First Time Landlord? Here are the Essentials You’ll Need!
Being a landlord comes with a lot of responsibility. Not only do you have to make sure your tenants are happy, but you also need to make sure your property is well-maintained and up to code.
If you’re a first-time landlord, you might be wondering what exactly you need to take care of your rental property. In this article, we’ll cover all the essential items every first-time landlord needs, from rental agreements to landlord boiler cover.
A Rental Agreement
This document outlines the terms of the tenancy and sets expectations for both the landlord and tenant. Be sure to include important details such as the length of the lease, rent amount, when rent is due, and any other rules or restrictions. Without a rental agreement, it will be much harder to enforce your rights as a landlord or take action if your tenant doesn’t hold up their end of the bargain.
As a landlord, you’ll need to insure your rental property against things like fire, theft, and liability. This will protect you financially in case of any damage or accidents that occur on your property. Since tenant insurance is not mandatory, you may also want to consider getting landlord boiler cover to protect your property against common boiler issues.
Things will inevitably break or need repairing from time to time, so it’s important to have a stockpile of essential maintenance supplies on hand. This could include things like light bulbs, tools, plumbing supplies, etc. Not only will having these things on hand save you time and money, but it will also make you a more responsive landlord.
Smoke and Carbon Monoxide Alarms
All rental properties are required to have working smoke and carbon monoxide alarms. These devices could literally save your tenants’ lives, so it’s essential to make sure they’re in good working order at all times. Be sure to test them regularly and replace the batteries as needed.
A Schedule of Inspections
It’s important to inspect your rental property on a regular basis to ensure that everything is in working order and that there are no safety hazards. Create a schedule of when you’ll conduct inspections and stick to it! Whether this is once a month or once every six months, just be sure you’re inspecting your property on a regular basis.
Landlord Boiler Cover
It’s also a good idea to get a landlord boiler cover to protect your property against common boiler issues. This could save you a lot of money in the long run, as well as make you a more responsive landlord.
Knowledge of Local Landlord-Tenant Laws
Do you know your local landlord-tenant laws? As a landlord, it’s your responsibility to comply with all relevant laws and regulations. This includes things like fire safety codes, fair housing laws, and more. Familiarize yourself with the laws in your area so that you can avoid any potential legal issues down the road.
Being a landlord comes with a lot of responsibility, but it can also be a very rewarding experience. If you’re new to the landlord game, just be sure to arm yourself with the essentials listed above, and you’ll be one step closer to being a pro!