Being a new landlord can be a daunting affair, so take some of the stress out of this exciting new venture with our eight top tips.
Check your mortgage
Ensure you have informed your lender that you intend to let your property. This is a legal requirement and your lender may require you to move to a specific buy to let rate.
Ensure you are adequately covered
You should ensure that your property and any furniture left for tenants are covered by landlord insurance; in fact, most mortgage lenders will expect this to be in place if you are letting a property. As with all insurance, the amount of cover and cost can vary, so shop around for the deal that suits you best.
Let technology help with inventories
Rather than the painstaking construction of a property inventory form, let technology take the strain. Utilising property condition assessment report software can help you to ensure all items and their condition are logged efficiently. As property condition assessment report software stores this information in the cloud, it is easy to share inventories with all necessary parties.
Prepare your property well
Ensure your property is presented in a neutral manner with fresh and clean paint. Cluttered rooms are off-putting to potential tenants, so a good tidy is important.
A good clean
In addition to the decor being up to scratch, cleaning your property fully can help it to appeal to a prospective tenant.
Landlords are required to present tenants with safety paperwork, such as a gas safety check. An energy performance certificate (EPC) should also be provided.
Budget for fees
If you are letting through an agent, be sure to budget for management fees, which can be anything from around 10 per cent to 20 per cent for fully managed properties.
Managing void periods
A void period is a time during which a property is not occupied by a tenant. Saving some of your rental income to cover mortgage payments in these periods between tenancies is wise, as is formulating a plan to get the property turned around in the quickest possible time to limit the length of these void periods.
As with any new venture, becoming a new landlord can be daunting and exciting at the same time. Use these top tips to help you make the most of your resources.