Being a landlord can be a full time job. However, there are some useful tips that could make managing your rented property easier and less stressful.
Inform your mortgage provider
If you are renting out a property that has a mortgage on it you must inform your mortgage provider (unless you have taken out a specific ‘buy-to-let’ product). This is because the terms and conditions of a mortgage often include a legal obligation for you to tell them if the property is no longer your personal residence but is going to be rented out.
Some mortgage providers may change the terms of your mortgage so it is suitable for a buy-to-let property but other providers may insist you remortgage the property.
Safety regulations and certificates
As a landlord, you are legally responsible for ensuring that your property meets certain gas, electrical, fire and building regulations. Check that you have valid, accurate, current certificates and precautions in place.
In the event of an accident or fire you could be prosecuted if you have not carried out and met all the legal requirements.
Buildings and contents insurance
As a landlord you should have buildings insurance to cover any accidents, damages or repairs that occur to the property. If it is a mortgaged property, your provider will usually insist on comprehensive buildings insurance.
If you're property is furnished, however basic, it's advisable to have some contents cover and accidental damage insurance. Your tenant should invest in their own contents insurance policy to make sure their own possessions are covered.
Contents insurance can cover damage to carpets, curtains, bathroom or kitchen cabinet - which you may have fittted in your rental property.
All too much?
If this all seems too complicated and stressful you can always employ a third party to manage the property for you. A property management company can help source tenants for you and ensure relevant regulations, certificates and safety checks are in place. Of coures, this will be for a fee.
Some agencies can offer property management options including maintenance of the property and repair work that needs to be carried out. They can also collect rent and manage the deposit for you.
Read more in our landlord insurance guides or get a quote now.