Accidental landlord advice
An Accidental Landlord may not have planned to be a landlord.
However, they can still be prepared! For this reason, we have prepared 5 tips for you.
Accidental Landlord Tip 1: Have you noted the legalities?
Mortgages
You need to change your mortgage into a Buy-To-Let mortgage. If the property is leasehold, you need to check your paperwork as you may need to inform the freeholder and get their permission before renting the property.
Insurance
A standard home insurance probably won’t cover the property if you start renting your property out. Look into specialist landlord insurance that includes all the cover you need.
How to be a landlord and manage my property?
Tax
It’s important to keep rental statements and expenses for your rented property. It’s advisable to both instruct and speaks to an accountant with any tax questions and legalities.
It would be beneficial for landlords to join the National Landlord Association. There is so much regulation nowadays that this is the best way to stay up to date.
What is vacant property management?
Accidental Landlord Tip 2: Get a local expert
Decide how hands-on you’d like to be when managing your property. If you’re looking to manage it yourself, there may be rules and regulations for landlords that you aren’t yet aware of, and it may also be more time-consuming than you first think it will be.
Talking to a property management company can help you understand the rules and regulations. This is a great option because we will manage communications and maintenance with the tenants. It’s important to make sure that your tenants are happy and comfortable and that your home maintenance is being taken care of.
Expenses you can offset against as a landlord
Accidental Landlord Tip 3: How is your property presented?
If you’re an accidental landlord it’s likely this was your home, so make sure it continues to look and feel homely for your new tenants.
Think about adding some homely touches for the property photos as this will lead to higher enquiries and is likely to attract people who respect your property, and will keep it as it is.
If you’re decorating the property, we’d encourage you to use clean and neutral colours so that it attracts more people and it’s easier for them to manage.
Accidental Landlord Tip 4: Make sure you get the right tenants for your property
When it comes to renting your property, you want good tenants who will stay a long time and look after your property. Think about your pricing and it may be worth going for the most suitable tenants over the ones who will pay the most money.
Don’t rule out anyone until you had a few viewings and you can compare them to decide which you think would be most suitable. This may mean compromising on furniture needs or move-in dates but if you go with your gut instinct, you’re likely to get in good tenants.
Accidental Landlord Tip 5: Avoid rental voids by combining long lets with short lets
One worry about being a landlord is rental voids between long-term tenants. On average, it takes around 8 weeks to find a new tenant. You can rent your property with Airbandb between long-term rentals to receive a constant income.
What is West London Property Networking
Please contact Pelin Martin to book a 30-minute free property consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk
