Thinking of Becoming a Landlord? Here’s What You Need to Know

Thinking of becoming a landlord? 

You may be considering purchasing a property on a buy to let basis for the sole purpose of renting it out, or planning to move and don’t need to sell your current home, or you may even have inherited a property. Whatever your situation, becoming a landlord for the first time is a big decision which alongside the financial benefits, brings with it certain important obligations that you need to be aware of.

How we can help 

The Paul Carr Residential Lettings Team are here to help you on every step of your journey to becoming a landlord. Our team has a wealth of experience of the local lettings market and we already let and manage over 1,000 properties in the North Birmingham area. Our aim is to make your role as a landlord as stress and hassle free as possible and we are here to help you navigate the complexities that can be involved. 

Getting the right rental income for your property

We understand that you want to achieve the maximum amount that you can for your property while still making it an affordable price to attract a tenant. Our team have an expert knowledge of the local lettings market and we’ll carry out a full market appraisal of your property to ensure we can advise you of what is a realistic and achievable rental price for your property. If you are just at the stage of thinking about what and where to buy, we can help you with that too.  

Making sure that your property is both legal and safe to rent

There’s over a hundred rules and regulations that you will need to comply with, to ensure that your property is being rented out both legally and safely. And with legislation continually changing it is important that you know what your responsibilities are. Our team have the experience and knowledge to provide you with all of the guidance that you need and we will ensure you receive practical advice at every stage, from before your property goes on the market, right through to managing the tenancy and looking after your interests on an ongoing basis.

Legislation that you need to comply with

There are essential inspections that have to be carried out in order to let your property, including certifications for energy performance (EPC), gas and electric safety. The EPC needs to be ordered before your property can be marketed, while the Gas Safety inspection is required every 12 months and the Periodic Electrical Safety inspection every 5 years. We have dedicated and trusted contractors who are able to carry these checks out for you quickly to ensure there are no delays getting a tenant into your property. 

When renting out a property you need to have dedicated landlord’s insurance rather than just householder’s insurance in place to protect you. We have a strong relationship with HomeLet who though their insurance arm Barbon can arrange for the appropriate cover for your property, as well as protection against unpaid rent and the payment of legal expenses, if required.

Finding the right tenant for your property

One of the most important parts of being a landlord is finding the right tenant for your property. As soon as your property is ready to let, we will market it via the appropriate marketing channels including On The Market, Rightmove and the Paul Carr website, through our branch and our tenant matching system and by erecting a ‘to let’ sign. 

Our Team will then carry out accompanied viewings on your behalf with prospective tenants, who we insist can only submit an application to rent your property once they have actually seen it and we have actually met them. For every prospective tenant we will obtain up to three references – a credit reference, an employer reference and where appropriate a current landlord reference. We also ask our referencing service provider to make additional checks such as a CIFAS check of the national fraud database, and their own database which would highlight past failed rent payments.  We carry out these checks to help minimise the risk of rent arrears and other problems.

Declaring Income

It is important to be aware that any income that you receive from renting out your property must be declared and may be subject to taxation. We would recommend that you seek professional advice from a financial advisor or accountant who will guide you on the steps that you need to take based on your personal circumstances.   

Ongoing Commitment

Being a landlord doesn’t just stop when you have a tenant in your property. There will be inevitable issues that a landlord has responsibility for sorting out, such as any repairs or dealing with broken down appliances or boilers. Our team is here to support you and your tenant through our online 24/7 repair reporting facility.   As a matter of courtesy, we will always contact you then instruct one of our trusted contractors to undertake any work that needs carrying out.

Remarketing your Property

And when your tenant decides it’s the right time for them to move on, we can deal with all of that too. We’ll reassess the market rent and guide you on any work needed to ensure your property remains attractive to the tenants allowing us to find you the best tenant for your property.  We’ll also handle everything to conclude the current tenancy making detailed checks to the property, dealing with the paperwork and contacting service providers.

Get in touch with the Paul Carr Residential Lettings Team

Paul Carr Residential Lettings experts are here to help you every step of the way in becoming a landlord.

To find out more give our team a call today on 0121 726 9417.

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