If you’re a new landlord, it can be easy to get overwhelmed by the enormity of the situation. What, at face value, seems to be a relatively straightforward transaction between two parties - you and your tenant - quickly morphs into a mammoth to-do list full to the brim with essential tasks.
The checklist:
Tenant referencing
Tenant referencing gives landlords an opportunity to look closely at those who wish to rent their property, giving them a more detailed view of who they are and what they might be like as tenants. Of course, this is by no means a fail-safe procedure, but it will give you an insight into your new tenants that you wouldn’t otherwise have.
Things checked during tenant referencing can include the following:
Proof of identity
Financial status
Employment status
Credit history
Previous addresses
Right to Rent (see below)
Guarantor information (if applicable)
Previous landlord references (if applicable)
Right-to-Rent checks
Conducting Right-to-Rent checks has been a legal requirement for some time now and ignoring it could land you with a hefty fine for every illegal tenant that slips through the net.
Tenancy agreement
Despite being an official document, you are not required by law to draw up a tenancy agreement. However, very few landlords choose not to, as having a solid tenancy agreement in place is crucial, especially if the worst happens and you end up in a dispute with your tenant.
The property
The next part of our landlord’s checklist is all about the property itself. Ask yourself the following questions:
Structurally sound?
Clean and tidy?
Free from damp?
Furnished or unfurnished?
Does everything work?
The financial side
Let’s move onto the thing that everybody loves to hate talking about: Money.
Who pays what?
Do you know what you want your tenants to pay and what you’re happy to foot as the landlord? Will you include utilities in your rental charge?
It’s entirely up to you what you include and what you don’t, but you obviously need to be clear about it.
What are you going to charge for rent?
Have you had a rental valuation conducted on your property? Do you know what you’ll need to charge in order to make letting the property financially viable?
What deposit do you need?
Will you require tenants to have a guarantor?
How are you going to track payments?
Will you take out landlord insurance?
These are all tricky questions and something we are here to help you with. Reach out for our landlord packages and a consultation.
The legal stuff
The final section of our new landlord checklist is arguably the most important, as it’ll help keep you on the right side of the law. It’s also the area that landlords find the most difficult to keep on top of, thanks largely to its ever-changing nature.
Has the property got an up-to-date Energy Performance Certificate (EPC)?
Has the property got an up-to-date gas safety certificate?
Have you performed a Legionella risk assessment?
Are there working smoke alarms on every floor of the property?
Is there a working carbon monoxide alarm in every room where solid fuel is used?
Have you checked the Right to Rent?
Have you ensured that your tenant’s deposit is properly protected?
Have you supplied your tenant with the correct documentation?
Renting a House in Multiple Occupation (HMO)? Have you got a license?
The legal aspects of being a landlord can be a real headache, which makes it the number one reason why so many choose to hand the reins over to a property manager. Here at Property Care NI, we are constantly updating and retraining our property management team to ensure all of our clients remain compliant.
If you would like help running your tenancy, give us a call. We offer a range of property management services tailored to suit your needs, so do reach out to discuss how we can help you minimise the inevitable stresses associated with being a landlord.