Are You An Accidental Landlord In Dunstable? Follow These Tips

News at Household | 10/09/2019

With the demand for rental property being what it is, it is natural for many people to consider being a landlord as a lucrative position. This has led to many investors buying property and serving as a landlord. While these people soon find that being a landlord is often more challenging than they thought, there is no denying that this is a career path or investment choice many make today.

However, there are also many landlords who fell into the role with no intention of doing this professionally. These people are referred to as accidental landlords and if you are an accidental landlord in Dunstable, we know the challenges you face. At Household, we have helped many accidental landlords understand their role and work together to provide the best standard of service for their tenants.

Are you acting as an accidental landlord?

There are many reasons why people become accidental landlords, including:

·         Personal circumstances changes, perhaps relating to work, relationships or studies

·         Inheriting a property from a loved one

·         Wanting to sell but not receiving a suitable offer

No matter the reason an accidental landlord has assumed this position, it is vital that they familiarise themselves with all regulations. Ignorance of these regulations is no excuse and you place yourself at risk of a large fine or losing the ability to serve as a landlord if you don’t know the regulations.

We can help you take care of administrative tasks and duties

At Household, we are always here to help, and we have several tips for accidental landlords to bear in mind.

·         Contact your mortgage lender and discuss your change in the circumstances – this may require a change in mortgage

·         Ensure your property holds all appropriate safety certificates

·         Ensure that you have specialist landlord insurance

·         Carry out the Right to Rent check on all your prospective tenants

·         Place all deposits into a valid deposit scheme

There is a lot of administrative tasks to take care of when acting as a landlord. It is natural that many accidental landlords feel overwhelmed by the process or don’t know what to do. We can provide you with the guidance and assistance you are looking for, and this is helpful in taking the stress out of your situation.

It is also important that you vet all tenants before deciding who is the right candidate to stay in your property. Not all tenants are the same and some are more likely to treat your property with respect than others. Also, some tenants are liable to pay on time and in full these days, while some will not.

You will find that being a landlord is much easier when you have respectful tenants who pay on time. Therefore, the vetting process is often the difference between success and failure for landlords, which means that it cannot be overlooked. Not everyone feels comfortable vetting people or asking for references, but this is where we can.

Vetting tenants is just one of the many roles we offer, and we are happy to provide you with this service. If you are an accidental landlord looking for support and guidance, contact Household and we will ensure you receive the help you need.