Are you thinking of buying property to rent out, or maybe you have recently acquired your first buy-to-let property? If so, this article is well worth a quick read.  We regularly work with landlords and property investors across the East Midlands and the UK, and so we wanted to share some tips that will help you from the outset.

Choosing a good location

When choosing your first rental property, it is a good idea to check that the location will attract the type of tenants you are targeting.  If you are looking to rent to students, the property should be located close to or have good public transport routes to local universities. Renting to professionals or families is very different. The latest trends have shown that tenants looking for long-term let's choose suburban areas and tend to rent properties with plenty of space, especially if they are now working from home.

Selective license schemes

Some local councils have selective licencing schemes in place for rental properties. The license was introduced to raise the private rented sector standards and ensure all tenants enjoy a safe, comfortable, and well managed home. These schemes require most private rented properties to be licensed. Licences are for each property. A privately rented property could fall under the Selective Licensing scheme if there is:

• One occupant
• More than one occupant who form one household (e.g., a family)
• Two unrelated individuals who form two households (e.g., two friends)

The license usually needs to be renewed every five years.

Safety standards

As a landlord, you need to ensure that the property is safe before renting. There are several legal requirements that you need to understand in relation to the property and appliances. For example:

• Annual Gas Safety Certificate
• Electrical Safety Check Regulations
• Smoke alarms on all floors
• Carbon Monoxide detectors

Energy Performance Certificates

From 1st April 2020, legislation was introduced stating that landlords must ensure the Energy Performance Certificates are provided to tenants for new and existing tenancies. 

An Energy Performance Certificate includes information about a property’s energy use and typical energy costs. It also contains recommendations about how to reduce energy usage and save money. All rental properties must achieve an energy efficiency rating of E or above.

Landlord insurance

Finally, it's essential to make sure that you have adequate insurance for the property. If you rent a property without informing your insurer, then the policy could be invalid. There are specific insurance policies for landlords, which will cover a loss of rent, damage caused by tenants, and legal expense and liabilities.

If you consider renting a property, you also need to think about the financial implications and tax liabilities. Our team are experienced in working with landlords and property investors and would be happy to help. 

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