Being a landlord may seem like a simple way to make money; however there are things that you can do very easily that will propel you from being a great landlord to one that causes nothing but headaches for your tenants.
Here at The Manchester Estate Agent we have put together our top tips for being a landlord; in the hope that it will ensure all our landlords understand how they can not only maximise their rental income, but also make sure that they have happy tenants who want to stay for a good length of time.
Tell the right people
Before you go ahead with any tenancy agreements it is important that you have let the right people know of your plans.
By this we mean primarily your mortgage provider as well as your insurance provider too.
This is because there are slightly different types of mortgages and insurance policies that landlords are expected to take out compared to those who own and live in their home.
Do the right safety checks
When you rent out a property there are a whole host of different safety checks that you will be expected to have carried out.
These vary depending on what is included in the tenancy agreement as well as the type of property that you own.
Furnishings; for landlords with a property that is being offered with furnishings it is important to ensure that they all comply with the Furniture and Furnishing regulations.
Gas checks; it is the responsibility of the landlord to ensure that all pipework, appliances and flues in a property are kept properly maintained and serviced. This is recommended to be carried out annually.
Electrical items; much like gas checks, there are also specific regulations that cover electrical equipment too. This is mainly to ensure that any electrical equipment in the property is regularly tested and deemed to be safe.Managing the property
Once you have tenants in place you will need to start thinking about how you are going to manage the property.
Often landlords will turn to an expert lettings agent to take care of the checks, inspections and communication that is part and parcel of renting out a property.
In doing this you will be able to step back and have minimal involvement in the everyday occurrence of the property; in fact you can sit down, relax and see your income come in.
It is always suggested that landlords try to remember, that whilst the property is owned by them, it is the tenants who live there every single day. There is a change that things will get damaged, problems will occur and tenants may even complain; none of these things are personal and all should be dealt with swiftly and professionally.
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