Whether you are a new landlord or have been in the business for years, there are often many aspects which can be overlooked or that are confusing. With new laws coming into place, it can often be overwhelming keeping yourself in the know. Many people believe that being a landlord is an easy way to make money, but in fact, it can be like having a full-time job, especially if you are doing everything by yourself and not using the help of a letting agent.
We have put together a list of frequently asked questions which as a landlord you may find yourself asking.
Yes, you will need to get permission from your mortgage lender to let out the property. However, if you are looking at buying an additional property to let out, then you can let your potential lender know from the start.
As a landlord, it is important that you have an inventory carried out prior to any tenants moving in. This is because if a dispute ever arises between the tenant and yourself over damage, you will have a form of proof of how the property looked before they moved in as well as a list of the contents.
It is completely your decision whether you want to let your property out as fully furnished, unfurnished or even part furnished. However, if you provide your tenants with any electrical items these will need to be PAT tested, and any soft furnishings such as a sofa will need to comply with fire and furniture regulations.
If you choose to use a letting agency to fully manage your property, then they will take care of any work or repairs which need to be carried out. However, if you are doing it by yourself, you will be in charge and will have to seek out the right professional to fix the problem.
As mentioned above, being a landlord can often seem like a full-time job. This is why many landlords will choose a letting agent to fully manage their property to take away some of that pressure.
They will find you tenants, draw up tenancy agreements, carry out the inventory and much more. Here at Godfrey Short & Squire, we are experienced letting agents in Okehampton and cover the whole of West Devon, offering a Tenant find or Fully Managed service. If you wish to know more about the services we offer for landlords, then please do not hesitate to get in touch on 01837 54504.
Unless you are letting your property out and including bills in the rent, the tenants will be responsible for paying them. They will pay for internet/phone, council tax, water, gas and electric and the tv licence.
This obviously varies from area to area as well as what type of property you are looking to rent out. However, to determine the rental value of the property you can speak to your local letting agency who will be able to advise an appropriate amount to charge. They will consider the local area, state of the property, property type as well as the current rental market.
The amount of tax you pay as your role as a landlord will depend on how much profit you make as well as your current employment status. As being a landlord is seen as an extra job where you are receiving an income, you will have to pay tax on that income. You can find out more about this by visiting the HMRC website.
An Energy Performance Certificate or EPC is an assessment of your property’s energy performance. Your property is given a grade with A being the most efficient, down to G. This certificate is required by law for all homes which are being rented out.
These are just some common questions we often get asked by landlords regarding their role. However, please do not hesitate to get in touch if you have any further questions or require advice regarding your rented property.