thread for newbie Landlords; how to be a good landlord and make some profit.

[ZombiePlanB]

I've been trawling mumsnet and have found the following info. Are there any other good tips out there?

1. Need a gas cert yearly
   
2. Need an EPC
   
3. Get buildings insurance
   
4. Get rental protection insurance - tax deductible
   
5. get emergency heating/boiler insurance - tax deductible
   
6. Hold deposit in holdings account
   
7. Take full inventory with photos
   
8. Check tenants references and credit checks
   
9. Check passports
   
10. Personal recommendation for agents if using one
    
11. Get local handyman details to avoid call out fees.
    
12. change mortgage if nec, interest only is tax deductible
    
13. check tax situation regarding profit
    
14. renting out furnished is a 'pain'
    
15. part furnished can reclaim tax on expenses
    
    any others? The property has a garden, should I arrange a gardener once every 2 months to make sure the garden is kept in OK state?
    
    thanks!

[ZombiePlanB]

some more;

16) Look on landlordzone.com
17) Get tenacy agreements online / WHsmiths
18) Get tenants from gumtree
19) Meet the tenants if poss.
20) Get tenants to 'sign off' on state of property before they move in

who makes 'good' tenants? Students, young couples, foreign workers, older couples, gay couples?

[dreamingofsun]

whats an 'EPC'?

[ZombiePlanB]

[http://epc.direct.gov.uk/index.html EPC]

[ZombiePlanB]

EPC

even!

[mousymouse]

as a tennant I am a bit about leaving a set of keys with the landlord or agency. not necessary imo.
agree with most points posted. you will make a great landlord

[mousymouse]

our landlord (agency) doesn't. and if they had I would exchange locks. [paranoidemoticon]

the landlord does not have the right to the keys and if it is a real emergency they can knock down the door or else agree to meet with the tennant for access.
independent keyholder would be different though.

[dreamingofsun]

thanks zombie. have bookmarked this as forgotten about it. not that any prospective tennant has ever asked for it.

mousy - we always keep a set of keys in case of an emergency - if there was a major leak and you were on holiday for 2 weeks how else would we fix it - and as a landlord i don't like the idea of having to kick my door in.

[LornMowa]

How about photocopying the instructions to any equipment left in the house such as washing machines, lawn mowers. etc Leave details of how to turn off water. Put all useful information in a "house manual".

[mousymouse]

love the idea about the house manual, please also instructions about the heating, important phone numbers...

[BelfastBloke]

How do you find an independent inventory person?

[Kristingle]

we have become reluctant landlords ( renting out property we cant sell)

we are having to provide furnishing - does anyone know what we need to buy?

all windows have blinds and we will put up curtains

there is already a fitted kitchen with hob , oven and fridge. Should we also provide a microwave, freezer and washer dryer?

i assume that 2 sofas, side table and coffee table is fine for living room?

bedrooms have fitted wardrobes - guess i have to buy bedside cupboards, chest of drawers and bed?

do i need other things like vacuum cleaner, small kitchen appliances etc?

i want to do things to a decent standard but we are having to buy everything new and the bill is adding up.

[Fortified]

In my experience, tenants move in and don't need/like half the stuff you have provided so it gets boxed and shoved away somewhere. Depends on the kind of property, I guess, but my last two tenants (of 1 bed flat) have asked to provide their own bed, so the one I bought is in storage. Buy just enough furniture to make the place look liveable, with a few cheap but cheerful touches, then negotiate with tenants over anything else they need. Possibly let them choose their own things from Ikea or similar within a set budget?

[Kristingle]

i hadn't thought of that, fortified. we already have a tenant ( friend of a friend) and she says she doesn't have anything. she asked for it to be furnished and was happy to pay a higher rent.

but we dont want to buy too much or the wrong kind of stuff and find its no use for subsequent tenants