The role of a landlord can be incredibly time-consuming. From undertaking maintenance, dealing with disputes, sorting insurance, managing contracts, and vetting tenants – being a landlord can be a busy and stressful time. However, these emotions can increase tenfold when you just start to let your property out.
When preparing a new let for tenants, landlords must complete many tasks before letting residents into their property. Bearing this in mind, we’ve compiled this starter checklist of all the main tasks new landlords need to undertake before opening their doors to new tenants – keep reading to find out more.
Get a landlord insurance quote
Although not required by law, new landlords should get a landlord insurance quote and purchase a policy to protect them from the additional risks that renting out property brings. No matter how careful a landlord you might be or how many preventative measures you take, the scope for accidents is always there.
Whether something goes wrong outside of a landlord’s control or general repairs need to be made, insurance is always beneficial to fall back on. Like home insurance, landlord insurance is available in various cover options – the main two being buildings and contents. So, you can choose the right type of cover for your needs.
Use price-comparison platforms like Quotezone to find and compare a landlord insurance quote. Platforms like these enable landlords and other public members to search for and compare the prices for a wide range of financial service products, from pet insurance to landlord insurance, to find the best deal for you. For more information, consider visiting their site and using their tool to help check one item off your checklist.
Ensure that the property is safe
As a landlord, you have a duty of care toward your tenants, and their safety should be one of your top priorities. Failure to adhere to relevant safety guidelines can lead to a hefty fine or, worst-case scenario, imprisonment. Depending on whether you’re renting a house of multiple occupancies (HMO), which commands even stricter safety rules, landlords are required to carry out the following:
- Install a smoke alarm on every floor where a room is used for living space.
- Install a carbon monoxide detector in every room with a fire-burning appliance.
- Give tenants a valid Gas Safety certificate upon moving into the property.
- Ensure all electronic devices are safe, like ovens, kettles etc.
- Ensure that the electrical system is secure, like sockets and light fittings.
Draft a tenancy agreement
Once you find a suitable tenant to rent your property, you will need to sit down with them and draft a tenancy agreement –an official contract that gives the tenant the right to live in your property and you the right to receive money from them.
The tenancy agreement will provide basic information about the tenant, landlord, and property. Plus, how long the rental agreement would last, the dates, a breakdown of all monthly payments, and the notice is given should the tenant or landlord cancel the tenancy.