Letting out a property is something that can help you to get some extra income and also can be useful if you are planning to be out of the property for a while but don’t want to sell it. Here are some of the things that you need to know if you plan on becoming a landlord…
Safety of the Property – It is the law to make sure that you have ensured that the property is as safe as possible for people who are renting it, and this means that things that can potentially be a hazard need to be checked. Fire safety is one thing that you need to take into consideration, so you will need to ensure things like smoke alarms are fitted and are working correctly.
Gas and electrics also need to be checked regularly for safety to reduce the risk of fires.
Managing the Property – You will not only need to find tenants for your property but once you have tenants in there you then need to make sure that it is managed correctly. Making sure that tenants are able to report issues if they find them, as well as ensuring that the correct procedures are followed can be a lot of extra work for you to do, so many landlords prefer to use a professional lettings company like this letting agents Gloucester based company https://www.thomasandthomasproperty.co.uk/
Insurance and License – You need to have the right insurance when you are letting a property out to make sure that you are covered as a landlord. Look into landlord insurance, and also check to see if you need a license and if so what licenses you need in order to let the property out.
