The role of a Landlord can keep you continually learning and facing new challenges, here at Hello New Home, we like to make life easier for Landlords and so we have put together 8 essential things that every Landlord should know.
Whether you have just brought your very first property of have a portfolio of properties, you will find that your role as a Landlord is forever changing and shifting gears.
Other than the usual dealing of lettings your properties and keeping on top of the property market, there are the issues of all of the latest rules and requirements for ensuring that you are staying on top and compliant.
Our Agents here at Hello New Home have years of experience with working with Landlords and dealing with the property market, so we have pretty much seen it all and we like to pass on our knowledge and make life easier.
Here are our top 8 most essential things that every Landlord should know.
1. Stay aware of what is happening within the property market
The conditions within the property market are continually changing, this will help you when it comes to marketing your property, having a good idea of the local rental prices and what you should be expecting in rental terms for it.
Keeping up with the local market research, viewing other local rental properties in your area will give you a good understanding of the competition, the standard and length that particular properties are being held on the marketing channels.
2. Understanding the local area and amenities
Knowing the local area and amenities, (which we guarantee that you scoped out when choosing to purchasing your property) is essential in knowing how well you can position your property and help you with generating what type of tenants your property and the local area would be suitable for.
A good example of this being, Would your property appeal to a family? Is your property near to local schools and playgrounds?
Is your property close to local travel and transport links for ease of commuting to work?
3. Is your property safe and ready to Let?
The most essential part of renting out your property is preparation. Does your property look and feel appealing? Is is nicely decorated and free from repairs or damp?
You must ensure that your property is a liveable space with a safe environment for any tenants and children that move in.
- Does it have smoke alarms?
- Does it have carbon monoxide alarms?
- Are there any safety hazards?
Ask our team here at Hello New Home, as we can help you understand all of the requirements your property needs to meet before you can rent it out.
4. Short on time? Hello New Home will be a huge help
Take back your time and let Hello New Home take the load off of you with our specialist property management services, we will look after your tenants and property and ensure that everything runs smoothly. Here are some of the many ways in which we can help you:
- Advise you on rental property prices based on the market conditions
- Market your property both online and offline
- Pre approve potential tenants before arranging viewings
- Arrange and conduct viewings on your behalf
- Arrange credit checks, references and money transfers
- Draw up tenancy agreements
- Tenancy deposit schemes
- Property maintenance and repairs (no late night calls about broken boilers for you!)
- Collect rent and keep on top of any later payments
You can find out more here:
5. Work out your taxes
It is important to mention too that there are different tax rules for Landlords depending on the type of property that you own. You can look to make sure that you are doing everything that you are legally on the HMRC website here: https://www.gov.uk/renting-out-a-property/paying-tax