Becoming a landlord is a dream for a growing number of people in the UK and while not everyone will take the plunge, if you’re ready to become a first-time landlord, there are a number of things you can do to start strong. From keeping on top of your legal obligations as a landlord to making sure that you screen tenants, work with the right people and have a good Landlord’s Insurance policy in place, there are a number of things you can do to make your first-time landlord experience a seamless one. Here are our top five.
Know The Law
To be a landlord, there are a number of expectations and regulations that you need to follow. Your responsibilities ensure that not only does your property remain safe to live in, but that your tenants are given fair and reasonable living conditions. The UK Government website outlines all of the responsibilities that you have as a landlord that you need to adhere to, including:
- Making repairs
- Making sure all gas and electrical equipment is safely installed and maintained
- Energy efficiency regulations
- Protecting your tenant’s deposit in an approved scheme
- Tenancy checks to ensure the tenant has the right to rent
- Property must be fire safe, with fitted smoke and carbon monoxide alarms
You can see the full list on the website.
Landlord insurance provides protection for you and your property in cases where claims may be made against you or where you may need to make a claim for damages. Landlord’s insurance typically covers buildings cover, contents cover, public liability, loss of rent, malicious damage and legal expenses, with some offering more or less coverage depending on what is needed. It can protect you against any losses or damages to property and the associated costs, as well as loss of rent from tenants if they are temporarily unable to pay, or where injury or illness has occurred on the property as a result of negligence.
Tenants come from all walks of life and screening applicants for your property can help to ensure that you are getting the best fit for you. From running checks to ensure they can rent legally in the UK, to credit checks for peace of mind that they can maintain rent payments, there are a few things you can check to ensure that you are accepting the best tenants for your property and situation.
Work With The Right People
Being a landlord can be a lot of work – there’s no sitting back and reaping the benefits without a bit of work but you also can’t do it all! Unless you are a qualified accountant, builder, lawyer and gas technician in one, you will likely need to enlist the help of others in the running and maintenance of your property. Make sure you do your research prior to renting out your property and find trusted people to keep on hand when they’re needed – it’s more worthwhile to pay a little extra to ensure that work is done correctly than to run into issues down the line.
From any repairs or changes you make, to rent payments from your tenants and even taxes you may need to pay, keeping everything documented is highly recommended. With a full and comprehensive record of every change and penny that has passed around the tenancy, you can have easy access to information as you need it as well as records if you do find yourself facing a claim in the future.
For more information about our landlord insurance or how we can help you find the right policy for you, simply get in touch with Ashburnham Insurance on FREEPHONE 0800 1696137.