Getting good tenants is essential to profit
Now you are thinking of becoming a landlord, you need to consider how you are going to find a tenant and what is the essential information that Landlords need to know.
The best place to find letting agent is the ARLA website. ARLA is the association of residential letting agents, it is dedicated to promoting good practice via a code of conduct with letting agents.
Read these top tips and Golden Rules For Landlords And Tenants compiled by ARLA
Read such important documents as tenancy agreements and terms of business carefully; never sign anything you don’t understand – ask questions – seek advice.
Don’t have unreasonable or unrealistic expectations. If in doubt about what to do, or your obligations or responsibilities in any particular circumstances that arise – communicate, seek clarification.
Tip 1:- Confirm important issues in writing – keep a copy.
Are There Any Rules About What Comes With A Property If Its Fully Furnished, Furnished, Part Furnished Or Unfurnished?
No, there are no strict rules but both expectations and reality can vary in different areas of the country and even within different niche sectors within the local markets.
Generally, a property offered as “fully furnished” would come with all the main fixtures, furnishings and fittings, white goods etc., plus the standard crockery, cutlery, glassware, pots and pans etc., that a reasonable tenant would normally use on a day to day basis.
At the other end of the scale, an “unfurnished” property would normally be provided only with such basics as carpets, curtains and light fittings.
Clearly, there are infinite variations between these two extremes of what might be included. Therefore, the critical aspect, whether you are a landlord or tenant, is to make sure that everyone clearly understands what main items are, or are not, included before finalising the tenancy agreement.
Tip 2:- What should i know about safety regulations for rented property?
There are specific legal obligations and responsibilities on a landlord with regard to Fire safety for Furniture & Furnishings; Gas supply and appliances; plus Electrical wiring and appliances.
You can get a leaflet on this from the ARLA website.
Tip3:- What do i need to know about Landlords Insurance?
Landlords and tenants should take care to review any existing policies when renting or letting a property for the first time as some standard insurance products will either not provide cover, or might place restrictions on cover, for rented property and/or its contents.
A failure to inform your insurer that you are renting/letting a property could invalidate any subsequent claim. It is for a landlord to insure the building and his/her contents, fixtures and fittings.
The tenants are responsible for insuring any of their own possessions. There are various specialist insurance products designed for landlords and tenants and rented property: – Buildings, Contents, Legal Expenses, Emergency Repair cover, Rental Guarantee cover etc.
Tip 4:-Make sure you have an Inventory/Schedule of condition?
This is an absolutely essential document that provides a written benchmark, which should be amended, updated and recreated before the beginning of each new tenancy. A properly constructed Inventory/Schedule of Condition details the fixtures and fittings and describes their condition and that of the property generally. Landlord and tenant often share the costs involved in preparing and checking the inventory; such costs should be seen as a necessary investment that helps protect the interests of both landlord and tenant.
Tip 5:- Use ARLA. What is ARLA?
The Association of Residential Letting Agents, ARLA, is the only professional body that is solely concerned with the self-regulation of letting agents and for nearly 25 years has been actively promoting the highest standards across every aspect of residential lettings and management in the Private Rented Sector.
To read more go the ARLA website
