If you’re a new Landlord renting your home for the first time. it can be an overwhelming experience. There are so many important things to need to know and consider to ensure both you and your tenant are happy.
Here are some important things to remember when renting out your property for the first time –
The correct insurance
When renting out a property you own, having the correct insurance is the most important thing to put in place. It should cover you for all eventualities. You could consider HomeLet insurance for landlords who offer comprehensive cover for landlords to protect your property.
Finding the right tenants and letting agent
You don’t have to look very far before finding a horror story about nightmare tenants. First time landlords should look for a reputable and experienced letting agent who will help to vet any potential tenants. Letting agents can also be useful if you don’t have a lot of spare time to manage your property yourself. Ii is also worth noting that a letting agent will take percentage of the property income for looking after your property so you need to consider this when deciding for or against using one.
Prepare the property
Don’t rush to show prospective tenants around the property until it’s in great condition. If it’s a property you’ve lived in, make sure all DIY jobs are complete and ensure that the property is clean, tidy and suitable for a tenant to move into. You’ll need to decide whether you’ll be renting out your property as furnished or unfurnished and ensure it has all the necessary furniture and equipment.
Health and safety
Health and safety is paramount for just about everything nowadays. As a landlord, you must ensure that the property complies with fire, gas, electrical and furniture regulations. You should carry out safety checks on a regular basis. You shouldn’t try and cut any corners when it comes to health and safety.
As a landlord, you must make regular safety checks at the property and keep up to date records to protect your tenants. Safety checks can also help to ensure that your insurance is valid.
A robust tenancy agreement will protect your rights and your property. Disputes are very difficult to settle with your tenant if you do not have a written tenancy agreement. Something in writing will help property your rights as a landlord and your property. A tenancy agreement also outlines in writing how long the tenancy will last and the notice period needed to evict the tenant.