In an evolving rental market, today's landlord is faced with many options.
When letting your property, there are two choices, depending upon the type of landlord you wish to be.Do you want to be "Active" and taking part in the day to day running of your property, or do you want to be "Non-Active" and let your agent take the reins?
When you are thinking of becoming a landlord, it is a good idea to do some research understand what is involved and the regulations to adhere to.
Decoration or redecoration cost
Mortgage payment VS rental income
Property licence
Agent’s fees
Landlord insurance
Annual safety checks
Building maintenance
Rental insurance
Landlords must provide adequate safe working utilities for paying clients.
Carbon Monoxide Detectors must be placed in close proximity to any boilers or solid fuel burning appliances, such as wood burning stoves or coal fires.
Must be in full working order and protect tenants from Legionella.
Must be placed on each floor of a property.
Every property for rent is required to have an Energy Performance Certificate and as under the 1st April 2018 regulations, any property having a rating E or less is deemed uninhabitable and unlawful to rent. There is a penalty of up to £4000 if this is breached.
Housing, Health and Safety Rating System allow the local authorities to assess the condition and any potential hazard of a property to maintain good standards in the private rental section.
To restrict illegal immigrants accessing the private renting sector there are vigorous checks that are undertaken to ensure a tenant is legally allowed to reside in the UK.