Becoming a landlord is a big decision. Not only must you provide a comfortable space to attract tenants, but you must also ensure it adheres to various health and safety standards. There is also the big matter of landlord insurance for property owners, too.
To help make the transition as smooth as possible, quotezone.co.uk has created an expert infographic to help first-time landlords make the right decisions when it comes to their responsibilities and insurance options.
Do Your Research
As above, the infographic recommends that you would be wise to gain a thorough understanding of your legal obligations before you welcome a new tenant. For example, you are required to provide each tenant with a safe property that is free from health hazards.
Also, try to gain an understanding of your market and think about the type of tenant you want to attract. Consider not only their life stages and the property’s location, but their income to ensure they pay their rent on time each week or month.
Manage the Property
You should also regularly refer to the infographic to learn about the different ways you should manage your property. For example, every landlord must ensure the building is fit for rent before they advertise the property to a new tenant, why not think about getting a home cleaning service to help. For example, you should ensure no loose wiring is on display and that the boiler has been serviced by a professional.
As recommended by quotezone.co.uk, you must have a clear understanding on how you will manage the property. Ask yourself if you have enough time or passion to manage the property yourself. If you don’t, consider hiring a professional property manager, who can perform regular inspections on your behalf, but as the infographic states, you must provide a tenant with the right level of notice before doing so.
Choose the Correct Cover
The difference between a profitable income or a drain on your bank balance could be landlord insurance. As a landlord, you are financially and legally liable for any theft or damage to the property, which is why you should never underestimate its importance.
Quotezone.co.uk suggests every first-time landlord should review multiple policies using a reputable insurance comparison website, so you can find the right level of cover and type of insurance, which should be based on the property type, number of tenants, number of properties, and number of rooms at each property. You must also identify what will be covered within each landlord insurance policy, such as theft, water damage or fire damage. For example, it will be you who will be left out of pocket if a property experiences a fire, but you failed to invest in fire cover. It is your responsibility to ensure you have adequate landlord insurance, after all.
If you want to read more landlord insurance tips to help you become a successful landlord, check out the above infographic from quotezone.co.uk for expert advice, which you should save onto your computer or smartphone for future assistance.