When investing in property in the UK as a landlord, your main priority will be ensuring that your money makes a good return – ideally providing an income for many years to come. The thriving rental market means that this is a very real opportunity. However, it’s important not only to focus on profits, but your responsibilities as a landlord.
Before you start searching the market for buy-to-let properties for sale, here’s a quick guide – outlining the responsibilities involved.
1) Property safety. As a landlord, you have a responsibility to your tenants to provide safe accommodation. Your residential property should be compliant with fire safety regulations, plus the electrical and gas systems, including internal wiring, flues and pipe work, should all be in full working order.
In order to ensure your property is fully up-to-scratch, you’ll need to hire the relevant specialists to conduct an assessment and carry out repairs where necessary. You are also required by law to install smoke alarms on every inhabited storey of the property, plus carbon monoxide alarms in rooms which contain ‘solid fuel appliances’. (This includes coal, wood etc.)
2) Gas appliances. All gas appliances must be safe to use and regularly maintained. As a landlord, it’s also your duty to have them checked annually by a Gas Safe registered engineer. After each yearly inspection, make sure you’re given a copy of the Gas Safety Certificate, and note that your tenant will also require a copy.
3) In addition to the property itself, certain furniture within the property must comply with fire safety standards. This includes beds (and mattresses), sofas, nursery furniture (e.g. cots), soft furnishings such as cushions, garden seats, covers for furniture, futons and garden dining sets. If you’re not sure whether your furniture needs to be fire resistant or not, speak to your letting agent, who can offer advice.
4) Electrical safety. All electrical equipment should be safe for use, including plugs and sockets. Although there are currently no legislations in place requiring landlords to have electrical equipment formally inspected, it’s the responsible course of action – and your tenants deserve a safe place to live. An electrician will be able to test all electrical appliances, plugs and sockets on your behalf.
Buy-to-Let Property for Sale – Additional Notes
You’ll also need to be aware of the following:
The Buy2Let Shop – Property Investment UK
If you’re looking at buy-to-let property for sale, but aren’t sure where to start, The Buy2Let Shop can help. We’ll offer advice on investment properties for sale, assist you with buying a house at auction, and our services even include property investment seminars – to ensure you’re equipped with the most up-to-date property knowledge.
If you’d like to find out more about our services, simply visit our website today.