Rentila

Summary

As with everything in life, things are never quite as simple as you may think. If you’re a new landlord or you’re thinking about letting property as a career or side hustle, there are hidden costs that you need to budget for. If you only account for mortgage costs when setting a rental value you could be in for some nasty surprises down the line.

Before you even advertise your property for rent you need to account for several hidden costs. You need to be in a financial position to deal with the unexpected costs you may encounter. This means you should always have a contingency fund. As a rule of thumb, it’s recommended that you have around 30% of your gross annual rental income set aside to deal with hidden costs such as advertising for new tenants, repairs, and redecoration.

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Summary

The days of a rent book and a handshake – being all was required to rent a property are a long distant memory. Even if you’re just a landlord with one property, there’s no getting away from compliance in today’s rental industry.
That’s not just a case of making sure appliances are safe, and you’re fully insured. Because landlords store information about their tenants then they must now be GDPR (General Data Protection Regulations) compliant.
The EU regulations now in force were intended to tackle conglomerates such as Facebook’s use of personal data. But the legislation applies to every business and landlord. That’s why a rudimentary understanding of GDPR is essential. In this quick guide, we lay down all the need-to-know facts about GDPR.

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How Landlords Can Avoid Costly Tales of the Unexpected

Summary

Beyond taxation
Professional fees
Safety costs
Accidental damage costs
Maintenance
Associated costs
Regular costs
Bad weather

Boy Scouts across the World will tell you the importance of being prepared. And it’s no different for landlords. One area where preparation pays off is knowing what expenses to be prepared for when renting out a property and avoid unexpected costs.
Renting out a property can be very profitable and even enjoyable. When done correctly, it’s an asset earning you money as you sleep and who doesn’t like the sound of that. The best landlords have clear budgets and an understanding of the costs they can expect to fork out on.
But even the best have been caught out by expenditure that seemingly came out of the blue.
Here are eight awesome tips to help landlords to avoid unexpected costs.

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A landlord’s checklist before renting a home

Summary

The idea of being a landlord is very appealing. It conjures up notions of being able to sit back on rental income and never have to work again. But that’s not true – and if that’s what you thought being a landlord is all about – then it’s probably best you reconsider. For sure, letting property can be a very lucrative business, but it’s also risky, and plenty of landlords have found themselves in dire straits financially and legally when they haven’t done things right. That being said, it’s possible to become very wealthy with a buy-to-let portfolio.

We’ve prepared a checklist for all new landlords before renting a property. It won’t absolve you of all problems down the line. But if you follow these steps, you’ll hopefully save yourself a lot of possible future issues.

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Summary

Generally speaking, tenancy agreements, once signed, are binding. It’s not necessarily straightforward to change a tenancy agreement, such as would be required if the landlord is interested in adding or removing a person or persons to the terms of the agreement. There’s no way for one party to force these changes through while still remaining compliant with the relevant regulations specified in UK law. Rather, any changes to the tenancy agreement must be mutually agreed upon by both the lessor and the lessee.

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Summary

House in Multiple Occupation (HMO) refers to a property that is inhabited by more than one separate occupant. They are becoming more and more popular in the UK and in other countries around the world because of the opportunities they offer to their landlords. By renting out one property in separate portions to different tenants, a landlord can generate a decent income in rental yields monthly.

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Landlord Insurance - Do you even need it?

Summary

So you’re looking to rent out a property, but you’re baffled by insurance. What is landlord’s insurance, and will a typical homeowner’s policy be adequate?

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Tenancy Agreements - A 5-minute guide for landlords

Summary

If you’re renting out a property, you’ll need to provide a tenancy agreement. However, there are many types of tenancy agreements, so it can be confusing to know which one to use. After reading this five-minute guide, you’ll be confident you know which contract you need.

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Help for Landlords to Choose the Right Letting Agent

Summary

In this article, we share six simple tips to help landlords choose the right letting agent to work on their behalf.

Finding a good letting agent can often be a tough task for landlords. We look at how you can increase your chances of finding the perfect letting agent to help you get the most from your rental property.

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Summary

You’ve made the ideal investment and have furnished your rental property. You’ve checked the references of your soon-to-be tenant. But you also want to take a security deposit to protect yourself from any damages down the line. Here’s the lowdown on what you need to know.

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The Hidden Costs of Being a Landlord

What every landlord should know about GDPR

How landlords can avoid costly tales of the unexpected?

A landlord’s checklist before renting a home

How to change a Tenancy Agreement?

HMO (House in Multiple Occupation) ABC

Landlord’s Insurance – Do you even need it?

Tenancy Agreements: A 5-minute guide for landlords

Choosing the Right Letting Agent

Tenancy Security Deposit: A 5-minute guide for landlords

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