Ready to be a Landlord but don't know where to start?

Over the past few weeks we've been inundated with calls from first time Landlords looking for advice on how to start looking for and letting their property. If you’ve worked out your figures and know what budget you need once you buy the house, what then? Contract Holders (tenants) don’t just land in your lap if they did our lives would be a lot easier! And how do you make sure your new investment is going to be worth it, financially and mentally? How do you keep the property fully compliant? Don’t worry, that’s what we're here for!

We've listed some handy tips below to help you start thinking as a Landlord:

1. Do your Research: Understanding the rental market in any area is key to buying the right property, in the right area and for the right price. There’s no financial sense in buying a very expensive property if it's not going to let. Remember that every month your investment is empty, you are losing out on your income. Bridgend has a mix of urban and rural areas, so rental prices can vary significantly and due to the different ages of properties in and around Bridgend, there can be a huge variation in the general condition of properties. If you're buying your rental property, first thing to do is look at Rightmove over the course of a couple of months to see what type of properties are coming up for rent, how much they're being advertised for and how long they're taking to let. This will give you a good idea on how the market is and what's worth your investment.

2. Prepare Your Property: Make sure your investment is in a good condition, clean and well-maintained. We’re not suggesting you need to do a full refurb but ask yourself, would I want to live here or would I want my children or family living here? If the answer is no, then do something about it.

3. Legal Considerations: As with any legal Contract, renting can be a minefield for Landlords and Contract Holders alike. Unless you have a fair amount of spare time on your hands, engage an Agent to manage the property on your behalf, particularly if you’re a first time Landlord. You can always take over the responsibility further down the road if you feel you're ready and have the knowledge to deal with it.

4. Advertise the Property: If you do use an Agent they will need to advertise your property on Rightmove, it's the best one around so this is where you want your property to be. The photos need to be high quality and taken from good angles. The nicest properties can look awful with the wrong pictures and this isn’t going to help you turn things around quickly. Ensure to list with an Agent who is flexible with their viewing times too. Remember people work and need to be able to view when they are free, not just when an Agent can fit them in. We offer late night viewings until 7.30pm - just saying!

5. Screen Potential Contract Holders: References are very important, this goes without saying. They should always include a credit check and Landlord's reference if they have rented before. We'd suggest you don’t just take the first applicant either, wait for the one you feel most comfortable with. Take advice from your Agent and if necessary, use a Guarantor.

6. Fail to Prepare, Prepare to Fail: Again this may seem obvious but even after 29 years in the game, we still see people letting their property without the necessary paperwork, certificates and signatures in place which can lead to Contract Holders not having to pay their rent and fines. On top of this, should you need to take possession of your property, you can’t serve relevant Notices if a single piece of compliancy paperwork wasn't in place when the Contract commenced. We're not saying this to scare you but to highlight the huge importance of having everything you should before entering into a Contract!

7. Catalogue the condition of the property - Did you know a Check in Report (Inventory) is the second most important document to a Landlord after the Contract? Without a very detailed report in place before a Contract Holder moves in you will have absolutely nothing to support you as evidence if there are any issues when they go. Worth knowing, our reports are usually 60+ pages and include images to evidence the condition of the property inside and out, ahead of a new Contract Holder moving in. This is a vital document to have at the end of a Contract and to support any disputes over a deposit! We can provide

Porters currently focus solely on the rental market in the Bridgend and surrounding areas. Which means our knowledgeable, qualified and helpful team can give you their undivided attention and guide you through the process of letting your property in Wales. We aim to make letting your investment as efficient and stress free a process as possible.

There's plenty more to know about the rental market, so please call us on 01656 766666 or email us at bridgend@porters-uk.com and we can call out for a free no obligation appointment to chat about your ideas and options.