ARLA offers tips for new landlords

by Christopher Evans

Property buyers entering the residential lettings market for the first time have been offered some advice on how to be shrewd landlords.

The Association of Residential Letting Agents (ARLA) said letting out a property can be a complicated process, so there are a number of things landlords need to consider before signing tenancy agreements with tenants.

First of all, they should carry out extensive research into rent levels in their local area and look into legislative requirements, such as local authority licences for example.

The group also advised landlords to look carefully into any letting agents they choose to work with to make sure they are properly regulated and have a good history of customer satisfaction.

Making sure the property is in good condition is also essential, as this will attract potential tenants and could help to avoid problems with maintenance further down the line.

Landlords should prepare a detailed property inventory when tenants move in and register any deposits in accordance with Tenancy Deposit Protection rules.

"Renting out a property can be full of pitfalls and potentially result in financial loss," said ARLA's operations manager Ian Potter.

"For example, if the right tenant checks are not carried out, you may choose a risky tenant who defaults on paying the rent, leaving you unable to pay your mortgage."

Published on: September 15, 2010

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