Bumper Guide for First Time Landlords

Overview

Becoming a landlord for the first time is an exciting journey, offering the potential for a steady income and a valuable investment. However, it can also feel overwhelming with the numerous tasks and responsibilities involved. This bumper guide is designed to help you navigate the process, ensuring your rental property generates the best yields while keeping your tenants happy and safe.

See a brief checklist of landlord responsibilities here.

Do your research

The property market is always evolving, so staying informed about current trends and legislation is crucial. Begin by researching nearby rental listings to get an idea of potential rental income and demand in the area. Before setting your rent price, have your property value assessed by a professional to avoid under-pricing or over-pricing. You can claim a free online valuation or contact a local agent for an at-home valuation.

Know your responsibilities

Taking on a rental property means taking on the responsibilities of being a landlord. Understanding the basics of lettings legislation and property management is crucial. Decide whether to manage the property yourself or hire a property management agency. Self-managing requires you to be on call and handle issues like repairs, maintenance, and tenancy renewals. If you’re interested in having your property managed, feel free to contact us to discuss your needs - worst case, we can give you free advice!

Check compliance

Ensure your property complies with current regulations and is legal to rent out. This includes conducting right to rent checks, registering your tenant’s deposit, and performing annual gas safety checks. Your property must have a smoke alarm on each floor and a carbon monoxide detector where there is a fixed combustion appliance, such as a wood burner. You also need a valid Energy Performance Certificate (EPC) with a minimum rating of 'E', in addition to a valid electrical installation condition report (EICR). 

Insurance is super important

Landlord insurance is different from standard home insurance and, while not legally required, it's advisable to get a policy that protects the building, your tenants, and your investment. Some policies also cover missed rental payments, which is important if you have a mortgage to pay.