Five things every new landlord needs to remember

The buy-to-let sector is now the healthiest it has been in years, as demand for rental properties continues to outstrip supply and private rents edge upwards seemingly on a daily basis.

The buy-to-let sector is now the healthiest it has been in years, as demand for rental properties continues to outstrip supply and private rents edge upwards seemingly on a daily basis.

And it would appear that the North Staffordshire area is no exception, with Heywoods seeing a surge of enquiries in recent months from first-time landlords, who are beginning to realise the value in renting their home rather than selling it.

But for an inexperienced landlord letting a property for the first time can be a daunting experience, with so many pitfalls that can turn a potentially lucrative investment into a nightmare.

So Heywoods has drawn up a quick checklist of five of the most important things every new landlord should do to prevent problems surfacing further on down the line:

Get permission from your lender

By staying within the terms and conditions of your mortgage, you won't lose out on important protection for both yourself and your tenants. While some lenders are quite flexible about letting out your home, others will insist you transfer to a buy-to-let mortgage.

Check your contents and buildings insurance

If you're not adequately covered by your existing insurance then take out one of the many specialist lettings policies available.

Draw up a written tenancy agreement

An oral tenancy agreement may seem like a good way of saving money, but they're difficult to enforce should a dispute ever arise between you and your tenant. And remember that you are now required by law to place the tenant's deposit in an approved tenancy deposit protection scheme.

Make sure you can maintain the property

Ensure you have appropriate property maintenance procedures in place so that you can respond quickly in the event of a tenant emergency. And once a year you should get a registered gas fitter to check all appliances and issue a gas safety certificate.

Maximise your tax efficiency

Don't forget that not only mortgage interest, but also advertising costs, insurance, legal costs and management charges can all be offset against your taxable rental income.

But quite simply the best way for any first-time landlord to avoid the pitfalls and make a success out of renting out their home is to call on the services of a reputable lettings agent.

So why not give us a call today on 01782 61734and let us take the strain by doing everything for you