Landlords have a lot of responsibility. The property they let must be fit for tenants and adhere to all the laws, regulations, and stipulations of the governing policies. Renting is a lucrative business when done right, but it does have to be done right. For any new or veteran landlord, there is a long list of expectations that you must be aware of. For inspiration and guidance, see the post below.
Vet Your Tenants
It is your responsibility to ensure anyone letting your property has a right to rent in the country. This means doing basic checks like employment, national insurance, and even credit ones too. There has to be an official ID that is completely verified by a third party, and the tenants have to prove to you that they can pay their rent. If you find yourself in a tricky situation with arrears, you don’t want this to be because you failed to vet the people before signing over a tenancy.
Gas Appliance Safety Compliance
Every rental property has to live up to certain standards. A gas safety cerficate, for example, is crucial. even if gas is only used in an oven, the house still has to have one. A gas safety certificate in London must be carried out by a professional gas engineer. Every let property has to consider this factor so they don’t fall behind legal standards, so gas safety certificates for landlords are just one of those things you are obliged to carry out. Search for a gas safety certificate near me if you need one.
Respond to Maintenance Requests
One of the biggest roles that a landlord must respond to is the maintenance of a property. If something goes wrong like a broken appliance or a rat infestation, you have a responsibility to respond to tenant requests. Fixing the house that they live in is your job, and it is a legal requirement.
Energy performance certificates, just like the gas safety, are a legal requirement. The law is changing yet again, but it still remains clear on the agenda. Rental properties, and therefore landlords, must strive for a higher degree of sustainability in the future. This might mean installing insulation or upgrading heating systems. Regardless, it can’t be ignored.
Proper Deposit Management
It is your legal obligation to properly preserve the tenant deposit. This is not your money to sit on or spend. It should preferably go into a deposit protection scheme, of which there are several. This means your tenants have peace of mind that their money is safe, and it can’t be withheld for no good reason.
Going around your property and taking note of furniture, fixtures, and broken areas is the only way to conduct and compose a thorough inventory. This will be important when your tenants move out and move on because it shows what was there at the start of the tenancy including the state of the building too.
Letting out your property requires dedication and ongoing energy. Property management companies can help but as the landlord, you will always have a degree of involvement in some way or another.