8 Things Every Landlord Should Know

Whether you’ve just bought your very first property in Cardiff or your fifth, being a
landlord is a role where you can continually keep learning new things and
facing new challenges. Other than keeping abreast of what’s happening in the
property market, you also need to ensure that you’re following all the latest
rules and requirements for landlords.

Here at H&M Properties we’ve got years of experience working with landlords and
dealing with the property market, so we’ve pretty much seen it all! To help you
keep on top of all that you need to be aware of, we’ve created a handy list of
the eight most essential things that every landlord should know.

1. Remain aware of what’s happening in the property market

The conditions of the Cardiff housing market are continually changing. First and
foremost,

a good landlord should keep an eye on property market conditions.
This will help inform you on how to market your property, as well as give you
an idea of what price you should be expecting for it. You’ll also have a much
better idea of the competition if you regularly do your market research.

2. Understand the facilities in your property’s location

Knowing the local neighbourhood that your property is located in can significantly
affect how well you position your property. For instance, here in Cardiff there
are some excellent schools in the area, so you may want to market your property
as a family home. Likewise, if it’s located on the commuter belt, you could
think about converting it into separate flats to accommodate four individual
tenants instead of just one household.

3. Ensure that your Cardiff property is up to scratch

When you rent out a property, you need to ensure that it meets certain requirements.
You must ensure that it is a liveable space with a safe environment for any
tenants that move in.

• Does it have the necessary smoke alarms?
• Are there any safety hazards?
• Is it wheelchair accessible?

Ask the team here at H&M Properties, as we can help you understand all the
requirements your property needs to meet before you can rent it out.

4. Short on time? H&M Properties will be a huge help

Want someone else to take on the load of the actual property management? Hire H&M
Properties to look after your rental property and your tenants. Here are some
of the many ways that we can help you:

• Advise you on rental property prices based on
  market conditions
• Market your property, online and offline
• Arrange and conduct viewings on your behalf
• Draw up tenancy agreements
• Property maintenance and repairs (no late
  night calls about broken boilers for you!)
• Collect rent every month and chase up late
  payments

5. Work out your taxes

Before you start getting rent paid into your bank account, you should register with
HMRC to ensure that you’re taxed accordingly. You’ll be taxed on all rental
income after the first £1,000.

It’s important to mention too that there are different tax rules for landlords
depending on the type of property you own. Look into this on the HMRC website
to make sure you’re doing all that’s legally required.

6. Set aside some money for emergency funds

As a landlord, you should always be prepared. To remain within your budget, set
aside a small amount in case anything goes wrong. For example, if your property
is unexpectedly vacant for a short period, you should ensure that you can cover
your mortgage payments without rental income. Work out how long this period
would be.

Set some money aside for any unexpected issues as well. No matter how new a
property is, wear, tear, and weather may lead to the need for maintenance and
repairs.

7. Comply with all legal requirements

There are many legal requirements that you must follow as a landlord to ensure the
safety of your tenants and to avoid fines and penalties. These include:

• Gas Safety (Installation and Use) Regulations
  1998 and Subsequent Amendments. These state that all gas appliances must
  be safe and checked annually.
• The Smoke and Carbon Monoxide Alarm (England)
  Regulations 2015. The landlord is responsible for ensuring that their
  property is fitted with working smoke alarms and carbon monoxide alarms.
• The Electrical Safety Standards in the Private
  Rented Sector (England) Regulations 2020. Under these regulations, the
  landlord is required to make sure that all electrical appliances in the
  property are safe to use.
• EPC (Energy Performance Certificate) &
  MEES (Minimum Energy Efficiency Standards). These state that all landlords
  must provide a valid EPC certificate to their prospective tenants.

8. Check whether your local council requires any specific licences

If you rent out a property in Wales you must regsiter with Rent Smart Wales. If you manage the property yourself you will need to obtain a licence and the relevant qualification. Alternatively you can get H&M Properties to manage the property for you.

Need expert advice?

If you need any advice on renting out your property, please get in touch with our
team at H&M Properties on 029 2168 0006 and we will be delighted to help
you.