According to the latest statistics from leading mortgage lender Paragon, two million private landlords currently lease five million properties across the UK. This figure is only set to grow, with the UK government predicting by 2032, 33% of properties will be rented out by private landlords. If you lease a property and want to make 2015 your best year yet read on for a list of five New Year’s resolutions that every landlord should adopt in 2015.
Don’t forget important dates
When it comes to leasing a property remembering anniversaries is incredibly important. From gas safety certificates and electrical safety tests to smoke alarm and PAT testing, failing to renew policies and certifications can result in fines and prosecution. Online management systems such as Ready Rentals are a great way to ensure nothing is overlooked.
Give your boiler some TLC
Even if your boiler appears to be running smoothly it’s still important to get it regularly serviced by a professional. In the long run fixing minor issues before they turn into serious problems could save you a lot of hassle and expense. It will also help to keep your tenants cosy throughout the winter months.
Check your tenancy documents are up to date
As you enter 2015 make sure that all your tenancy documentation is current and up to date. In 2014 there were several changes to legislative policies and it’s important to make sure that your arrangements comply with the rules.
Adopt an eco-friendly attitude
In 2018 the UK government will be introducing new legislation that will significantly impact properties with energy ratings that fall below grade E. Without meeting certain eco requirements landlords will no longer be able to lease out their properties. Now is the time to start making ‘greener’ changes and raise the energy rating of your property.
Review your insurance policy
Assessing your current insurance policy is a resolution that every landlord should upkeep. If your property is occupied by multiple households do you have HMO specific cover? If your property is uninhabited do you have unoccupied home cover? Determining whether or not you’re paying too much for frills and extras that you don’t need could save you a significant chunk of change. Shopping around on online quote compare websites is a great place to start.
Even attempting just one of these New Year’s resolutions can have an extremely positive impact on your overall landlord experience in 2015.