In this article, Landlord & Tenant specialist Will Bartley provides advice for people who are looking to become a landlord.
He goes on to outline the responsibilities of a landlord, the costs involved and the benefits.
How easy is it to become a landlord?
Simply put, it’s not that easy.
There are a lot of responsibilities that come with being a landlord so, if you’re looking to make that step, you need to make sure that you are 100% certain on your decision.
And, of course, you need to be ready to take on those responsibilities.
What responsibilities does a landlord have?
- Having the correct documentation in place, including:
- Energy Performance Certificate
- EICR
- Gas Safety Certificates (require annual renewals)
- Government How To Rent Guide
- Deposit protection Certificate
- Making sure you have a suitable tenancy agreement in place
- Maintenance and management responsibilities
- Dealing with issues (e.g. rent arrears, neighbour disputes etc.) during the tenancy
- Updating tenants of address changes etc.
We outlined the responsibilities of a landlord in further detail in our dedicated article, which can be read here.
How much does it cost to be a landlord UK?
This can vary massively, depending on your situation, the number of properties you own, and the location of the property.
Here’s a list of potential costs as a landlord:
- Cost of buying a property to let (if you don’t already own one), including conveyancing fees
- Letting agent fees
- Monthly mortgage costs (if applicable)
- Maintenance fees
Additional costs include:
- Energy Performance Certificate (EPC) – £65 – renewed every decade
- Gas Safety Certificate – £45 – must be arranged annually
- Electrical Installation Condition Report (EICR) – £199 – once every five years
- Smoke & Carbon Monoxide Alarms – roughly £10 per alarm – replaced as and when
- Insurance cover/premiums
In the full article, Will looks at the requirements of a buy-to-let mortgage, the benefits of becoming a landlord and more. Click here to read it.