If you own a property and are thinking about letting it out, there are some essential things you need to know before becoming a landlord for the first time. Our hints and tips below will help you get started and protect you and your tenants from common pitfalls.
Price your property correctly
What you think your property is worth in rent each month isn’t necessarily what you will get, it could be more or less. To attract potential tenants, do your research to ensure you are competing with others of a similar size, standard and within the same area. If you’re unsure where to price your property, Moovahome can help.
Decide if you will accept housing benefit
You need to think about the potential pros and cons of accepting a tenant who receives housing benefit. There are many positives to accepting housing benefit, but it is a personal choice and one you should consider carefully.
Check if you need a landlord licence
Some areas of the UK require landlords to have a licence so you must check if your area requires this before you can start charging rent to anybody. This legislation has been in effect in some areas since 2006 and was brought in to protect tenants against rogue landlords.
Brush up on deposit protection requirements
By law, you must protect the deposits you receive from tenants. There are strict criteria around where you can keep this money as it must be in a government protected scheme, and it must be held here within 30 days of obtaining it.
Provide a valid EPC for your property
Your property needs to have an EPC rating of at least ‘E’ and you need to be able to prove this through up to date certification which should be given to your tenant. If your property does not meet this minimum rating and you let out your property, you could be fined.
Get the right insurance
Landlord’s insurance should cover you in the event of legal expenses, loss of rent, liabilities and damage to the property. Go through your policy with a fine-tooth comb to ensure you’re protected against every eventuality.
At Moovahome, we know how much there is to ensure you have covered when becoming a landlord for the first time. That’s why we’ve created a handy guide to letting, as well as being available to provide a managed property solution for you. For further information on how we can handle your letting, contact us today on 01793 512345.