Becoming a landlord for the first time can feel daunting which is why working with an agency can be beneficial.
They can lift the stress of the day-to-day management of the property from your shoulders and offer you the benefit of their professional experience.
The team members at Norfolk Property Lettings & Management are always happy to help and to offer advice on any of the following top tips:
1. Get an expert valuation to ensure you have a realistic idea of the rental income you can expect to receive.
2. Understand the tax implications of letting the property and consider the income likely to be generated alongside any of your other earnings.
3. Gain an understanding of allowable expenses to offset against your rental income.
4. Manage your cash flow to ensure you have money for ongoing maintenance and repair work.
5. Carry out any necessary work to bring the property up to an acceptable standard.
6. Ensure you have met all legal requirements and safety standards, and have obtained the necessary certificates.
7. If you have a mortgage, you should inform you mortgage company.
8. Ensure you have the correct insurance cover and that your insurance company knows the property is being let.
9. Make sure you have a proper tenancy agreement (an assured shorthold tenancy agreement is the standard) and customise it to meet any specific requirements.
10. Tenants must always be thoroughly vetted and references taken up.
11. Place your tenants’ deposit in a tenancy deposit protection (TDP) scheme.
12. Listen to your tenants and respond to their concerns. If they feel well looked after then they will stay longer and will care for your property.