When you are renting out a property it pays to be prepared, one of the first things to consider is how much you will charge for rent, at MovingWorks we know the market and how much similar properties in your area are being let for so we can set your rent accordingly.
Once you have decided on a rental figure you should think about your target demographic and consider who your property would be suitable for: young families, students, single professionals, etc.
Then decide whether to let the property as furnished or unfurnished. A property that offers a blank canvas is more appealing to most prospective tenants but students are unlikely to have accumulated enough belongings to furnish a house. It is also worth considering who is then responsible for the upkeep of any furnishings left in the property.
Below are some other factors that you need to consider when renting out a property whether that is for the first time or as an experienced landlord. We offer a fully managed service to ensure you don’t have to worry about any of the below, but it is always worth knowing what is involved:
1. Legal responsibilities for landlords
The role of a landlord is not an easy one, to put it into perspective, there are currently around 175 pieces of legislation you need to adhere to when letting a property. By law, you must ensure your property is fit for purpose and the safety of your tenants is paramount.
2. Electrical safety standards
The electrical safety standards came into force on 1 June 2020. They set out new rules to ensure all fixed electrical installations are safe and maintained correctly.
3.Gas safety standards
There are also rules in place for gas appliances to ensure these are safe and not potentially harmful to your tenants.
Did you know research has shown that more than one in three private landlords did not know it was their responsibility to get gas appliances checked.
4. Right to rent checks
In England, landlords are expected to carry out Right to Rent checks in line with the Immigration Act. You must check whether your tenants have the right to lawfully live in the UK—failure to do so can lead to a fine or jail term.
5. Tenancy agreements and deposit protection
The tenancy agreement outlines everyone's responsibilities but remember, just because something's in the agreement and signed, doesn't mean it's enforceable. In England, when issuing the tenancy agreement, tenants must also be provided with a copy of How to rent: the checklist for renting in England.
If you take a deposit from your tenant, you must protect it in a government-approved tenancy deposit protection scheme.
6. Landlord insurance
Your current buildings and contents insurer must be made aware of your intention to let the property, otherwise you risk invalidating your policy. There are specialist policies available to landlords to protect you against potential losses. Shop around different insurance providers to find a deal that's right for you. Whilst insurance can seem expensive, the savings and compensation offered in the long run is invaluable.
This is just a brief look at some of the legislation in place in the private rental sector and the government and regularly reviewing and updating legislation. Through our accreditation with NAEA Propertymark we ensure we are up to date with the most recent legislation to keep the properties we rent and their landlords safe.