Many people in the UK are now choosing to rent rather than buy. This is due to a combination of factors, including higher mortgage rates and an unstable job economy amongst others.
If you’ve ever thought about investing in property to let then now is a great time to do it. Letting property isn’t something you should jump into without being aware of what it entails though. Bearing this in mind, below are some of the key steps involved in becoming a landlord.
Invest in your first property
The first step to becoming a landlord is to invest in your first property. Factors to consider when choosing your first property include –
- Location – Location is always important when purchasing your first property. Choose a promising area, promising does not mean most expensive or cheapest but a place where people like to live and this can be for a variety of reasons. Consider your target market, young professionals, families, retired couples for example and bear this in mind when choosing your property. If you are in a commuter belt where has good transport links? For young families where are the best schools located?
- Property type – The type of property is another key consideration.The type of property will determine your target market and in turn the amount of rent received.
Know the Law
One of the most important aspects of being a landlord and letting property is to be aware of Landlord Regulations. This is incredibly important since you need to know both your own rights and those of your tenants in case any problems arise.
If you’re not well educated about landlord law then you could do something rash that results in a liability claim being filed against you. To avoid this, ensure suitable tenants are found and your property is well looked after throughout the tenancy. A Management Agent takes away the day day worries of looking after your investment and can ensure you comply with ever changing Regulations.
What does a rental property require in order to conform to current Regulations?
– A valid gas safety certificate (renewed annually)
– An electrical safety certificate is recommended
– An annual boiler service
– At least one smoke alarm on every storey which is used as living accommodation
– A Co2 alarm in any room used as living accommodation where solid fuel is used
– Landlords to be aware of the risk of Legionnaires Disease and their responsibility to minimise risks
When you let property, having the right insurance is a must. In addition to getting cover for structural damage, you also need to protect yourself against risks such as loss of rent, liability claims and legal expenses. A good landlord insurance policy will cover you for all these things.
Should you choose a Fully Managed service with David Burr Lettings we can, through our Goodlord platform, offer Rent Guarantee with Tenant Eviction to provide you with cover for rent arrears and legal expenses cover should you need to pursue a claim in respect of evicting tenants from the property.
Finding a Tenant
Once you have your property finding a suitable Tenant quickly is important so you can start receiving a return on your investment. It’s important to be selective when it comes to tenants, employing a Letting Agent can ensure that Tenants are suitable for your property and pass the necessary checks and referencing procedures.
Why instruct a Managing Agent?
Regulations are changing constantly and major Health & Safety Laws, if not adhered to, can lead to hefty fines. David Burr Lettings will ensure a Landlord is kept up to date and that your property adheres to all current Regulations and Guidelines. We have a list of trusted trades which are used to maintain your property and ensure any emergency work is carried out quickly and cost effectively.
Being members of the Royal Institute of Chartered Surveyors and The Association of Residential Letting Agents we have access to dedicated legal advisers and can ensure that any problem encountered throughout a tenancy is dealt with quickly and efficiently.
What sets David Burr Lettings apart from other agents?
We offer a bespoke service, built around the needs of the individual Landlord. From Let Only through to Fully Managed we aim to secure not the first but the right tenant for your property. Each property is unique and requires a different approach and type of Tenant to ensure it is let swiftly. The combined knowledge of our team delivers a first class service ensuring the interests of our Landlords are being consistently and reliably looked after.
For more information on becoming a Landlord, contact us on:
Long Melford – Tel: 01787 883144 firstname.lastname@example.org
Clare – Tel: 01787 277811 email@example.com
Leavenheath – Tel: 01206 263007 firstname.lastname@example.org
Castle Hedingham – Tel: 01787 463404 email@example.com
Bury St Edmunds – Tel: 01284 725525 firstname.lastname@example.org
Newmarket- Tel: 01638 669035 email@example.com
Woolpit – Tel: 01359 245245 firstname.lastname@example.org
London – Tel: 0207 839 0888 email@example.com