Renting out a spare or vacant property is a great way to increase your income, but it's important...
Renting out a spare or vacant property is a great way to increase your income, but it’s important ensure that everything you do is above board. While the process of finding tenants and letting out your property may seem innocuous enough, it’s worth bearing in mind that you have certain legal obligations as a landlord. You may want to implement a number of practices to ensure you’re protected from a legal standpoint, and can keep on top of things from a practical one.
With that in mind, we’ve devised a list of five things you need to do before renting your property:
1. Prepare an inventory list
Even if your property is unfurnished, it’s a clever idea to draw up an inventory of items in the home at the point your tenant initially moves in – you’d be surprised, but little things like keys for opening windows or plugs in the bath have the potential to cause issues with particularly tricky tenants.
2. Safety first
Despite the fact that your gas appliances are regularly checked under your landlord’s gas safety obligations, carbon monoxide detectors and smoke alarms are a legal requirement, and failing to provide them can land you in hot water.
3. Draft up a tenancy agreement
Your property is your most valuable asset – don’t simply hand over the keys to a tenant without drawing up a watertight tenancy agreement. If you’re uncertain as to what your agreement should contain, a member of the Sutton Coldfield Belvoir team will beable to help.
4. Consider taking out landlord’s insurance
Picture the scene: your tenant starts running a bath, and falls asleep. The water overflows and causes untold structural damage to your property. The kicker? You’re not insured. Many landlords have fallen into this trap over the years – don’t let it happen to you.
5. Protect your tenant’s deposit
Deposit protection is a legal requirement for all landlords, and it must be done within 30 days of receipt of the funds. Failure to protect a deposit can result in a fine equalling three times the deposit amount.
If you want to become a landlord with the support of a trusted lettings agent behind you, contact Belvoir today.