For some, being a landlord is a breeze. But for others who are maybe just starting out, it can feel daunting if you have no experience. You not only need to know your rights as a landlord, you also need to get to grips with the rights of tenants too.
Here at Ascend, we’re used to seeing fresh faced landlords and we often get asked the same questions from those who are just finding their feet. Our breakdown of do’s & don’ts and the need-to-know questions will soon see you on your way to having a well-oiled property empire.
Q: Where do I start?
A: A big question! Before you do anything, it’s important that you’ve done all the research you can to make sure this is the right step. Explore all the options that are available to you and, if you can, try and speak with other landlords about their experiences. Think about what type of investment you want to make and what kind of landlord you wish to be. Whether you want to concentrate on new builds to minimize work and money, or whether you want to look at something to renovate. Do you want to be a hands-on landlord and manage the property yourself, or hands-off where you simply let your agent do the hard work.
Being a landlord is not a decision to be taken lightly, it can be a big responsibility so a strong knowledge of the property market in general would also be an advantage to you at this point. The good news is that help is on hand for anyone who needs it. Lettings agents like us, Ascend, deal with landlords on a day to day basis so will have been through the process before and are more than happy to help.
Q: Do I have to look at property near my own house?
A: Nope, there is no reason why you should need to live anywhere near your investment property if you didn’t want to. If you choose to become a hands-off landlord, a lettings agent will deal with all the day-to-day maintenance and tenant queries so you don’t have to. All the benefits of being the boss but without the hassle!
Q: How do I know my tenants will be reliable?
A: Again, this is a process lettings agents will normally deal with. The standard procedure is to go through credit checks, ensure the tenant is in full time employment and is earning enough to cover the rent. The agent will also explore the possibility of the tenant nominating a guarantor who will account for the tenant in case of any problems. At Ascend, we vet all tenants so you rest easy knowing you’ve got a good egg from the start.
Q: What else do I need to know?
A: There are literally thousands of questions you could ask yourself as a new landlord; do I need to furnish my property? Will I need a mortgage? What sort of insurance do I need? And so on. Everyone will have different concerns but ultimately it comes down to what sort of landlord you want to be and most decisions are based on research, due diligence, judgement calls and gut instincts when it comes to investment. Depending on how much time and money you might look to spend on a property really is reliant on how much you choose to get out of it in the long run.
If you’re thinking about becoming a landlord for the first time, or would like to throw any other questions at us, we’d love to hear from you! Speak to us today on 0161 637 8336 for our Manchester office and 0151 305 2577 for our Liverpool office email us here.