If you’re a Property owner with room to spare, becoming a Landlord for the first time may seem like a straightforward way to make a profit. Like any job, however, it’s not without its set of responsibilities – some protected by law – that should be taken seriously. In order to follow the rules and maintain a good relationship with your tenants, read up on these top tips below before becoming a landlord.
- Consider furniture insurance
It’s always a good idea to take out Insurance on your belongings if your property is furnished. You’ll have to let your insurance providers know about your renting arrangements as this will affect the premium.
- Get landlords insurance
Of course, there are plenty more risks associated with being a landlord. It’s important that you understand the scope of issues you could face – from unpaid rent to damage to your property – so that you receive the right insurance and are protected when problems arise. The scope of what you get insured should include Class 2 National Insurance, if the type of work you do as a landlord could be classified as running a business.
- Get to know the law
Not having a firm grasp on your responsibilities as a landlord could mean getting into legal hot water later on. From protecting your tenants’ deposit to giving them at least 24 hours’ notice before entering the property, brush up on the rules before the move-in date.
- Write out an agreement
A written tenancy agreement sets out the terms of your relationship with your tenants – including what each party can and can’t do – to avoid future confusion. Ensure that both you and your tenants sign and have your own copies before the move-in date.
- Do regular inspections
Keeping tabs on your property is a good idea so you can spot problems before they worsen, or advise your tenants to modify their behaviour before they do. It’s always good to nip it in the bud before an issue becomes a burden to both your tenants and your bank account.
