Renting out your property and becoming a landlord doesn’t need to be the most stressful thing in the world. Sure, it comes with some responsibilities that you have to stick to if you want it to work, and you’ll need to be patient, but it can work for you. Here’s how to do it without ripping your hair out:
Speak to Your Mortgage Provider
The first thing you need to do is speak to your mortgage provider. You need a buy to let mortgage, and renting out your property without one of these is illegal. You could get in big trouble if you get found out. Have a chat with them and they’ll advise you on what to do and make things easier. Essentially, they’ll tell you how to become a landlord!
Make Sure Your Property is Completely Safe
Your property needs to be completely safe before you can let tenants move in there. You have a responsibility to them now, so you must check over your property and get a professional to do so. Your boiler and other essential elements should all be in good working order.
Now, this step is going to cost you a little more money, but you’ll be glad you did it. Rather than receiving phone calls at 3 in the morning to fix a leak or broken boiler, somebody will be there to do that for you. It isn’t hard to find a reputable company with guys like www.assetfocus.com.au around. You can find a company that can be involved as much or as little as you like to get things done. You could literally sit there with your feet up, but it depends on how much you want to spend!
Save Up Your Tax
Just like regular income, income from your rent will get taxed too. It’s up to you too pay this, so you need to make sure you save up enough. You don’t want to get left in the lurch, after all! If you want to be a landlord as stress free as possible, then the right thing to do is follow the rules to the letter. So no tax evading!
Stick to Your Legal Responsibilities
You have a fair few legal responsibilities when you become a landlord. You must stick to these to avoid getting in trouble. Let’s take a look at some of the things you’ll be expected to do:
- Give an energy performance certificate for the property.
- Make sure your furniture and furnishings are fire safe.
- Make sure gas and electricals are safe.
- Draw up a tenancy agreement that is fair to both you and the tenant.
- Put the deposit in a government safe fund. If you fail to do this you could get in big trouble.
You should also bear in mind that your property may not always be occupied. It’ll help to have a company find tenants for you if you need it so you can begin earning again as quickly as possible. I hope this information was useful!