Renting out a property can be a highly lucrative venture, particularly in today’s market where the majority of young professionals are living in rented accommodation. If you’re fortunate enough to have a property in Britain’s capital, you’re in an excellent position to make real money from renting. However, being a landlord isn’t all about collecting the rent at the end of the month. Although the money you earn from renting out property may allow you to start your own business, or stop working entirely, you do have to earn it. Make sure that you’re aware of your responsibilities as a landlord before you start renting.

 

 

Health and Safety Essentials

You are legally required to keep your property free from health hazards and ensure that all gas and electrical equipment supplied with the property is safely installed and regularly maintained. If there is an accident or a tenant gets injured, you will be liable. Your property should also adhere to fire safety regulations. Your local council uses the Housing Health and Safety Rating System to make sure that all properties in the area are safe for the people who live there. This involves an inspection of your property to identify potential hazards, which can happen if requested by the tenant or if the council believes it is necessary.

 

Financial Concerns

It is absolutely essential that you take out landlords insurance coverage on a property that you intend to rent out. Don’t try to cut costs by taking out a regular policy in your own name, because if you need to make a claim your insurance company will usually refuse to pay out. You can find specialist landlords cover from firms like Simple Landlords Insurance, and it should including building insurance, contents cover (for furnished properties), landlord liability cover, and loss of rent insurance. As long as you fulfil your responsibilities to your tenant and cover your property in case of accidental damage or unforeseen circumstances like fires, flooding and storms, you will remain financially secure.

Meeting Your Tenant’s Needs

All tenants must be provided with an Energy Performance Certificate for the property they are renting, and their deposit must be protected in a government-approved scheme. It’s very important that you keep on top of repairs, with non-urgent repairs being completed within two weeks, and urgent concerns being fixed within 48 hours. It’s a good idea to keep the lines of communication between yourself and your tenant open, and encourage them to report issues as soon as they arise so that you can sort them out ASAP. A satisfied tenant will care for your property and give you good feedback when their residency comes to an end.