Letting your property out for the first time can be a daunting task, especially if you don’t consider yourself in the loop with the property market. Before you venture into the world of property rental, it's essential to be well-prepared and knowledgeable. In this blog, we will discuss some top tips specifically tailored for first-time landlords in the UK, helping you to navigate the process as smoothly as possible.
Whether you’ve just purchased your first rental property or you’re moving on to a new home, it’s always a good idea to complete any maintenance needed before allowing tenants to move in. It could be as simple as a fresh coat of paint, in order to modernise the property. Or, it might require more complex maintenance needs such as a new boiler, windows etc. Either way, making sure your property looks its best will not only attract a greater rental value, but it will also enable your new tenants to comfortably settle into their new home without disturbances from ongoing maintenance or renovations.
It is essential not to overlook the importance of insurance when it comes to your rental property. With the vast size of the property insurance industry, navigating through the various policies available can be overwhelming. Many first-time landlords may not be aware of the distinction between standard home insurance and the insurance specifically designed for landlords. While there is no legal requirement to have landlord insurance, it is highly recommended as a dedicated landlord insurance policy offers protection for the building, your tenants, and your overall investment.
Before letting your property out, there are several laws and regulations that you must adhere to prior to the commencement of a tenancy. For example, ensuring gas safety checks are conducted before (and annually) without fail is of utmost importance. Additionally, it is highly recommended to have all * electrical and portable appliances thoroughly tested and inspected within your property to ensure the safety of both the premises and your new tenants. Equally essential is the installation of smoke and carbon monoxide detectors, with at least one alarm per floor.
Moreover, it is a legal requirement for your property to possess a satisfactory Electrical Installation Conditioning Report (EICR), this checks that all the electrics are safe and comply with current regulations. A property will also need a valid Energy Performance Certificate (EPC) before being marketed for let or sale. The EPC must demonstrate a minimum rating grade of 'E' due to recent legislation. In the event that improvements are necessary to achieve this rating, you may have to consider a new boiler, windows, or heating and water system, which can be costly.
Here at Jackson Grundy, we can help you organise the mandatory inspections & tests that a landlord must carry out prior to the commencement of a tenancy; EPC, gas safety, electrical, portable appliance testing & Legionella risk assessment (as applicable and subject to additional charges).
Plan for unforeseen circumstances
Owning a rental property entails a range of responsibilities and the potential for unforeseen costs that can emerge at any moment. To ensure you are prepared for such situations, it is highly advisable to proactively allocate a portion of your rental income towards creating an emergency fund. This financial buffer serves as a safety net, providing you with the means to handle emergency repairs, unexpected vacancies, or any other unanticipated expenses that may arise.
Choose Jackson Grundy
For over two decades, we have been providing valuable assistance to landlords in the Northamptonshire region, facilitating the smooth letting of their properties. When you opt for our services at Jackson Grundy, you can trust in our expertise and experience to guide you through the entire process with confidence. To gain further insight into our operations and approach, we invite you to explore our dedicated landlord's information page. For any inquiries or to discuss your specific requirements, please don't hesitate to reach out to our lettings branch via email at email@example.com.