Renting out a property for the first time: tips for new landlords
Are you a new landlord renting out a property for the first time? This guide is aimed at those who are first time landlords or considering becoming a buy to let landlord. When becoming a new landlord, it’s important to do some research first so you understand what’s involved. Our guide could also prove useful for landlords with previous experience – so keep on reading!
Landlords legal responsibilities
Landlords are required to fulfil several legal responsibilities when renting out a property for the first time. First and foremost, it’s important to meet safety standards ensuring tenants are always safe. Here we have created a list of some of the most important things to be considered:
Maintenance
- Fitting a tested smoke alarm on each floor of the property
- All furniture must meet safety standards and display the correct labels
- Provide a gas safety certificate for each gas appliance inside the property
- The water supply must be working properly to protect tenants from Legionella
- Ensuring carbon monoxide detectors are placed in rooms with a coal fire or wood burner
- Any electrical devices must be PAT (portable appliance tested)
- Provide an energy performance certificate
Deposits and contracts
Most tenancies are Assured Shorthold Tenancies (AST). And, as a landlord you must ensure tenants looking to move into a rented property have the appropriate tenancy agreement. Failure to do so can leave landlords and tenants uncovered. Alongside a contract, all landlords are required by law to protect tenants deposits. This must be with a UK government-approved deposit protection scheme. If a landlord is found non-complaint with placing the deposit in a protection scheme, then landlords can be fined. It is important that deposits must be returned in full at the end of the tenancy. This is of course unless there is a dispute about damage caused to the property or unpaid rent.
Repairs
Landlords are responsible for most repairs to the exterior and some interior repairs of a property. These responsibilities can include repairs to:
- Electrical wiring
- Gas pipes and boilers
- Heating and hot water
- Common areas including entrance halls and stairways
- Chimneys and ventilation
- The structure and exterior of the building
- Sinks, baths, toilets, pipes and drains
In conclusion, there are many things to consider when renting out a property for the first time. New landlords have a lot of responsibility, so it’s important to gain the correct advice.
Are you ready to be a landlord but would like some advice on management support? Check out our property management services today.