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ESSENTIAL GIUDE FOR LANDLORDS

ESSENTIAL GUIDE FOR LANDLORDS

Are you thinking of renting your own house or becoming a landlord ?

You can buy a property and then hand over the responsibility of letting it to a professional property management company.

 You can buy a property then go it alone and be a hands on landlord seeing to the letting and maintenance of the property yourself.
 
 You can rent out part of the property that you are currently living in.
Each approach has its plus points. If you delegate to a property management company you also delegate the day to day business of dealing with tenants, ensuring rent collection, and finding new/researching new tenants. However, this will cost you.


We have added a few simple rules and guides to help you decide if renting your property is defiantly the right choice for you…


Keep the structure and exterior of the property in a good state of repair.
 
 Ensure that hot water installations, water supply, washbasins, sinks, baths, showers, toilets etc are safe and fit for use.
 
 Provide adequate lighting, heating and ventilation.
 
 Treat any health-threatening damp.
 
 Repair and maintain any areas or installations, which you own or control.
 
 Ensure that all gas appliances are maintained in good order, and pay for an annual check/service from a CORGI approved tradesman. You must also ensure the tenant receives a copy of the safety certificate.
 
 Ensure that any and all electrical appliances provided with the property are
safe to use.

Be able to verify that all new furniture complies with regulatory levels of fire resistance as set down in Furniture and Furnishings (Fire Safety) Regulations 1988.

 


Is your house even attractive to renters?

New homes developments tend to be built as close to amenities and major transport facilities as they can to accommodate 21st century cash rich, time poor lifestyles. New homes also benefit from brand new, sometimes state-of-the-art fixtures and fittings, and 10 year structural guarantees. Developments in the center of towns and cities can be extremely popular with renters looking to be at the center of things without necessarily having the funds for a deposit to purchase.
If after a couple of years as a rental property the market has changed or moved elsewhere, selling a relatively new property in a good area has its obvious benefits.
If you are thinking of renting out a property you need to consider a number of points:

Is The Property Suitable?
Most buy to let loans will be calculated on achievable rental income taking into account things like location, rents achieved by similar properties in an area. For that reason almost any home will be considered for a loan - with the exception of corrugated metal houses. Traditionally, lenders don't discriminate between older and newer properties. A company's valuer will check whether the property is worth its selling price and whether it can achieve the proposed rental income. If it satisfies those requirements, most lenders will be happy to lend.
Some lenders won't, however, consider applications for homes destined to be broken up into multiple lets, and most will impose restrictions on any property that requires extensive refurbishment before it can be let out. Often the company will retain a portion of the loan until the necessary renovation work is completed.
This should be remembered if you intend to buy a property that isn't immediately suitable for letting because it may be some time before there are tenants to meet the mortgage repayments.

Even with the responsibilities and certain risks renting your property can be very lucrative, if you are unsure of where to turn please come and see us we can help you every step of the way and have helped many successful landlord's earn money from their properties,


 

Published on 18 July 2017

Source(s) Agent Media

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