Timeless advice for new and aspiring landlords
From ever-changing rules and regulations to difficult tenants and safety inspections, being a landlord has its challenges.
This is why starting out in the industry can be daunting. But it’s important to understand that success in the property world is possible with the right knowledge.
Whether you’re an aspiring property owner or thinking of becoming a landlord for the first time, we have some timeless advice we think will really help you.
Below, we’ve compiled this advice into 5 concise tips. Let’s get started!
1. Use a letting agent
As a landlord, you want to ensure you find the best way to get the most from your property with the least amount of stress. Hiring a letting agent is a great way to achieve this.
When you use a letting agent, you let professionals manage your property. This comes with many great benefits, including:
- A good letting agent will help you find great tenants
- You don’t have to worry about vetting tenants
- Your letting agent can tell you on setting realistic rent prices
- Letting agents will organise repairs and renovations for you
- You don’t have the hassle of drawing up safety agreements
2. Invest for the long-term
Short-term profits are great, especially when you are eager to see a return on your property investment.
But, you must be prepared to play the long game when investing in property. As a landlord, especially a new one, getting your money back in a hurry can be tricky.
Keep in mind there are extra expenses to take into account when buying an investment property including stamp duty, legal fees, and sometimes renovation costs.
So although you won’t see profits overnight, don’t worry; it will all be worth it in the end! All you have to do is be patient and remember buying property is a long-term investment.
3. Know your landlord rights and responsibilities
One of the best ways to ensure success as a new landlord is to know your rights and responsibilities. This means you can be well prepared for any bumps in the road when and if they occur.
Your landlord responsibilities include:
- The property must be in a good state of repair and without health hazards
- The tenant must be able to live in the property undisturbed
- The tenants must have a copy of the Energy Performance Certificate
- You must have all up-to-date property certificates
Your landlord rights include:
- Tenants must look after your property and take steps to prevent damage
- Tenants must repair or pay for any damage caused by misuse
- Tenants must pay the agreed rent on time even if repairs are needed
Want to learn more? Check out a more extensive list of your landlord rights and responsibilities .
4. Stay within your budget
As we’ve already mentioned, property is a long-term investment.
When investing in a new industry, it’s important not to stretch your budget above what you can afford. There are many risks involved in doing so.
For one, you can leave yourself strapped for cash while waiting to see a return on your investment. Don’t forget, you’ll still need money to get by while you wait to see profits!
It’s important to keep in mind that there are extra costs involved with becoming a landlord. For example you’ll need landlords’ insurance and a gas safety certificate.
It’s also a good idea to set aside an emergency fund for unexpected repairs and property maintenance.
For these reasons, even if a bargain property comes on the market justly slightly above your budget, we advise you to hold back. Don’t worry! Something else will always come along.
5. Carry out property inspections
In a nutshell, a property inspection is a routine visit to your rental property to check its condition.
Mostly, its purpose is to ensure your tenant is holding up their end of the deal and caring for your property as they should.
A property inspection is also vital as it allows you to check if any maintenance or repairs are required. Lastly, it will enable you to check for any breaches in the tenancy agreement.
Make property certificates symple
With Symple, you can make property certificates a breeze. We remind you when inspections are due and have one of our local service providers complete your inspection for you, whether it’s for gas safety, energy efficiency, or electrical installation conditions.
Once your property inspections are complete, we’ll send your certificates straight to your inbox. Easy! Symple can help you manage your certifications for single or multiple properties across the UK in a matter of minutes.
Visit Symple to see how it works, and order your certificates online today.