Five Things to Consider When Becoming a Landlord
With the “Generation Rent” age, it’s no surprise that the rental sector has doubled since 2001 . With this in mind, becoming a landlord and letting out your property is a great source of income and quite a simple process to get started on.
So, you’ve bought the property, have made sure it meets all health and safety standards and are ready to make it look the part whilst taking on some tenants. Before this, here are a few things to take into consideration.
Make sure you spend time and money fixing up any problems on your property. Although anything major would’ve been sorted early on in your health and safety standards phase, concentrate on the little things. This could include any wear and tear, peeling wallpaper/paint, loose door handles or fittings, faulty window mechanisms etc.
As well as general repairs, consider whether you want to rent your property out as furnished or unfurnished. Having it furnished will enable you to charge more rent and can be more convenient for tenants. Whereas, unfurnished will save money and allow tenants to put their own stamp on the place, especially if they’re planning to be living there a while. Finally, remember to use well lit and aesthetically pleasing photo during your marketing stages.
As well as making decisions on how to decorate, there are few other things you may need to think about. For example, is your property going to be pet-friendly or will that just not work? And, will your property caters towards smokers or will that cause more hassle and fire hazards than it’s worth?
The most popular way of finding tenants for your property is by listing it for free on such sites like Rightmove, Zoopla or even Gumtree. It’s quick and easy and you’re bound to get people contacting you in no time at all.
Before or during your tenant search, you’ll need to think about your tenancy agreement (a contract between you and your tenant). This agreement will allow your tenant to live in your property as long as they pay rent and follow the rules, whilst also setting out terms and conditions of your tenancy.
Before your tenants move in, you’ll need to be clued up on both your rights as a landlord and their rights as a tenant. For example
●A tenant has the right to live in a property that’s safe and you, as a landlord, will need to carry out repairs if not
●You have the right to ask for a deposit on the property but they have the right to have it returned once the tenancy has ended
●You have the right to charge rent but they have the right to challenge any excessively high fees
For a complete rundown of landlord and tenant rights, visit the government website , have a read of the Landlord and Tenant Act or speak to an expert solicitor such as our team at Andrew Lee Property Lawyers today. We represent both landlords and tenants in any disputes and can offer both legal advice. For more information, contact us today.
