenancy, so it’s better to be safe than sorry and make sure you have the correct insurance in place in case anything does happen. You should ensure that you have a landlord insurance policy in place that covers Building, Public Liability and Rent Guard insurance in order to cover your back in case of any accidents or injuries that occur on your premises. Having these policies and insurances in place also offer a landlord with a little bit more peace of mind throughout the duration of letting a property.
4 – Conduct regular inspections
As a landlord, conducting regular checks of your property can be a great way of ensuring everything is being kept in an acceptable condition. Another additional tip is to conduct an inventory of the property before a tenancy, and conducting regular inspections offers the opportunity to make sure everything is accounted for throughout the tenancy. It is recommended that you visit your property at least once every six months and address any issues you spot as early as possible.
5 – Be organised and prepared
Now this may seem like a no brainer, and it is, however you would be surprised at how much trouble you can save from being both organised and prepared. Some of the key things to keep on top of as a landlord include; important dates such as when a tenant’s contract expires and safety checks, planned inspection dates and keeping a tenant’s deposit safe to name a few. A good idea may be to keep a notebook or document filled with all of the key information for both your property and tenant.
6 – Use an agent
As you can see, being a landlord can be extremely hard work and extremely time consuming. If you decide to undertake the role of a landlord, you must make sure you are extremely thorough with your checks and ensure that all documents are up to legal standards. One way around this is to use a letting agency, this way all of the tasks are out of your hands and you have the peace of mind that everything necessary is in place. Agencies will also be extremely knowledgeable regarding legislations, insurances and contractual obligations, saving you time and work for just a small fee.
These are just a few tips for helping you succeed as a landlord in 2019 . Interested in investing in a property and becoming a landlord? Get in touch with the yieldit team here!
