Being a landlord is not an easy job. It can be exhausting as it comes with a lot of responsibility. The landlords have to make sure that they are able to satisfy the tenants and ensure their safety. To have a successful business and thrive in any industry it is important to understand and learn its ropes.
One thing that all landlords should understand is that they have to be ready for a lot of responsibilities. One small mistake can cost you dearly and tarnish your reputation and a good reputation is essential for being a successful landlord.
Here are a few common mistakes that you should avoid at all cost so that you can let your property without any problem.
Not Securing the Deposit:
A mistake that is going to cost you dearly is failing to protect the deposit of the tenants. It is important that the tenant’s deposit is properly secured in a scheme that is legally recognized. The landlords are legally required to secure the deposit within thirty days of receiving it. If they fail to do so within the required time then they will have to face serious consequences.
Ensuring Gas Safety:
The landlords are responsible for the safety of the tenants. If the landlords fail to take all the precautionary measures and some accident occurs then it will be the landlord’s responsibility. You do not want the possible loss of life due to an accident on your conscious and there are penalties that you will have to pay. You should find at least the cheapest gas safety certificate London so that you can fulfill your legal responsibility of ensuring tenant’s safety against gas hazards.
Not Getting an EPC:
The landlords are legally required to get an energy performance certificate when the property is let to a new tenant. An EPC is a legal document that shows potential tenants the energy performance of the property. The EPC rating of the property can be an important factor in attracting the tenants. An EPC certificate will show the energy efficiency of the building and also give suggestions that can allow you to improve the energy rating of the property. An EPC certificate is valid for ten years to make sure that you have one ready so that you can show it whenever you need.
Not Getting Specialist Landlord Insurance:
An ordinary home insurance policy is not going to cover the rental activities so you should not rely on it if you are looking to rent the property. For a rented property you will need a specific landlord insurance quote and policy so that the rented property is fully covered. The policy covers landlord liability cover and contents insurance. There are several insurance options that you can get and they will include accidental property damage.
Ignoring Rent Arrears:
You should not make the error of ignoring rent arrears because you want to get rent when you are letting the property. You need to take immediate steps if the tenants fail to pay their rent for two months. You should not let the tenants run up the debt that they are unable to pay. You need the income to take care of the expenses.