10 questions every landlord wants answered

As one of the highest rated letting agent in Leeds for student and professional lets, we have more than 10 years’ experience matching people with their dream property. Being a landlord is a huge responsibility so in this month’s blog, we take a look at the most common questions that most landlords have.

1. How much is my property worth?
As a Leeds Estate and Letting agent, we are well equipped to value your home taking into consideration the local area, current market and similar properties. If you have a property in mind, why not get in touch to arrange a property valuation?

2. Why do I need references?
While rare, unfortunately nightmare tenants do exist. However, it doesn’t take long vet tenants and could save you a lot of money in the future.

3. Shall I contact my mortgage lender?
Some mortgages don’t allow you to let the property so it’s very important that you inform your mortgage lender, as they will need to give you permission. If you are buying a property with the intention of letting it out, you may need a buy-to-let mortgage.

4. What should I do with the tenant’s deposit?
All deposits must be protected in an approved Tenancy Deposit Scheme. If you fail to do this, you could be fined.

5. Who is responsible for council tax?
The tenant is responsible for the council tax but if the property if empty, then it is the landlord’s duty.

6. Will I be taxed on rental income?
All landlords are liable to pay tax on their rental income, whether they live in the UK or are based overseas.

7. What should I do if the tenant damages the property or doesn’t pay?
Landlord insurance will protect you in a number of cases but it’s also important to remember that if the tenant damages the property and refuses to pay, this cost can be taken from the deposit.

8. When is the best time to put my house up for rent?
Everyone wants to know the answer to this question but the truth is that there isn’t a right or wrong time. Only you can decide when the best time to put your property up for rent is, based on your financial and personal situation.

9. How should I prepare my home?
First impressions are huge so make it a good one. Consider what a potential tenant may think when they drive up to your property. Is it attractive, clean, welcoming and well-maintained? Once inside, your property should be clean and tidy.

10. Furnished or unfurnished?
As a landlord, it’s completely up to you whether you offer the property with or without furniture. However, the decision can make a difference to your chances of finding a tenant and the right tenant. For example, students usually prefer houses that are furnished.

Whether buying, selling, renting or letting – the property market is a constant learning curve but being well prepared and well educated can make all the difference. If you are a landlord looking for a letting agent in Leeds, then please get in touch with sbliving today.

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