How to be a Landlord
Date: 5th August 2016 | Author: Alan Davis
It sounds so easy! Buy a house or flat, find a tenant and sit back and watch the £££s roll into your bank account, perhaps even tell the tax man so he can help himself to some of it. So what does a potential landlord need to know to be sure that letting is a rewarding experience for all, avoiding the nightmare scenario that makes such compelling TV viewing?
Let’s look at a basic list:
- Which property to choose, either for income or for capital growth; what is the overall objective?
- Is the property lettable and what price, and to whom
- Is it legally compliant and safe? What should be considered when assessing this?
- Will the property require a great deal of maintenance in the future, can you do this, or are there suitable contractors available?
- Do you have the legal, practical, letting and marketing knowledge to do this, or will you need a professional to deal with this complex range of subjects?
- If things do not work as hoped, do you have the benefit of a team of professionals to deal with the legalities?
- Do you genuinely know the answers to these questions?
Choosing a professional letting agent to advise on all the above is the most important decision a landlord can make. Selecting a member of the trade body, The Association of Residential Letting Agents, (ARLA) will provide assurance about the quality of service and the high level of training that is necessary to successfully negotiate the complexities and legalities of letting.
Penyards Property Management Managing Director Alan Davis, comments, “The market for letting property is growing and many new people are entering it every day, some with real knowledge and skill, but sadly many with few transferrable skills or knowledge to keep them on the legal and safe straight and narrow. Choosing an ARLA agent and one with real local knowledge and provenance has to be the right way to deal with this important investment and ensure the project is a success.”
Penyards Property Management has been members of ARLA for almost twenty years, complying with the high standards of client accounting and staff training required for membership.