Becoming a landlord is not as straight-forward as it may seem, there are things you may want to keep in mind before you take the plunge and become a trustworthy landlord.
Whether you are letting out your family home or a buy-to-let investment you still need to consider the same things.
- Do it Legally Or Don’t Do It At All
This is a pretty obvious one to know when renting out properties, you must be doing the landlord work legally. If you have a property to rent it’s not as simple as it sounds, if you do not follow legal duties you can be faced with fines.
- Landlord Insurance
No matter what you are renting out, everyone has something in common;the need to have the right insurance cover when becoming a landlord. Landlord insurance protects you if any problems occur with your property and causes injury to your tenants or even their belongings. You also need cover when it comes to tenants paying rent, if they do not make payments you can be covered by your insurance.
If damage is made to your property by your tenants either accidental or malicious, your insurance may cover this to repair the damage.
- Protecting Your Tenants Deposit
Protecting your tenants deposit is a must when renting out properties, you need to make sure that you keep the deposit in a government-backed tenancy deposit scheme. This ensures that you will keep this safe and available to give back to the tenants when they move elsewhere, so long as they have kept to the terms of the tenancy agreement. Failure to do this and to pay your tenants can result in court and paying out the money from your own pockets.
- You Must Be On Hand To Help
If an issue arises within your property which needs fixing, this could be gas or electrical related or even as little as a blocked toilet. These are all your responsibility as the property is yours, if you can not fix the problem you must find someone who can fix it for you. It can be helpful to create contacts if any further problems occur in numerous properties.
- Relying on Your Tenants
When you are a landlord it becomes your duty to rely on your tenants for many reasons, the most important one is to ensure they make regular rent payments so you do not have to chase after them. You must make it clear to your tenants that the property needs to be kept in a good condition and this needs to be consistent to avoid any excess fees to fix any issues. Also, you must make sure that your tenants respect your neighbours. It can become an issue if the tenants continuously annoy the neighbours so make sure this is made clear from the start.
If you require more information on landlord insurance, visit our website https://www.bollington.com/business-insurance/landlord-insurance to get a quote and find which insurance is right for you.