Hints and tips on becoming a landlord!
Thu 20 Apr 2017
Are you thinking of becoming a landlord? There are lots of rules and regulations that comes with being a landlord, which can seem to be overwhelming at first but with the right research and knowing what to expect, the process can be made easier and simpler. So why not let Seths help you?
Here’s some hints and tips to get you started:
1) Do your research/find a property – Before you completely decided to make your house a rented property, it is a good idea to do a bit of your own research into the letting market. You should look into the sorts of properties being let in your area and how much rent they are asking for. Seths can help you look for suitable rental properties and, once purchased, we will advertise these on our website and social media to ensure your property gets maximum exposure.
2) Ensure your property is safe – You need to make sure that your property is safe to live in (as if you were going to live in it). Regulations in relating to letting out your property are exhaustive and constantly changing. Luckily, Seths will ensure that your property complies with all relevant legislation.
3) Property maintenance – This is a key part of being a landlord and Seths will work with you to ensure that any repairs are done quickly, using our trusted contractors to keep the tenant happy. The better the property, the happier the tenant!
4) Check out prospective tenants – Before deciding on a tenant from what you read on paper, you may want to meet them or you could leave it to our experts. We perform reference and credit checks on potential tenants to ensure everything is above board. This will save you a lot of hassle and make the process a lot quicker!
5) Insurance – It’s extremely important that your property has a buy-to-let insurance policy, Seths can help you arrange this.
6) Managing the property – Seths can help you in collecting your rent and making sure repairs are done in a timely manner. We can also help to negotiate future rental income.
7) Tenancy agreements – Your tenancy agreement is vital, as it provides all the relevant information between you and your tenant. It specifies yours and the tenant’s rights. It is crucial you have a comprehensive and up to date tenancy agreement, rather than an off the shelf tow page document which will not cover you in the event that there are any issues. Seths can arrange this ensuring that everything is transparent between you and the tenant.
Renting out your property is a good source of income however there can be lots of paperwork and the process could take time. Seths are here to help every step of the way.
Thanks for reading,