Keywest Estate Agents / May 20

Landlord Advice: 8 Things Every Landlord Should Know

Whether you’ve just purchased your first buy to let home in Leicester or your fifth, staying up to date with the best tips and landlord advice is always going to be good practice. You’ll need to stay on top of both the market and the rules and regulations for landlords in order to run a successful property business.

Here at Keywest Estate Agents we’ve got years of experience working with landlords and dealing with the property market, so we’ve pretty much seen it all! If you’re looking for more landlord advice, we’ve compiled the eight most important things landlords should know about in 2021 and beyond.

8 Tips for New Landlords Looking for Advice on Getting Started

  1. Keep an eye out for what’s happening in the local market
  2. Understand the facilities in your location
  3. Ensure that your Leicester home is up to scratch
  4. Work out your taxes
  5. Set aside some money for emergency funds
  6. Comply with all legal requirements
  7. Does your local council require any specific licences for the property
  8. Short on time? Keywest will be a huge help

Keep an Eye out for What’s Happening in the Local Property Market

The Leicester housing market is constantly in flux, which can have an impact on your rental rates and property value. First of all, it’s important to know what the current rates are, so you’re not caught off guard when renting out your property. A good way to do this is to spy on your competitors frequently, so you know exactly where your pricing stands.

Understand the Facilities in the Area of Your Buy to Let Property

Locating your property in an area with great schools can help make it easier to rent or even sell when the time is right. Here in Leicester there are some fantastic schools in the area, so you may want to market your buy to let property as a family home.

Likewise, if the home is situated on the commuter belt, you could think about turning it into separate flats to accommodate more people.

Ensure That Your Rental Properties are up to Scratch

When you rent out a house, it is important for the rental to meet certain requirements. These include making sure that any tenants who move in can live there safely without harm.

  • Does it have the necessary smoke alarms?
  • Are there any safety hazards?
  • Is it wheelchair accessible?

Ask the team here at Keywest, as we can help you understand all the requirements your property needs to meet before you can rent it out.

Work Out your Taxes

Before getting rent paid until you register with HMRC to ensure that you’re taxed accordingly. You’ll be taxed on all rental income after the first £1,000.

It’s important to mention to that there are different tax rules for landlords depending on what type of property you own. To find out about the requirements, visit the HMRC website.

Set Aside Some Money for Emergency Funds

As a landlord, you should always be prepared. To remain within your budget, account for unexpected vacancies. For example, if a property is vacant for less than a month without backup funds, you might struggle to cover the mortgage payments.

Also, make sure you set a side some money for unexpected issues as well. No matter how new a home is, wear, tear, and weather may lead to the need for extra maintenance costs you aren’t ready for.

Comply with all Legal Requirements

There are many legal requirements that you must follow as a landlord to ensure the safety of your tenants and to avoid fines and penalties. These include:

  • Gas Safety (Installation and Use) Regulations 1998 and Subsequent Amendments. This means that all gas appliances must be safe and checked yearly.
  • The Smoke and Carbon Monoxide Alarm (England) Regulations 2015 require that landlords ensure all alarm systems are installed and in working order.
  • The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020. These regulations require landlords to ensure that all electrical appliances in the property are safe to use.
  • EPC (Energy Performance Certificate) & MEES (Minimum Energy Efficiency Standards).A new law signed by the state’s governor mandates that all landlords provide an EPC certificate to their prospective tenants, a document which shows they comply with energy conservation regulations.

Does your Local Council Require any Specific Licences for the Property?

A more up-to-date list might be found on your local council’s website. If not, you can talk to a licensing officer to see what other licence requirements you may need to meet before renting out your home.

Short on Time? Keywest Will be a Huge Help

Looking for somebody else to manage the property for you? Hire Keywest to look after your rental home and your tenants. These are some of many ways that we could help you:

  • Guide you on rental rates based on local market conditions
  • Market your rental home, online and offline
  • Arrange and conduct viewings on your behalf
  • Draw up tenancy agreements
  • Repairs and monthly maintenance tasks (no more late calls about broken boilers for you!)
  • Collect monthly rental payments and chase up rent arrears

Want More Landlord Advice Today?

If you need any advice on renting out your home, please get in touch with our team at Keywest on 01162544555 and we will be delighted to help you.

 

 

 

 

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