Once you have purchased the property, you will need to prepare for the letting, but where do you start? Things you should consider include:
- Are you letting the property on a short-term or long-term basis? This will determine the type of letting agreement you use.
- Have you got an Energy Performance Certificate (EPC), comparing the property’s current and potential energy efficiency and carbon dioxide emissions? This is mandatory for the property being rented out and must be available before the property can be marketed.
- If the property uses has, have you got a gas safety certificate? It is a requirement that all gas equipment supplied at the property be installed and maintained by a competent engineer who is Gas Safe registered. Further, as a landlord, you must carry out gas safety checks every year.
- How the property will be managed (eg if you will manage the property yourself)? Consider if you have the time and the know-how, if you are ready to deal with difficult tenants or if you will use a letting agent?