At Red Key, we recommend landlords follow the latest industry news and ensure they meet all the rules and requirements for rental properties. Read our essential checklist to learn more:
1. Monitor the property market
This will help inform you on how to market your rental property, as well as give you an idea of what price you should be expecting for it. You’ll also have a much better idea of the competition and changes in the market.
We suggest using a mixture of online and physical resources such as the following:
- Rent Smart Wales: Assists those who let or manage rental properties in Wales to comply with their Housing (Wales) Act 2014 obligations and provides advice on renting out safe and healthy homes
- Dataloft: An established property market intelligence company with a long track record of analysing and reporting on the housing market
- The Negotiator: The leading and longest established media brand serving the UK residential property market
- Property Insider: News, ideas, strategies and tips for Property Investors & Property Professionals
2. Identify local facilities in your property’s location
Knowing key information about the local neighbourhood can directly impact attracting the right tenants for your property. Here are some examples of facilities/amenities which may be helpful when marketing:
- School catchment areas, nurseries, universities
- Transport links
- Leisure/Activities centres
- Restaurants, Bars and Shopping
- Local amenities
- Dog parks
- Public parking
If the facilities in the surrounding area don’t match up with your property, for example, family home close to the commuter belt in a busy area. Converting into separate flats to accommodate multiple tenants may be worthwhile exploring.
3. Ensure that your property meets all necessary criteria
Is the space legal, livable and a safe environment for tenants? Smoke alarms, safety hazards and wheelchair accessibility are just a few of the many topics which landlords must address.
At Red Key, we can help you understand all the regulations and your property needs to meet before you can rent it out. Speak to a member of our team today.
4. Help is available if you need it
Red Key can help work with you to look after your rental property and tenants:
- Advise you on rental property prices based on market conditions
- Market your property, online and offline
- Arrange and conduct viewings on your behalf
- Draw up tenancy agreements
- Property maintenance and repairs
- Collect rent every month and chase up late payments
5. Understand HMRC tax and rules
Before you start getting rent paid into your bank account, you should register with HMRC to ensure that you’re taxed accordingly..It’s important to mention that there are different tax rules for landlords depending on the type of property you own. Look into ‘Help and Support For Landlords’ on the HMRC website to make sure you’re doing all that’s legally required.
6. Start an emergency fund and prepare for the unexpected
As a landlord, you should always be prepared and set aside money for unexpected issues such as vacant properties, maintenance and repairs. Make sure you can cover your mortgage payments and for how long without rental income.
7. Know the legal requirements for landlords and tenants
Check out the Rent Smart Wales website for the latest requirements and make sure to keep an eye out for legislation on:
- Gas Safety (Installation and Use)
- Smoke and Carbon Monoxide Alarms
- Electrical Safety Standards in the Private Rented Sector
- EPC (Energy Performance Certificate) & MEES (Minimum Energy Efficiency Standards)
8. Check whether your local council requires any specific licences
Contact your local authority such as Newport City Council to check whether any other licenses are needed before you rent out your property. Some councils will have specific mandatory regulations above and beyond the ones mentioned above.
Need expert advice?
If you need any advice on renting out your property, please get in touch with our team at Red Key today.