In this three-minute read, we look at the ten most
important things a landlord needs to succeed.

If
you’re contemplating becoming a landlord, here’s a helpful checklist explaining
what it takes to let a property.

You
may wonder why a checklist is necessary. After all, how hard can it be? You buy
a property, find a tenant, and boom, you’ve got the whole landlord game figured
out. Wrong!

The
private rental sector is subject to so many rules and regulations that even
experienced landlords get caught out and make costly mistakes.

Here’s
what you need to know.

1 Legal matters – There are at least 175 laws
that apply to landlords in the UK, covering everything from evictions to
electrical checks.You need to be on top of all of them.Claiming
ignorance (or that the dog ate your tenancy agreement) won’t get you off the
hook if you get caught out.

2 Record
keeping–It’s
vital to maintain a clear paper trail so that if you get into a dispute, you have
evidence to support your case. If you’re the kind of person who files important
paperwork down the back of the sofa, consider getting someone to do it for
you.

3
Vigilance – No matter how nice your tenant seems to be,
regular inspections are a must as they allow you to nip problems in the bud. Lax
landlords run the risk of discovering that their property has been sub-let,
trashed in a series of all-night parties or, holy smoke, turned into a cannabis
farm.

4 Take
out insurance – We’re not talking about standard home and
contents insurance, but specific landlord insurance. (It’s usually a condition
of buy-to-let mortgages.) Various policies are available, ranging from top-tier
versions that cover almost every eventuality, to no-frills options.

5 People
management–Dealing
with people is a major part of being a landlord. Most tenants are reliable and
honest, but some, unfortunately, can be infuriating. If a tenant falls into the
latter category, you need to remain cool-headed when dealing with them. Good
landlords make business decisions, not emotional ones.

6
Maintenance–Routine
maintenance stops minor issues becoming major structural problems. It helps to
have a network of reliable tradespeople who you can call on when you need work
done.

7 Tenant
selection – Invest time at the beginning of a tenancy to
find the right tenant. Never rush the process when it comes to reference and
credit checks.

8 Tax implications–The tax rules covering rental
properties have been significantly reformed in recent years. It’s worth getting
advice from an expert to ensure you understand what you need to pay and what
you can claim back.

9
Understand the market–Successful
landlords in Kentunderstand the lie of the land, so that when it
comes to setting the rent, they are bang on the money. Getting the price right
means your property won’t be sitting empty for long periods.

10 Back-up –
Good landlords don’t blunder their way through – they have back-up in the form
of a reputable letting agent. If you want support dealing with complicated
legislation, handling problematic tenants and managing day-to-day admin and
maintenance, get yourself a good letting agent. Remember, mistakes can be
costly.

Here
at CWB Property, we can help you to become a successful landlord
and to see healthy returns on your property investment.