Getting ready to rent; top tips for the first time landlord

Jonathan Morgan (Picture: Barnaby Aldrick)

Whilst a well-managed property investment is in our view an essential element in a balanced long term investment plan, it can take a little planning to get there.

  • If you are buying in another city, ensure that you observe the first rule of property- view before you buy. However appealing the marketing, make sure that you at least visit the site and check the credentials as they have been put before you. Double check the ‘5 minute walk to the railway station’, the ‘host of bars and restaurants on the doorstep’ and the ‘easy access to major road links’.
  • If you are preparing to rent out your own home, make sure that you remove any valuable items or anything of sentimental value. It is a simple fact that even the most diligent and pleasant of tenants can unwittingly damage or ruin fine items.
  • make sure that you have appropriate insurance and that it is noted on the policy that you are renting the property out.
  • take out specialist contents insurance which includes accidental damage.
  • if you are renting out your own home, make sure that you inform your lender.
  • choose a reputable agent with a high street presence and membership of ARLA.
  • ensure that you follow the agent’s advice in terms of whether to let furnished or unfurnished and, if it is to be furnished, make sure that you install neutral, sturdy items which will stand the test of time.