“All the Little Jobs.” On Letting Property for the First Time.

As a first-time rental landlord, you will have numerous questions. Shall I install smoke alarms in every room? Do I need builders insurance? And (most important) most tenants will just be happy to have found shelter, and won’t bother me much, right?

As far as the latter is concerned, it depends on the tenant. For the most part, ‘though, you are right. Looking for the “perfect” house–to buy or to let–is a bit like finding a needle in a haystack. Once the ideal property is found, buyers and renters are willing to tend to minor details themselves…and to let other things go.

In any case, before your tenants move in, there are many little things that will need looking after.

For starters, as to whether you should install smoke alarms in every room, a “Top Contributor” to a forum on this topic by the name of “Masked Landlord” has this piece of information for first-timers:

“If you are letting to a single family, you don’t HAVE to have the fire alarms ([these are] only for HMOs).” HMO’s, for the non-initiated, means House in Multiple Occupation—see this link for further information.

You might, however, wish to note that Letprotector and other insurance specialists are quick to say that there are enough hazards associated with unoccupied property and  wouldn’t like to see you up the ante by throwing caution to the wind.  To be on the safe side, you should install fire alarms.

And yes, you will need builders insurance, although you might want to consider more than the standard policy.  For instance, Letprotector’s policy covers property owners’ liability, which can help cover the cost of third parties injuring themselves whilst on your property. (Ask your underwriter for the exact sort of cover your situation might call for.)

Of course, sometimes your model tenant turns out to be fussy.  If that’s the case, what, exactly, might be on his or her laundry list?

The Guardian’s Money Blog recently ran a real-life piece by a landlord who was relieved to be letting her flat, and renting a bigger one. She had hopes that the economy would stabilize in the near future and that she’d make a profit when she sold. “…I’m going up the property ladder the best way I can,” she said.

First things first: she had to leave her apartment spic-and-span.

“Before I hand over my keys to the lettings agent,” she said, “I have been told I have to make sure the flat is cleaned professionally (especially the oven and the carpets…); the idea..is…[that it is] given over to the tenant as I would like it returned to me.”

That  exercise leads to her giving her flat a quick once-over and spotting the many  repairs she’d never got around to making.  “Out comes the tool box that I was given by my folks… and I begin to do all the little jobs I have been putting off for months.”

For example: “The broken curtain rail that has been wonky for years really could do with fixing. I don’t want it falling on my tenant’s head, knocking her out cold and leaving me facing a court case…”

Just when the landlord thinks all is hunky dory, the rental agent calls with a list of requests: blackout curtains in the bedroom; a new colour on the walls and proof that her flat’s energy consumption is appropriate.

The tenant is within her rights to ask these things, and the fact that no one has signed on the bottom line yet will likely assure the items are seen to. (Before all is said and done, the apartment will be photographed as well, documenting all marks and damage as proof that the tenant didn’t cause these.)

The only thing this landlord chooses to come back with is a request that the colour be “easy on the eyes”.

These last-minute requests can seem tiresome, but they will ensure that you and the tenant aren’t at odds about this ideal arrangement which, really, was like finding a needle in a haystack…remember?

For the full story, go here: 

-David  Slade

Graphic courtesy of the Guardian’s Money Blog/Getty Images.

 

 

 

 

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