Are you soon to become a Landlord for the first time?

Becoming a landlord can be a difficult and confusing experience if you do not have the right knowledge behind you. Click4Quote.com have some handy tips to try and help make the process easier so you can protect your investment as much as possible.

Minimise your risk by vetting tenants by using a company that can verify them and make the appropriate credit checks. It is very important to do these checks as failing to pick up on unreliable tenants can potentially seriously affect your investment.

Make sure that, at commencement of a tenancy, any Inventory/Schedule of Condition provided is sufficiently detailed, legible, clearly set out and up to date to allow it to be used as a fair measure at the end of the tenancy.

Many landlords in the private sector receive a deposit against possible non-payment of rent or damage to property. When a tenancy comes to an end, there is usually no disagreement about the return of the deposit. But sometimes there is, and this can cause much hardship and inconvenience to both landlord and tenant.The Housing Act 2004 (Chapter 4, sections 212-5; & Schedule 10) made provision for both the protection of tenancy deposits and the resolution of disputes over their return. The Dispute Service has been awarded a contract by the Government to run one such scheme: The Tenancy Deposit Scheme (TDS).The legislation came into effect on 6 April 2007. All deposits taken for Assured Shorthold Tenancies after that date must be covered by a tenancy deposit protection scheme.For more information visit the website, http://www.thedisputeservice.co.uk/

Tax deductions for landlords can make the difference between losing money and earning a profit on a rental property. So make sure you take full advantage of these. More information is available at http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_10013376

Do the final check-out as soon as is reasonably practical after the tenants vacate at the end of the tenancy, preferably during daylight hours; it is essential that the checkout is done thoroughly and a sufficiently detailed summary report prepared of any alleged discrepancies or differences against the ingoing Inventory.

Landlords should take care to review any existing insurance policies when renting or letting a property for the first time as some standard insurance products will either not provide cover, or might place restrictions on cover, for rented property and/or its contents. A failure to inform your insurer that you are renting a property could invalidate any subsequent claim. It is for a landlord to insure the building and their contents, fixtures and fittings. The tenants are responsible for insuring any of their own possessions. There are various specialist insurance products designed for landlords and tenants and rented property: - Click4Quote.com offer a Landlord Insurance policy for buildings and contents cover as well as property owners liability and landlords legal protection. Emergency Repair cover and rental Guarantee cover are other additional benefits that are available on the market should you require them.

Don’t forget to check whether your current Insurance is valid for tenant occupancy, if it isn’t visit Click4Quote.com for a free Landlord Insurance quote, or for an Unoccupied Property Insurance quote whilst your property is vacant or undergoing any renovation. Its quick and easy to arrange a policy online or over the phone.

For more advice about becoming a landlord you can visit Landlord Zone or Residential Landlord for a wealth of invaluable information about letting your property.