Want To Be A Landlord?

By Alan Harding

Becoming a landlord carries with it a lot of responsibility and you should come to know and understand what is fully expected of you. If you fulfill your role as efficiently and effectively as possible, you will give yourself the best overall chance of keeping your tenants happy, thus reducing the likelihood that they would want to move or of the property setting vacant for a long period of time.

Becoming a landlord can be a very rewarding and enriching experience not only for you but for your bank balance as well. However, before you take the plunge, there is a lot to consider.

Why would anyone want to rent property? If someone is ending a marriage, renting is a quick way to find housing.

It is a good answer for our workforce, or military personnel and our student population to live in a place for a short time span. It also gives couples a time to learn how to live with each other, play house, so to speak.

With all of the uncertainty in the stock market and retirement accounts, becoming a landlord can help ensure a fresh revenue stream.

In order to lease your property, you must follow a variety of safety and health guidelines. This will not only protect you legally, but it will ensure the safety of the renters who are living within the property.

Furniture and furnishings

There are particularly strict regulations concerning fire-resistant furniture that the prospective landlord must be aware of. Before you can lease your property, you may have to replace any furniture purchased prior to 1988, as it may not meet the code. The items to be checked are:

Beds, mattresses, headboards, sofa beds, futons Nursery or children's furniture Garden furniture Pillows, cushions, etc.

Gas safety

You, as a landlord, are required by law to service all equipment that is gas related at last once a year. The landlord must keep a log of regular checks and in what condition the equipment is. An annual gas safety certificate must be provided to you tenants. If you do not adhere to this, you are breaking the law.

A landlord must also see to it that his or her tenants are provided with instruction manuals for the safe use of all gas appliances as well as equipment.

Electrical safety

It is also necessary for a landlord to maintain the electrical system. The wiring must be safe and in proper operational order. Wiring that is more than 15 years old should be inspected annually.

As a landlord you are a jack-of-all-trades responsible for property upkeep and maintenance. If a tenant has a problem with something on the property, who gets the call? The landlord does!

It is necessary that a landlord be well organized, especially where it concerns your tenancy agreements. The contract is a legally binding agreement between you and the tenants. You will also need to know all about security deposits and regular deposits as well. Any legal knowledge you may have will benefit you along the way.

If you are a person who would like a challenge, has extra time to devote to your rental property and is organized, I say, go for it! Become a landlord!

About the Author:

If you need letting agents then check out Alan Harding's website for useful information on London letting