Planning ahead can be tough, but it’s vital for you to succeed as a landlord. As the saying goes “fail to prepare, prepare to fail”, and in property this can lead to financial loss and unnecessary additional stress.
We strongly recommend for any new Landlord that you seek advice and support of a professional & specialist lettings agency who can guide you through the process step by step.
SO WHAT DO YOU NEED TO CONSIDER?
SET MONEY ASIDE
It’s vital to ensure you have financial back up should you need it for the upkeep of your property. To maintain a good tenancy you need to ensure your tenants live in a good quality home so that means having the finances to pay for any maintenance that crops up. Believe us when we say the better you look after your tenants the more likely they will look after the property. We have had occasions when unexpected costly maintenance has arisen at a property and the landlord has not had the financial resources to cover the necessary maintenance. Looking after your property and tenants is more likely to provide you with loyal-long-term tenants. You can’t be expecting to keep up with rental levels and put your rent up if you are not looking after your property and tenants.
KEEP UP WITH THE LEGISLATION
There are regular and plentiful legalities introduced for you to keep up with as a Landlord. So again it is a good idea to have the support of a good lettings agents who will take care of all these for you and keep you compliant within the law. At present this stand at over 170 laws for landlords & tenants, and this will only keep increasing. Instructing a lettings agent will take away the stress and prevent you from coming a cropper and having to pay hefty fines. This has and does happen a lot.
One legislative change in the pipe line that will require forward planning is the suggested EPC minimum rating of a C for all rental properties (certain exemptions apply). If you have a property with an EPC lower than a C do not panic just yet as nothing has been set in stone, but we would advise you at least look into what changes would need to be made to bring it up to the required level. Again it is a good idea to chat to a local lettings agent who can give you more guidance on this. It would also be very worthwhile considering investing in new builds or off-plan properties. See our blog New Build vs Older Build – Northwich (belvoir.co.uk). For advice on this we would be happy to chat to you so just give us a call.
PROTECT YOURSELF & YOUR RENT
Can you afford to be without your rental income? We do a thorough check on all tenants and this includes affordability. However, no one has a crystal ball and peoples circumstances can change over night. This may lead to them not paying their rent. This could be for several reasons: job loss, separation, accident, bereavement, mental breakdown or have spent money elsewhere on essentials such as other household bills. With the uncertain times we live in it has never been as important to make sure your rental income is protected. You’ve not only got to think about rent arrears but also the ongoing maintenance costs you are still responsible for whilst the tenant is in situ . Then there is also the matter of the hefty legal expenses should you need to evict your tenant(s). The legal process is lengthy to regain possession of a rental property and you’re looking at about 9-12 months on average to evict a non-paying tenant. Can you afford to take the risk?
To find out more about how we can protect you and your rental income take a look at his section on our website Rent Guarantee – Northwich (belvoir.co.uk)
LANDLORD INSURANCE
Having landlord insurance in place is vital to ensure that your property is fully protected.
It is vital that you:
-study the small print of your policy as, even if the premium seems competitive, will you get the right support should you need to make a claim???
-find out how much the excess is for each aspect of the policy
-find out what exactly is covered. For example, if both accidental and malicious damage is covered.
We work closely with a provider that offers a comprehensive landlord insurance product that not only covers for what you’d expect but for what you wouldn’t expect too. Claims can be turned around quickly to ensure minimum disruption for tenants and that your rental property is up and running as quickly as possible. Call one of the team for more details.
You can also check out further information – Landlord-Insurance-Flyer.pdf (belvoir.co.uk)
Making the right move at the right time makes all the difference, and having the correct knowledge enables you to make financially sound decisions.
So plan ahead and get the right advice to guide you along the way to success!
Call us your local lettings specialist today
📞 01606 783599
📞 01260 272737
We will prepare and protect you all the way
✔ Be Protected
💛 Be Successful
😎 Be Stress-Free
💗 Be With Belvoir
