The Property Shop’s CEO, Steve, has over 25 years of experience. If anyone knows what it takes to be a successful landlord it’s Steve, he’s seen it all! This list of the 8 Essential Top Tips for landlords, will help you to keep the process of being a landlord easy and straightforward, so you can reap the rewards of your investment
Whether you’ve just bought your first property in Brighton & Hove, or you have a substantial portfolio of properties, being a landlord is a hands-on role in a dynamic environment. You’re always learning new things and facing new challenges. Keeping abreast of the ever evolving market and updates to legislation and requirements for landlords is no easy feat.
First and foremost, a good landlord should keep an eye on property market conditions. This will help inform you on how to market your property, and what competition you face. Market research will also give you a realistic idea of what price you should expect for your property.
Knowing the local neighbourhood and your property is located in can significantly affect how well you position your property. For instance, here in Brighton, there are some excellent schools in the area, so you may want to market your property as a family home. Likewise, if it’s located on the commuter belt, you could think about converting it into separate flats to accommodate four individual tenants instead of just one household.
When you rent out a property, it’s the landlord’s responsibility to ensure that the property meets certain requirements. You must ensure that it is a ‘liveable space with a safe environment’ for any tenants that move in.
Ask the team here at The Property Shop, as we can help you understand all the requirements your property needs to meet before you rent it out.
Being a landlord is full on. It can be hard work trying to manage one, or more, properties alongside your other commitments such as your family, career, hobbies, etc. Some landlords find it’s not worth the stress. This is why property management can be a real gift. For a small fee, an agent can take care of the management responsibilities.
Speak to The Property Shop about the customisable and flexible levels of property management we have on offer. We can take care of as much or as little of the process as you like. To name just a few ways we can help:
Before you start getting rent paid into your bank account, you should register with HMRC to ensure that you’re taxed accordingly. You’ll be taxed on all rental income after the first £1,000.
It’s important to mention that there are different tax rules for landlords, depending on the type of property you own. The HMRC website has all the information you need to make sure you’re doing all that’s legally required.
As a landlord, you should always be prepared. Setting aside a small amount each month, for when things go wrong, can take off a lot of pressure.
For example, if your property is unexpectedly vacant for a short period, you should ensure that you can cover your mortgage payments without rental income. Furthermore, no matter how new the property is, wear, tear, and weather may lead to the need for maintenance and repairs.
There are many legal requirements that you must follow as a landlord to ensure the safety of your tenants and to avoid fines and penalties. These include:
Contact your local council to check whether any other licenses are needed before you rent out your property. Some councils will have specific mandatory regulations above and beyond the ones mentioned above.
In Brighton and Hove you may need a license if your property has two or more storeys, or three or more tenants living there as more than one household. More information is available on https://www.brighton-hove.gov.uk/
Please contact our team of dedicated experts at The Property Shop on 01273 915400 or at info@tpsb.co.uk. We pride ourselves on keeping property management processes straightforward and keeping the best interests of our clients at heart, so we will be delighted to help you.
Do you have any questions about the topic above? Our team of experts is here to help in answering any query you may have.
Fueled by his desire to be the best, most reputable estate and lettings agent in town, Steve has spent his career cultivating The Property Shop. Steve prides himself on his authenticity, honesty, and knowledge-base which is emulated by The Property Shop and his team.
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