It is the landlord’s responsibility to provide their tenants with a safe, stylish and comfortable space. However, you may not know where to start if you are new to the world of property management.
To help you become a successful first time landlord, quotezone.co.uk has created a helpful infographic to help you lease a property in 2018.
Choose the right insurance
As above, the infographic suggests Property insurance for landlords is essential. It doesn’t matter if you have one or two hundred tenants, you need to invest in an insurance policy to protect your buildings or contents – or both.
You also need to choose a property that covers various potential problems such as: B. Water damage, fire or theft. Use a comparison website to find insurance coverage based on your number of tenants, rooms, and property types, e.g. B. commercially or privately.
It can happen that a tenant sublet your property to another tenant.
However, if you fail to inform your insurer about the subtenant, there is a risk that your existing insurance policy will become invalid, which can put a significant strain on your finances.
Hire an experienced property manager
Do you lack the confidence, experience or desire to manage a rental property? Make sure it stays in tip-top condition and that any tenant problems are solved by hiring an experienced property manager.
You are responsible for regularly inspecting the property to ensure that there are no unexpected tenants and that the property is both stylish and safe and comfortable. However, you can do the chores yourself if you have enough free time.
Maintain health and safety
Every business owner has a responsibility to meet various health and safety requirements – and landlords are no exception.
If you want to provide a safe environment for your tenants and avoid legal ramifications, you need to make sure the property is rentable before handing over the replacement key. For example, quotezone.co.uk recommends that you have your boiler serviced before leasing.
Understand the housing market
Many first time landlords make the big mistake of promoting the property for everyone, but narrowing down your search might be a wiser idea. Instead of trying to attract a potential tenant, you need to offer the property to a specific resident.
For example, you should consider their age, income and the location of the property before making your decision. Of course, you should design a property that will then attract your target tenant so you can avoid an empty property.
It is important to know the pros and cons of the various rules and regulations that you need to be aware of when renting a property in 2018.
Yet all the research and hard work will be well worth it when you hand over the keys and see financial return on your investment month after month, year after year.
If you’re a budding landlord and want to learn how to successfully rent a property, check out the above infographic from quotezone.co.uk for helpful first-time tips on leasing to tenants.