Many people are getting into the UK property market not only to find their dream home but to snap up increasing numbers of flats and houses and let them out. Some people, due to changes in family circumstances, like when the children are grown up and have moved out, decide to let their own unique home and move to somewhere smaller. It makes practical and financial sense.
But if you don’t approach renting out properties the right way, or if you fail to adopt the correct strategy, you might end up creating far more trouble for yourself than it’s worth. For starters, how do you go about finding the right tenants? Where do you start looking for the sort of responsible people you need to make your rental properties pay? It can often be a difficult task.
As well as tenants keeping a property in good condition and not ending up causing a landlord thousands of pounds in damage, there’s also the equally important matter of rental payments. No landlord likes to hear the word “arrears” and mitigating the risk of tenants not paying means carrying out appropriate background checks before they sign the lease. For the casual or hobby landlord, all this can be far too problematic for them to handle themselves, however essential it may be.
Maintaining Your Rental Property
Then we come to the maintenance of a rental flat or house, to ensure it’s up to standard and in compliance with relevant rules, and also that the tenants are happy living there and will stay. This protects ongoing revenue streams and prevents disruption caused by people moving out, having to do an industrial clean to get the property back into shape and going on the hunt for new tenants all over again.
All this is essential when bearing in mind that most disputes between landlords and their tenants are about maintenance issues. A new study shows that nearly half of landlords and tenants have fallen out over maintenance problems and that communications between both sides broke down, as landlords became unapproachable. It’s a recipe for becoming a landlord disaster, but the good news is there is help at hand.
The key is to appoint a reputable letting agent to do all the legwork for you, removing the risks of nonpayment of rent while ensuring your investment is protected. Firms like Horton and Garton, leading letting agents in Hammersmith, London, are able to source and vet the quality tenants you need and keep them happy, as well as you. If landlords ever find themselves in the difficult situation of having to evict tenants, professional assistance is there to carry out the challenging task.
Law of the Landlord
Landlording in the UK today is certainly becoming more complex, with new and ever more stringent rules and regulations coming in all the time. There is so much landlord legislation that it can seem overburdening and downright confusing. But failure to comply may lead to stiff penalties that could be financially taxing, or being struck out of the rental market altogether.
Top letting agents will professionally manage a rental property to such an extent that everything, including all the legal obligations, is properly taken care of. Additionally, letting agents will work to ensure tenants’ legal rights are protected. These include making sure the property is in good condition, that they live there without disturbances and are protected from unfair rent, as well as unfair eviction.
When starting out on the road to becoming a landlord, it pays to hand over much of the work to expert letting agents who will make this new business life of yours all the easier, and more financially rewarding.