Hitchin landlords: letting fundamentals to remember

15th July 2019 posted in LANDLORDS

Whether you are considering acting as a landlord, relatively new to the industry or a landlord with considerable experience, it can be useful to review the fundamentals of the industry. There have been many regulatory updates, and many new regulations for landlords to consider. If you’re a landlord in or around Hitchin, Country Properties are on hand to assist you.

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You should seek guidance from professionals with local expertise

Local knowledge is crucial when it comes to being a landlord. An awareness of the local market helps you pinpoint potential tenants, it allows you to present rental property, and it will enable you to showcase the local community and area.

These are all critical components of being a successful landlord, so it makes sense to have as much information about your local area. At Country Properties, we are here to assist you in developing your local knowledge, and we will make sure you understand the local market.

Don't forget matters like insurance

There are many important factors to deal with when letting, such as finding the right house, arranging a mortgage, finding and vetting tenants and maintaining the home. However, there are also many smaller matters that are also critical to your success.

As a landlord, you need to have the correct insurance in place for your property. Standard building insurance isn’t sufficient, so make sure you have suitable cover to care for your tenant and your property. If you have any doubts or concerns about which insurance coverage you need, speak with either your insurance provider, or ask us about using a policy specifically for rented properties.
 

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Work with professionals you can trust to maintain and repair your home

If you have the time, tools and skills to repair and maintain your home, you can do this work yourself. However, most landlords prefer to leave this work to the professionals. If you don’t maintain the standard of your rental property, you will lose money, and maybe even tenants.

Therefore, it is vital you make maintaining your property a priority, and knowing which local professionals you can trust makes sense. Take the time to read reviews, get feedback from people you know, and speak to professionals. Developing a good relationship with these professionals makes your life easier, so take the time to find someone you trust.  Our fully managed tenancies have access to local trusted contractors many of whom we have used for several years.
 

Place importance on health and safety

Health and safety have always been important, but if you’re a landlord, it must be at the top of your list of priorities. Also, with the Homes (Fitness for Human Habitation) Act, if your home isn’t habitable, tenants can sue you. Therefore, you need to familiarise yourself with relevant regulations and ensure your home is up to standard.

If you are struggling to understand or meet these regulations, call on outside help for support, as this isn’t an area you can compromise on.  We will carry out a risk assessment on all our fully managed tenancies.

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Arrange an inventory

One of the most important documents a landlord has is the inventory list, which needs to be created and ready for when the tenant moves in. This document provides all parties concerned with a statement of the condition of the property at the beginning of the tenancy.

If you are a landlord looking for support in letting property, contact Country Properties Hitchin, and we’ll be delighted to assist you.