Renting a property is not simply a case of moving people in and collecting the rent every month, which is often an assumption of many people that want to be landlords or buy to let professionals, as when it comes to successfully renting out a property, there is just so much you need to know, and you need to get right.
So, if you are looking to rent property in Gloucester, as a landlord, here are some aspect that you really need to know and appreciate!
The Right People
Getting the right tenants for your property is probably one of the biggest hurdles that you will face as a landlord, as getting someone to move in is really not an issue with so many people needing rental property, but getting the right people that will respect your property, pay the rent on time and generally just be good tenants takes work, a lot of work! Every applicant needs to be checked and vetted, making sure references are in place and that they pass credit checks, as if you fail to do the basics from the outset, this could really come back to haunt you later down the line.
Put simply, the property you rent out must be fit for purpose and you should keep it maintained and safe for people to live in. We have all read and seen the stories about nightmare tenants, but there are also stories of nightmare landlords as well, and you really do not want to be placed in this category, which is why you have an obligation to make sure your property is well kept and that you deal with any issues and problems that may arise quickly, efficiently and in the right manner.
Safety And Regulations
There are many safety certificates you need to have in place as a landlord, and this includes making sure that all gas and electrical equipment is safely installed and maintained, and you have certificates and proof of these checks via a qualified professional. If you fail to do this, then not only are you putting your tenants at great danger and risk, but you are also potentially going to face legal proceedings, which can result in fines and even jail sentences should your tenants be harmed by your lack of care for the safety in the property.
Deposits And Money
You must place your tenants’ deposit in a tenancy deposit protection (TDP) schemes if you rent out your property on an assured shorthold tenancy that started after the 6th April 2007, which is now law and simply must be abided by. This means that your tenants deposit is safe and secure, but, if there are disputes over the state of the property and financial implications when the tenant comes to leave the property, the deposit stays with the TDP until the situation is resolved. You must also pay income tax on your property in most cases, which is why speaking to an accountant is valuable for most landlords.
The Legal Aspects
If things go wrong and you need to call time on the tenants, there is a full process in place that needs to be followed, which is in place to protect tenants and landlords alike, but makes sure that the tenants are treated fairly by the landlord. If you want your tenants to leave your property then you must give them notice in a particular way, including certain information and warnings. How you do this will of course depend on the type of tenancy agreement and its terms that you have in place, but you need to make sure that legally, you are following the correct path when allowing someone to rent your property, and when you want them to leave.
There is also a wealth of information you can read through on the Gov.Uk website for Landlords.