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Become a landlord in 5 simple steps

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Thursday 20th February 2020

Become a landlord in 5 simple steps

Discover our landlord services HERE.

 

You’ve spent hundreds if not thousands of pounds on building up your property and now you’re ready to take that next step in becoming a landlord. But what exactly is the next step and how can you maximise your investment quickly and easily?

Below our 5 essential steps to becoming a landlord:

 

Landlord compatibility

It might be an obvious point to make but you’ll be surprised at how many potential landlords overlook this one crucial point – double check that you can let out your property!  Certain mortgage lenders have a clause that doesn’t cover renting properties likewise with lease agreements, which may discourage sub-letting.

Top tip: Check in with a property solicitor and establish if you are legally compliant to let out your property.

 

The landlord role

Your role as a landlord can be as hands on as you like. Depending on the agent you employ to rent out your property, you can delegate as much of the legwork as you see fit. This can include marketing your property to tenant profiling; rent collection to ongoing property maintenance and repair, an agent can make your rental experience as seamless as possible.

Top tip: Organise a valuation and property market appraisal with your agent to discuss the next steps in renting out your property. This will provide a good understanding of what is needed and how you can organise time to facilitate the actions.

 

Legalities & everything in between

Since the introduction of GDPR, and updates to the Landlord and tenant Act 1954, there has been a tightening of landlord legalities which you do have to acknowledge. As a landlord, the main responsibilities you have to consider when letting single units in England include (but are not limited to), ‘fitness for human habitation’, ‘landlord license’, ‘Energy Performance Certificate (and to make sure the rating is an acceptable , ‘Smoke & Carbon Monoxide alarms’, and ‘Gas & electrical safety’.

Top tip: Check in with your rental agent for statutory checks as a landlord

 

Securing tenants

This is when property agents become even more advantageous. Decide what you want out of your investment and your ideal tenant, and research your local agents. A good agent will take the tenant process off your hands, vetting, securing and delivering the perfect tenant to your property. From tenant profiling to rent collection, managing deposits to facilitating small maintenance issues, your agent is your tenant facilitator and a landlord’s dream.

Top tip: Do your research first, organise meetings and ask what services they can offer.

 

Investment requires TLC

Securing your property investment goes hand in hand with care and attention. Letting your property is very much like running an independent company. You need to nurture and grow it to maximise what you invested in the first place. This includes regular property maintenance of boilers, water pipes, exterior walls and tiles to name a few.

Top tip: By setting aside a budget for monthly maintenance exercises enables you to pre-empt any unexpected costs that can be set aside the monthly cost of the rental.

 

As a landlord, your main priorities are securing your property investment and offering a home to home experience for your tenants.

 

Secure your property and get compliant today with Cricketts, Newbury’s long-established estate agents with 17 years in the industry.

 

Discover our landlord services HERE.

 

Book your consultation now - contact us HERE.

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