All You Need to Know About Becoming a UK Landlord in 2018

Becoming a landlord can be a viable business venture, but only if you do your research and invest in the right properties. If you want to enjoy great success in the housing market, you must be willing to invest your time and energy into your new project.

According to Quotezone.co.uk, the company that specialises in helping people successfully compare landlord insurance, you’ll need to learn all there is to know about landlord tax, and you’ll need to identify the best ways to stay up-to-date on the latest news and regulations.

As the infographic states (as above), you’ll need to invest in the appropriate landlord insurance to receive the right coverage. To do so, you’ll need to cover not only the correct number of tenants living within the property, but you’ll also need cover for the number of rooms at your address, as well as the property type.

It’s also essential to ensure you receive insurance for various potential property problems, such as water damage, fire damage, theft, plus more. For instance, you’ll be glad you invested in water damage insurance if your property and tenants’ contents were the victim of a flood, which is a very real possibility in many cities and towns across the UK.

It might also be a smart idea to invest in buildings and contents insurance. However, it’s important to note that the policy will need to be for the correct sum; otherwise, you could risk losing out on your policy. It’s also possible your insurance policy will become null and void if you sublet the property without failing to notify your insurer.

In addition to taking out the appropriate landlord insurance, quotezone.co.uk recommends you thoroughly understand your responsibilities to your tenants. For instance, every landlord will legally be required to provide a safe, secure property that is free from any health hazards. What’s more, they are legally required to provide all tenants with the right level of notice prior to a property inspection.

There are multiple ways you can care for your property before a tenant leases the house or flat. For example, you should ensure the boiler is serviced to ensure it is ready to rent.

It may also be a smart business move to appoint a property manager, who will be solely responsible for inspecting the property. You can, however, choose to manage the property alone, but this can be a demanding job if you have multiple properties, so you will need plenty of time available to do so.

There are multiple considerations to make when entering a new career as a landlord, but a little research can help make the process a doddle. So, carefully consider the various legal obligations you need to follow and the needs of your property, such as investing in building and contents insurance, or following your health and safety obligations to provide your tenants with a safe and secure space.

Learn more about the various things you must consider when becoming a first-time landlord in the above infographic.

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