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.

Landlord tips to survive the credit crunch and come out stronger

The outlook may look bleak at the moment for the housing market, but we know from market trends that the market will pick up again in the long run, maybe as soon as five years from now. Landlords will then see their investments grow, and for those with resources available at the moment there could be huge opportunities to expand their portfolios. If this would mean stretching yourself financially at this time then this may not be a wise move.

Click4Quote.com have put some tips together that may help in the meantime:

Managing your property yourself will save on agent’s fees, so if this is an option to you this could save you money. Alternatively look for options where you can do certain things yourself and negotiate lower fees and renewal costs.

Research your local market carefully taking into account the demand / supply balance and price your rents conservatively to avoid the voids and retain your tenants longer. It will pay in the long term to be as competitive as possible rather than risking the property lying vacant for long periods of time.

Select your tenants very carefully and avoid panic lettings - a bad tenant can be far more expensive than an empty property, not to mention the stress and worry a bad tenant can cause. Do tenant checks and follow a good screening system such as Tenant Verify.

Be professional when dealing with tenants - don’t delay or penny-pinch on repairs as tenants tend to rent to avoid the worry of repair bills so don’t disappoint them and risk them moving on.

Research the best mortgage deals available - this may take time but it will be worth it. If you consult brokers and finance companies you can find good deals out there even in this economic climate.

Make sure your insurance is correct for the type of occupancy. Let property insurance would be required for tenant occupancy, property owners liability and legal cover as accident claims can be extremely expensive and time consuming to sort out. Landlord insurance can be arranged from as little as £78.75 with Click4Quote.com so it is well worth checking.

Ensure you meet all your legal obligations, especially the new ones in relation to Licensing, Deposit Protection and Energy Performance Certificates, as the fines can be high for non-compliance.

If you do find yourself in financial difficulties, hanging on in there if you can is preferable to crystallising losses now. Always keep your lender informed and get help and advice. Consider a second job, taking in lodgers, and cut spending to the bone - short-term pain is preferable to long-term debt.

If you have any other tips that you think would help other landlords please feel free to post them below.