6 NEW YEAR
RESOLUTIONS FOR LANDLORDS
Jan 13, 2015
Last year was a year of great change for private landlords.
With the private rented sector taking more responsibility for the provision of
housing, many continued to struggle to get a mortgage with the high deposits
needed to secure a home – and even more and more concerned about rising house
prices, the sector will come under ever-greater scrutiny this year.
In fact, at the dawn of 2015, greater transparency will be
demanded from landlords and it is even more key that they keep abreast of
changing legislation, as well as the condition of their properties.
With this is mind, now is the time for landlords to make
their very own New Year’s resolutions and plan for a prosperous and stress-free
future in 2015 and beyond.
Neil Woodhead, Founder of U.K. company Ready Rentals, an
online resource that offers self-managing landlords the support to provide a
professional and legally compliant service, gives his suggestions for seven
resolutions that private landlords should keep this New Year:
Don’t forget your anniversary,
When is your gas safety, electrical, flue and other tests
due? When is your insurance due for renewal? Miss these dates and you could end
up being prosecuted, so it is important that you keep a close track of all
anniversary dates.
What’s your policy?
Does your insurance policy cover accidental and malicious
damage, letting to unemployed tenants, 30-days void occupancy levels and loss
of rent, or does it have a minefield of exclusions in the small print? If your
policy is not yet up for renewal, make sure you have a good look at your
current documentation and ensure that you are fully covered. When it is due for
renewal , make sure you read everything thoroughly as it could mean the
difference between a payout and a huge headache.
Have a thorough MOT.
When did you last inspect your rental property, check meter
readings for adverse usage, assess general wear and tear or damage and update
your inventory? While you have some free time, start planning arrangements to
visit your property to ensure everything
is up-to-date and there’s nothing that needs addressing. When was the last time
you checked for condensation and were the tenants advised of how to deal with
these issues to reduce the risk of damage to their health and your property? Do
the smoke alarms and CO2 detectors work? Are all the appliances functioning and
have any unauthorized alterations to the property or fixtures been made? This
can all sound very daunting but can be made far simpler with the use of
templates that can be populated online.
Are you on track?
Check your current tenancy documentation is up-to-date and
that it takes into account the changes brought about by any recent legal cases
and alterations to government policies. Make sure they comply with the correct
notice periods and tenant deposit rules. Legislation is something that is not
static for long, especially when it comes to the private rented sector, and
therefore staying on top of any changes or alterations is key to staying within
the bounds of the law.
Make the most of your asset.
First impressions count, and whilst many make the resolution
to join the gym and exercise regularly come the New Year in the pursuit of the
perfect physique, the private landlord should be looking to the improve the
appearance of their property, especially when it comes to marketing it to
prospective new tenants. Ensure that the property is presented in a
professional manner, whether it is de-cluttering if it is furnished, trimming
back hedges, redecorating to make sure walls and skirtings are clean and neat
or fitting new handles to doors. Whilst being supported by a licensed real
estate agent, make sure that you have good quality photographs to show off your
property.
Become more eco-aware
This may seem a long time away, but by April 2018 new
legislation in the United
Kingdom , for example will have a significant
impact on properties with an energy rating below grade E, and if Labour gets
into power at the next General Election in May they are proposing an increase
to grade C. If your properties do not meet these minimum levels you will not be
able to make them available to let, so as we head into 2015 now is the time to
budget for and programme any works required to raise your property’s standard.
Stay up to date with the laws and legislations in the country where you
investment property sits.
Info courtesy –
Property guru