Becoming a landlord is a big step, and you should do all you can to ensure you are prepared for your new role. It may seem intimidating and overwhelming, with a wealth of information and regulations to swat up on.
Here is a guide on how to rent out your first property as a new landlord.
Is this for me? The costs and things to consider
The first thing you need to be sure of is that being a landlord is something you want to do. Being a landlord involves a significant investment of time and money initially, something that many feel is very much worth it. You need to be sure that this role is suited to you before you commit.
There are several costs involved when starting as a landlord. Being aware of these will help you make the final decision if being a landlord is for you. It will also mean you are prepared for what is ahead. Repairs, improvements, legal fees, taxes, and advertising are just some costs involved. It is best to have money aside for these things, particularly at the start before the monthly rent comes in.
Things to be wary of as a new landlord are the common mistakes that many make. These include:
- Not addressing the minor issues (these will turn to more significant ones down the line)
- Not performing the correct tenant checks
- Not researching the agent you use
- Not having money set aside for the unforeseen
You must prepare for the rental professionally. This means performing all required checks and meeting all regulations. A lot of the preparation is common sense, but you must be sure not to overlook things. You will want to consider if your rental is furnished, unfurnished, or part furnished. You should prepare a pre-contract itinerary, obtain a deposit and agree on a price/tenancy duration.
Listen to your tenants
You will want to ensure your tenants are happy with their rental. They are more likely to comply with the agreement and look after your property if you work with them to agree on the best for everyone involved.
Contacting a professional lettings agent, such as Hardings lettings, is the best way to ensure you are fully prepared to start your journey as a landlord.
For more information on renting and landlord duties, contact Hardings Lettings on 01277 233400.