Becoming A Private LandlordWritten By PropertyLoop March 03, 2021
On paper, becoming a private landlord may well seem like a doddle. You find a property, you get tenants in to rent it: simple. But the truth of the matter is that it’s not so straightforward and requires a lot of work on your part. If you’re looking to become a landlord, or list your property via an online property agent or letting agency, then why not have a read of our handy little guide to becoming a private landlord below.
Is It Worth It Being a Landlord?
There are a few reasons as to why individuals decide to become landlords. The kids may have left home and you’re sitting there with empty rooms that could turn a profit. It could be because you’re in the process of moving out but haven’t managed to sell your house. If could also be that you’re looking for a career change or you’re thinking of buying property as an investment, with the money you’re receiving for its rental going towards the mortgage. Lastly, it’s a tried and tested way to generate a little more cash!
Unless it’s a relative renting a room in your house, you’re going to have to generate some interest in order to find tenants. The first thing you need to do is find a solid, reputable letting agent. They will advertise your property to help find the exact kind of tenant you’re after – whether it be students or working professionals.
Getting Your Property Ready
This is where the hard work really kicks in. The property should be clean and in good condition. A Gas Safety Certificate and EPC rating are essential. As is cataloguing the other factors which will cost you money, such as mortgage fees, letting agency fees, landlord insurance, maintenance and any other costs you can think of – not to mention researching your property’s location to set the rental price.
Getting Your Tenants In
You’re found your tenants, now it’s time to move them in! But before you do that, you’ll need their references checked to make sure they can legally rent property in the UK and that they have no prior history of mistreating property as well as their employment status. Once their deposit is taken you’ll have to pass it over to a Deposit Protection Scheme to be kept safe until the tenancy ends. Lastly, you’ll need a tenancy agreement which both parties sign.
Managing The Property
This is where you decide your level of involvement. Are you’re going to be very hands on? Or are you going to let an agency deal with everything for a fee? Both have their advantages. One will save you money but take up a fair share of your time and energy, then other will leave you with plenty of time on your hands, but charge a fee. On top of all this, you’ll have to keep aware and up to date on all rented property legislation and changes to the law as well as keeping compliance certificates up to date. So, all in all it’s not at simple as it seems, but it’s still a tried and tested way to generate a healthy revenue when done correctly.
PropertyLoop is the world’s first commission free lettings platform. Our platform allows landlords to advertise their rental, reference tenants, curate an agreement, register the deposit and collect rent completely for free! There are no hidden charges, upfront fees or any catches.
Built by experienced property investors and landlords, PropertyLoop connects renters with the owners directly. Your property is featured on all major search and comparison portals as well as advertised by PropertyLoop everywhere else on the Internet. You don’t have to worry about finding the good renters, that’s the job for the platform. Receive offers straight to your mailbox and select the renters that are right for your property. Need access to busy London property market? No problem at all! PropertyLoop is the London market specialist with years of experience and unique knowledge. Whatever your needs are, you can always speak to friendly support staff. Renting property is made as simple as one, two, three.