4. Make your property safe
There are lots of property regulations to keep your tenant safe. We know it is important to you to be a responsible landlord, so make sure you are fully compliant at this early stage. Your property must comply with certain laws on:
- Tenancy Agreements
- Smoke & Carbon Monoxide Alarms
- Multiple Occupancy
- Right to Rent
5.Find a tenant
It is time to get your property seen by potential tenants. Remember 91% of tenants start their search on Rightmove, so be sure your agent has good online coverage. Then, prepare the property to look its best for viewings. Once your agent has found you a tenant, you'll want some reassurance that that your property and rental income are safe. Knowing that your tenant has been fully referenced and credit checked gives you huge peace of mind. Dinsdales Estates can help with this.
6. Get insured
For additional security, make sure you have appropriate cover for your rental property. Regular domestic polices often do not cover rental properties. It is also possible to insure against non-payment of rent. Ask Dinsdales Estates about our special Insurance and rent protection insurance.
BEGINNING OF TENANCY
7.Make an inventory
Shortly before the tenant moves in, make sure you or your agent have made an inventory of the contents of the property and its condition. We can introduce you to specialist companies to take care of this for you if you prefer this to be handled independently.
8.Collect the deposit and start receiving the rent
You are legally required to put your tenant's deposit in a government protected scheme. We work with 'mydeposits' to the benefit of both Tenants and Landlords. It will soon be time to collect the rent. You'll need to decide whether you want to do this yourself, or an agent take care of it.
9.Renew the contract
You'll be surprised how quickly the initial contract passes by. As it comes to a close, it's time to decide whether you wish to renew or terminate your contract. If you choose to terminate you must give your tenant, appropriate notice. If you (and your tenant) choose to renew, a new contract begins.
You want to know that your property is being looked after? Visiting your tenants within every six months to check all is OK is recommended. Depending on the level of service you have chosen, your agent can take care of this for you.
11.Maintaining the property
As time goes on, it's inevitable that your property will receive some wear and tear. It's your responsibility to maintain the property at the standard it was first let. Remember, keeping on top of small problems now could help you save large sums of money later.
12. Ending the tenancy
The tenancy comes to an end and it's time for your tenant to move out. You'll need to revisit the inventory, settle any disputes and return the deposit. Consider what to do next with your property. Is it time to sell or will you let again? If it's the latter, go back to stage 2! But don't forget to consider any work you need to do to the property before it returns to the market.