Becoming a landlord is a large task and one that takes a considerable amount of hard work when setting up your own rental property, or properties. The process of becoming a landlord is one that is worth taking your time over.
What is the Process for Becoming a Landlord?
- Find the property that you wish to rent out. When finding the property, think about the property as an investment, what will be easiest to rent out? Do not be constrained by your own tastes.
- Find your letting agent. Speak to Nicholas Estates to guide you through to renting out your property.
- Establish how much rent you should charge. Nicholas Estates will be able to advise you on how much rent you should be charging.
- Ensure that you’re property is safe. As a landlord, you have a responsibility to your tenants, so you need to be on top of: Gas safety; Furniture and furnishing regulations; Electrical regulations; Housing, health and safety rating system (HHRS); Tenancy Deposit Scheme (TDS), Energy Performance Certificates (EPCs); Houses in Multiple Occupation (HMO); Income tax; Legionella. Nicholas Estates can provide more details on each of these.
- Advertise and find a tenant. Nicholas Estates can help you place your product online, and it is important to prepare for viewings. Once you’ve found your tenant, we can help you ensure that they are fully referenced and credit checked.
- Get the insurance you need. Generally, domestic policies do not cover rental properties, so speak to Nicholas Estates about rental insurance.
- Before your tenant moves in, make an inventory of all of the contents of the property and its condition. This will protect you against people mistreating the property.
- Collect your deposit and place it in a government protected scheme (as you are legally obliged to do). From here, you can begin collecting rent.
- Moving forward. Once the property is set up and you are receiving rent, your responsibility is to the tenant, but also to maintaining your property. Renew the contract as required and conduct regular property inspections to ensure that your property is taken care of.
Advice for Landlords
At Nicholas Estates, we have the experience and local knowledge to provide the service that Landlords need, whether they are just entering the letting market or have an established portfolio, which they are looking to extend and grow. Speak to us today to get the advice you need to get on the rental market.