"Ensuring a strong grasp of these obligations before investing in buy-to-let property is the most reliable way to protect your investment and provide good quality housing for your tenants."
1. Ensure you cover all the necessary certifications and checks - gas, water, electric, smoke alarms, carbon monoxide alarms.
2. Carry out a property inventory - a full property inspection will avoid problems during the tenancy, as well as at the end.
3. Right to rent checks - it is essential that prospective landlords understand their obligation to confirm their tenants have the right to rent property in the UK.
4. Maintain ongoing safety checks - throughout the tenancy, safety checks on utilities will ensure compliance and protect your tenant as well as your investment.
5. Regular inspections throughout the tenancy - regular checks will ensure compliance on the end of the landlord while also identifying issues caused by the tenants' use of the property.
6. Keep detailed reports on every property - for landlords with a large portfolio, detailed, organised reports will maximise investment security, protect deposits and avoid disputes at all points during tenancies.
Though the news of the UK entering a recession is sure to cause an economic upset in many sectors, buy-to-let enquiries increased by 50% in July following the stamp duty holiday announcement, suggesting there's still a huge appetite for this kind of property purchase.
Warrick Swift, commercial manager at InventoryBase, commented: “There are myriad obligations landlords have before, during and after renting their property to a tenant. Ensuring a strong grasp of these obligations before investing in buy-to-let property is the most reliable way to protect your investment and provide good quality housing for your tenants.”
