Top Tips for New Buy-to-Let Landlords
Submitted by Laura Shepherd on 05/02/2016 - Senior Marketing Manager
With the rental market continuously gaining strength an increasing number of first time landlords are testing the water. Renting your property out can seem daunting at first, and the work you’ll put into it is can itself be a full time job. Follow these top tips designed for new landlords and we are confident you’ll be rental ready in no time at all.
Is it financially viable?
When considering costs and how financially viable renting out property is, you must first consider what it’s going to cost you to get your property up to a suitable standard. Contact local agents to grasp a rough estimation of the current climate and gain insight to a realistic rental income for your property and area.
Make your property a tempting option
It’s a competitive game, attention to detail is what will put you above the rest. If you’re renting out a family home, parents will be hot on issues such as safety and how comfortable the property feels for children. Remember this is going to be their new ‘home’, something which should never be taken lightly.
Here at Roomservice by CORT we understand the importance of ‘home’ and make it our duty to spread a message of improving tenants and landlords experiences when it comes to furnishing properties. Our landlord furniture rental in London gives landlord’s flexible and affordable options to kit their property out with beautiful furniture sets that creates a cosy, homely atmosphere.
Be in contact with an engineer registered with a gas safety body, as obtaining a gas certificate is vital. We suggest finding an electrician you trust and slowly building a relationship, this way you can guarantee efficient and high quality work on a regular basis. We also recommend you have your new engineer check all wiring. It is good practice is to obtain a certificate for this process also.
Although you’ve chosen to rent out your property, you are still responsible for obtaining building insurance on the property. Inform your insurer that you now intend to rent out the property; the discussion can be opened regarding a specific and tailored insurance policy, covering you for situations such as loss of rent and landlord liability.
Landlord deposit scheme
It is now the law to make sure that all tenants’ deposits are correctly protected, rightly so as, after all, this is their hard earned money you are dealing with. Choose between two options; simply pay an insurance premium into a deposit scheme and keep the money or store the deposit with a ‘custodial scheme’, handing it straight over to a third party.