Top Tips for New LandlordsOctober 10, 2017 4:13 pm
Top Tips for new Landlords
If you’re considering buying your first investment property there are a few things to consider. Here are some pointers to keep your feet on the ground.
Consider the legal requirements – The letting industry is one of the most regulated Industries in
Scotland with over 150 pieces of Legislation. If you are employing a letting agent the good news you don’t have to know it all, that’s our job, but there are some basic legal requirements which you will need to know before the Agent can market your property.
- EPC’s (Energy Performance Certificates) – This will be required before your agent can even advertise your property. You will however get one of these contained within your Home Report and it will last for 10 years from the date of the report.
- Electrical Installation Condition Report – this requires to be carried out by a qualified electrician ever 5 years and a copy must be provided to each new tenant.
- Gas Safety Check – if your new property has gas you will require a Landlords Gas Safety Certificate to confirm the gas supply is safe to use. This requires to be carried out annually by a qualified Gas Safe Engineer.
- Legionella Risk Assessment – This requires to be carried out by a qualified assessor and will normally last between 5 and 10 years depending on the type of heating system installed.
- Inter-linked smoke/heat detectors – all rented properties require inter-linked smoke detectors to be installed. Depending on the size and layout of the property you may require several to comply with current regulations.
- Landlord Registration – All landlords renting property in Scotland require to be registered with the local authority where the property is located. Currently this needs to be renewed every 3 years.
Buying the Right Property – If you are new to the market, get good advice! If you were in investing in Stocks and Shares and knew nothing about the market you would trust your broker to advise you so don’t be afraid to speak you a local agent. Letting Agents know the good areas and the bad and will very often be keen to win your business so will happily send time advising on where to buy and where to avoid.
Preparing your property for let- The letting market is very competitive so you need to ensure your property looks its best and will attract the right tenant and the best possible rent. Above all keep it neutral, soft shades are ok but stay away from strong colours. Neutral carpets and décor are always best, stay away from personal tastes! Don’t forget you’re not buying the property to live in, it’s an investment.