Solid advice for aspiring landlords

Guest Editorial • Summer 2022

As the cost-of-living crisis grabs hold, people are looking for new ways to make additional money. Property investment is a great way to invest money for the future and create a stable source of income.

So how would an aspiring landlord approach a project of this nature? Em Simpkin and Jamie Elliott, Directors of EmLets Ltd, are wrapping their arms around new landlords as agents of choice to help them avoid some of the pitfalls.

Preparing for rental

First on their advice list is how to prepare your property for rental.

Mortgages – You must ensure you have the lender’s permission to rent out the property. You need to ask for consent to let or explore the options of changing to a buy-to-let mortgage.

Fire standards – All rental properties must adhere to strict fire regulations, including possible fire doors, fire alarms, and carbon monoxide alarms, all tested and to standards. It is recommended that a fire risk assessment is carried out every two years for best practice.

Insurance and certificates – Several insurances are required to let a property, including Building insurance, ICO registration and Rent protection. Additional certifications are also needed at varying intervals; These include an electrical safety certificate (every five years), an EPC certificate (every ten years) and a Gas certificate (every year). You may also need a legionnaires assessment if the property has been vacant for some time.

Next steps

To get the very best from your rental property, EmLets offers three essential tips:

Check rental demand – Have you researched the competition for your property and what tenant demographic you want to target? A good letting agent can advise on this.

Refurbishment and maintenance – Taking care of your property can add value and save issues in the future. Simple tasks such as painting walls and replacing carpets can make your property more desirable, and being proactive with jobs can save costs in the future.

Appliances – if you plan to provide appliances, you will be responsible for repair and replacement if they break down. Appliance inclusion can make a difference to your rental income and make your property more desirable.

With any rental property, the right partner to advise and help you along the way is essential. You can guarantee that if something goes wrong on your property, it will be at 9 pm on a Sunday, and having a team who makes themselves available always is crucial.

The legalities of tenant management are constantly changing, and you must keep up to date to protect yourself and your tenants. Finding tenants is complicated, and you must ensure you complete the correct checks, provide the proper documentation and clearly understand the ‘rights of your tenant’. The day-to-day management of a tenant is a huge responsibility too. Having a reliable team around you is essential to managing issues that arise quickly and efficiently.

We love property management and have a solid professional team around us to help with day-to-day management. Save yourself the time and hassle of tenant calls, reports and management, and have Em Lets do the hard work to make your life easier!

Call today on 01482 241261 or email us at Emily@emlets.co.uk for an informal chat about letting your property.