Considering Letting Your Home? Here's What You Need to Know.
In this short article, we'll cover some of the key aspects of being a landlord, including legal responsibilities and obligations, finding the right tenant, setting the appropriate rental amount, and maintaining your property.
Are you considering letting your home?
Whether it's because you're moving away temporarily or looking to generate some extra income, renting your property out can be a great option. However, it's important to remember that being a landlord comes with significant responsibilities and obligations.
Legislation and Compliance:
First things first, let's talk about legislation. As a landlord, you have legal responsibilities that you must comply with to avoid hefty fines, legal action, or even imprisonment. These include things like ensuring the property is safe and habitable, protecting the tenant's deposit in a government-approved scheme, providing an energy performance certificate, carrying out annual gas safety checks and many more. In fact there are currently 168 pieces to comply with! It's important to stay up to date with the latest legislation to avoid any issues down the line.
Finding the Right Tenant:
Finding the right tenant is crucial when it comes to renting out your home. You want someone who will pay rent on time, take care of the property, and be a good fit for your home. This is where working with a reputable letting agent, like us can be incredibly helpful. We can advertise your property, carry out viewings, and conduct comprehensive reference checks to find the right tenant for you. We also act as an emotional buffer, handling any issues that may arise during the tenancy.
Rental Amount:
Setting the right rental amount is important to ensure that you generate a good income from your property. We can help determine the appropriate rental amount by conducting a market analysis of similar properties in your area, as well as demand from a list of pre-qualified tenants, that are already registered with us. We can also advise you on any improvements you could make to your property to increase its rental value and potential costs for the future that may arise during the tenancy.
Property Maintenance:
As a landlord, you're responsible for the maintenance of the property. This includes everything from fixing leaky pipes to carrying out regular inspections to ensure that the property is in good condition. Working with us, we can help ease this responsibility. We can provide access to a network of approved contractors who can carry out any repairs needed efficiently, plus conduct regular inspections to ensure that the property is being looked after.
If you're planning on renting your property out in the next 6 months, it's a good idea to have a visit from an agent like us, to ensure that you're compliant with all the necessary legislation. This can help avoid any last-minute expenses that may arise before a tenant moves in.
If you’re thinking of renting your home and would like to have an informal chat and some advice, you can call, text, WhatsApp or email me at any time.
07969 638349
charlotte.fair@keysandlee.co.uk
