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.
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.
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.
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
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.