Renting out a property can be a lucrative source of income however it doesn’t come without its qualms. From property damage and tenant injuries to expired leases and run-ins with the tax man, staying on top of your affairs means the difference between a smooth ride and a derailed disaster. If you’re a landlord, read on for a curated list of top tips that will help you make it through 2015 with ease.
Prepare for winter
The Starks always know when winter is coming and you should too! In the lead up to the colder months make sure you carry out a full winter weather check on your home. This includes cleaning out gutters, sealing any door/window gaps, checking boilers, bleeding radiators and insulating pipes on any uninhabited properties to avoid freezing and cracks.
Get your tax affairs in order
Over the past few months HMRC has been cracking down on landlords who don’t play by the rules. If you’re not 100% sure what you should be paying enlist the help of an accountant. At the end of the day this will ensure that you don’t get stung by any fines, penalties or unpaid amounts.
Reassess your insurance policy
Insurance should be a major priority for any landlords, whether you’re letting a small apartment of a multi-level HMO. It will ensure that if your property is damaged or your tenants are injured you will enjoy full support every step of the way. Hitting up quote compare sites will help you find the best landlords insurance deal on the market that covers you for everything you need.
Update any legal documents
Being a landlord goes hand in hand with file upon file of legal documents. From tenancy agreements and inventory lists to Gas Safety Certificates and electrical safety checks, take the time to make sure all your documents are up to date.
Comply with safety regulations
Does your rental property fall into line with safety legislations? This includes smoke alarm laws, HMO licenses, fire extinguishers, fire safe furnishings, safety certificates and more. If your property doesn’t comply you’ll face hefty fines and penalties from the authorities.
Be prepared for rates rises
The global financial crash has meant landlords have been enjoying low interest rates for the past few years. However in 2015 some economic experts are predicting a significant rise. If this does come to light you’ll need to think about how you’re going to bridge the gap, whether it’s increasing rent, switching mortgages or gradually putting money aside.
These are all relatively simple tips however they can have a seriously positive impact on your experience as a landlord in 2015.