5 Things You Should Do as A Landlord In 2020
In 2020, buying properties to let can be a great way to make a passive income. However, being a landlord isn’t just about picking up the rent at the end of the month, you also have responsibilities that you need to take care of. You should be ensuring that the property is safe to live in and that you are meeting any laws surrounding tenancies. Below, we are going to look at 5 things that you should do as a landlord in 2020. Read on to find out more.
Before you even think about signing a tenancy agreement with a new tenant, you should check their references. Usually, you can ask their previous landlords for a reference and use this to make the right decision in the end. If a tenant has a bad reference, you won’t want them living in your property. This isn’t something that is required by law, but it can help you out a lot.
Get A Fire Risk Assessment
As a landlord, you must ensure that your property meets all fire safety regulations. So, if you are renting out a property in the UK, you’ll need a fire risk assessment completed. You are required to carry out fire risk assessments in all common areas of a property and this also covers HMO landlords. If you live in Manchester or any other UK city, you can find fire risk assessment Manchester options online.
Arrange An EPC
Did you know that you need to have an EPC before you rent out your property to anyone? This is also known as an Energy Performance Certificate and it is extremely useful for those who want to know a bit more about the efficiency of a property. The tenant might ask for the EPC and you should provide them with this before they agree to rent. You can get these done relatively easily so don’t neglect this.
Get an HMO License
If you are planning on renting out your property to more than one household, you will need an HMO license. If you don’t apply for one of these, you could face a large fine. This applies to anyone who is renting out a property with at least 3 people who are not from the same household. If you are just renting a two bedroom property with two tenants, you won’t need an HMO license.
Create an Inventory
Finally, you should make sure that you have created an inventory before you allow your tenants to move in. The last thing you want is to have any kind of debate over which items were there when they moved in and which items they purchased themselves. Write everything out in a list and note any damages. This way, you’ll reduce the risk of issues when they decide to move out.
If you are planning on renting out a property in Manchester or another UK city, make sure to cover all of the things that we have discussed in this article.