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Becoming A Landlord

Sep 11, 2008
A great deal of responsibility is involved in becoming a landlord and before you undertake this role, you should be fully aware of what is expected of you. The best chance of keeping your tenants happy and thus reducing the probability that they would want to move out or of the property setting vacant for a long period of time is to fulfill your role as efficiently and effectively as possible.

Becoming a landlord can be a very rewarding and enriching experience not only for you but for your bank balance as well. However, before you take the plunge, there is a lot to consider.

Why would anyone want to rent property? If someone is ending a marriage, renting is a quick way to find housing.

It is a good answer for our workforce, or military personnel and our student population to live in a place for a short time span. It also gives couples a time to learn how to live with each other, play house, so to speak.

Becoming a landlord can provide a new source of revenue, adding security to your cash flow during tough economic times.

There are health and safety measures you must complete if you are going to rent your property. Following these guidelines can protect you legally while ensuring the health and safety of the tenants living on the property.

Furniture and Furnishings

There are particularly strict regulations concerning fire-resistant furniture that the prospective landlord must be aware of. Before you can lease your property, you may have to replace any furniture purchased prior to 1988, as it may not meet the code. The items to be checked are:

Beds, mattresses, headboards, sofa beds, futons Nursery or children's furniture Garden furniture Pillows, cushions, etc.

Gas safety

As a landlord you are required by law to see to it that all gas-related equipment is serviced annually. The landlord is required to keep a log documenting the regular maintenance checks and the condition of the equipment. Your tenants have to be provided with an annual gas safety certificate. You are in violation of the law if you fail to adhere to this provision.

A landlord must also see to it that his or her tenants are provided with instruction manuals for the safe use of all gas appliances as well as equipment.

Electrical Safety

Another great responsibility for a landlord is the safety and workings of the electrical components of the house, such as wiring and outlets. The wiring should be safe, and in perfect operational order. Wiring more than 15 years old must be inspected annually.

As a landlord you are a jack-of-all-trades responsible for property upkeep and maintenance. If a tenant has a problem with something on the property, who gets the call? The landlord does!

You must also be very organized particularly concerning the tenancy agreement. This is a legally binding contract between you and your tenants. You must also know something about deposits and security deposits. In other words, being a little legally savvy won't hurt!

If you enjoy a challenge, have time to spend on the rental property and are well-organized, this is something you should consider! You can do it -- be a landlord!
About the Author
If you are looking for letting agents then check out Alan Harding's website for more information on London
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