Landlord Advice

Becoming a landlord is potentially a lucrative venture, but not always a straightforward one. It takes lots of planning, time and investment before it will bear fruit. Here's some of our cardinal sins and must do's when navigating the landlord minefield:

Don't:


  • Buy a property for rent before you have checked the rental potential with a letting’s specialist
  • Skip over the budget; check all the costs you will incur over a 12 month period with a letting agent rather than just signing up for an apparently 'cheap' headline management cost; you may end up paying more over the year. You must not forget that your property is an investment and you want it to make money for you
  • Ask over the odds; rent your property out at an affordable price so you can rent it quickly rather than leave it lying empty
  • Rent it to just anyone; carry out a credit check and get references from the tenant’s employer and previous landlord
  • Be an overbearing landlord; It’s important to create a relationship of trust with your tenants and to respect their privacy. If you request visits every five minutes, this could harm your relationship and potentially cause good tenants to leave. Similiarly, never turn up unannounced for a visit
  • Forget about tax. It’s all too easy to overlook this important matter, but rental income is taxable, and you must declare your earnings. However, some items related to property letting are tax-deductible and it’s worth speaking to a professional accountant to ensure that you are paying what you should be
  • Do it alone; a reputable agent will be worth their weight in gold

Do:


  • Be sure to use a lettings agency that follows professional standards and belongs to an organisation such as ARLA (Association of Residential Letting Agents). This way, you can ensure that experts are on hand to assist you
  • Sign up to our management service; let us take the stress out of renting your property, it’s nice to know there is someone there with the knowledge and experience to help and advise throughout the tenancy
  • Make your mortgage and insurance providers aware you are letting your property. The terms and conditions for buy-to-let mortgages and rental insurance differ from those for owner-occupied properties, so your mortgage and insurance agreements will be invalid if you don’t get the right cover
  • Ensure you have a detailed inventory and schedule of condition of the property before a tenant moves in, it will invaluable at the end of tenancy
  • Prepare the tenancy as best you can before the tenants move in this will save time over disputes at the end of the tenancy
  • Treat your tenants fairly
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