If you are interested in becoming a landlord, read this article. It will help you understand the market and find a suitable property for rent. Also, don’t forget about safety and health regulations, as they will come in handy if you ever have tenants. In this article, we have gathered the main things you should be thinking of before you decide to get involved in the Glasgow property letting business.
Tenant reference checks are essential
Landlords can no longer charge tenants for conducting tenant reference checks. Instead, they must cover the costs of carrying out these checks. This also means they cannot profit from the process if the tenant does not pass the check. Landlords in some parts of the UK can still charge for them, but they are only allowed to charge the cost of conducting the reference checks, not any profit. Tenant reference checks are simple to carry out and can help ensure that you only rent out the property to people who are trustworthy.
Safety and health regulations
Landlords and residential property managers are required by law to ensure the safety and health of their tenants at all times. They are also responsible for making sure that the property is free of vermin. Listed below are some important safety regulations and the guidance you should follow. Read on to understand your responsibilities and learn how to comply with them. In addition, make sure that you have a comprehensive asbestos management plan. Read on to discover the importance of asbestos management plans in Glasgow property letting.
Setting the right rent price
Several factors go into determining what the right rent price is for your property. The average rent in Glasgow is £1,200 per month, but this number varies widely by area and number of bedrooms. A rule-of-thumb calculation can help you decide if your price is too low or too high. However, you must also consider the home’s individual needs. Consider whether you want to rent it out to a family or a single professional. If so, you should set the rent price a bit higher than the average in the area.
Keeping the house in a good state of repair
When letting your property, you are responsible for certain repairs. You should plan ahead to be prepared to respond to issues. Before letting your property out, make sure that it meets local building codes. If it does not, you will need to make the necessary repairs. In addition, you should inspect your home for any defects or other damages that could affect the tenants’ stay. If they notice any, it is your responsibility to fix them right away.
Finding a good letting agent
If you want to find a good letting agent for your Glasgow property letting investment, there are a few things you need to look for. The first thing you need to check is their experience. You want someone who has a proven track record of successfully letting properties. Also, a good agent will be well versed in the rental market and can interpret current trends. These qualities will ensure your property will bring you the best ROI.