Thinking about making your first property investment? It can feel a bit overwhelming, especially with all the stories about bad tenants and legal headaches. With inflation at a 41-year high, many landlords are facing rising costs for maintenance and repairs, making informed decisions more crucial than ever.
Where to Start?
Take your timethere’s no rush! Start with thorough research to familiarise yourself with key legislation, like the Housing Act and the upcoming Renters Reform Bill. Understanding these laws is vital for your success as a landlord.
Your Responsibilities
As a landlord, you have several responsibilities to ensure your property is safe and compliant. This includes conducting essential safety checks and keeping the necessary documents handy. Missing out on required certificates can lead to significant legal issues and, more importantly, put your tenants at risk.
Essential Certificates:
Energy Performance Certificate (EPC): Minimum rating of E required before renting.
Gas Safety Certificate: Renew annually by a Gas Safe registered engineer.
Electrical Safety Certificate: Five-year checks by a qualified electrician.
Fire Safety Check: Ensure smoke alarms and carbon monoxide detectors are operational.
Legionella Risk Assessment: Identifies potential water risks.
How to Rent Guide: Must be provided to tenants at the start of the tenancy.
Deposit Protection Information: Proof that the tenant’s deposit is secured.
Welcoming Tenants
Screen your tenants carefullyconduct credit checks and verify their rental history. Once you’ve chosen a tenant, set up a reliable rent collection system to ensure timely payments. Maintaining a positive relationship with your tenants is key to preventing disputes.
While becoming a landlord can be rewarding, it requires preparation and awareness of legal changes. Wright Residential has been guiding landlords since 1998.
Get in touch with us today at 0191 240 1818 or visit us at 176 Chillingham Rd, Newcastle upon Tyne, NE6 5BU. For more information, check out our website: www.wrightresidential.co.uk or email us: info@wrightresidential.co.uk