Renting boom can be a great income for landlords

March 16, 2012

Landlord Information

If you have recently brought a property and would like to become a landlord, great!

Renting property at the moment is a good earner as more and more people are unable to afford a mortgage deposit and monthly payments.

Landlords should make the most of this opportunity especially in this economic climate.

Make sure you have taken out a landlord insurance policy, this is very important as the consequences may be a very high price.

When the household isn’t occupied you must do regular checks on the property and if any maintainance work needs to be carried out it must be done before the tenants move in.

Landlords should abide by the gas safety regulations 1998 and prove that all gas appliances are safe. If you do not abide by the regulations you may face a big fine and have a vacant property for a period of time, making you lose out on the tenants rental payments.

Abide by gas safety rules or face the consequences...

Abide by gas safety rules or face the consequences...

Fire safety is paramount, the London fire brigade released a report of figures which showed that six out of ten people who died in a house fire in 2009 didn’t have smoke alarms fitted in the home. Get your tenants to test the smoke alarms weekly and if there are any problems sort them out as soon as possible.

If you are advertising your property to be let out it must look clean, attractive and be well maintained. It doesn’t cost much to freshen up a home with paint and small extras, what you spend will be paid back when your property has tenants.

Keep your property looking fresh and clean...

Keep your property looking fresh and clean...

Check for faulty electrics, broken boilers and if you have any pipes that are uninsulated rectify this! The cost of a burst pipe and no tenants is high, fix the situation before it becomes a problem.

Obviously keeping you property secure is also important. Always have a burglar alarm fitted in the home and keep padlocks on garages and any other external buildings that may hold expensive items.

Renting can be a fantastic income, make sure you follow the above and you portfolio may expand in the future.

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