Maximising income

There’s more to renting out property than fixing a fee to make a profit. Landlords and tenants each have rights and responsibilities, and it is important to bear these in mind, not only so that you don’t fall foul of the law but also to ensure you, as the landlord, can get the most from your investment.

Making money

A landlord needs to know, and adhere to, the laws governing tenancy agreements and calculate the associated costs before deciding on how much rent to charge. For example, as a landlord you are responsible for gas, electrical and fire safety within the property. In addition, you will be responsible for repairs to:

? the property’s structure and exterior;

? basins, sinks, baths and other sanitary fittings including pipes and drains;

? heating and hot water;

? gas appliances, pipes, flues and ventilation;

? electrical wiring;

? any damage they cause through attempting repairs.

Depending on the tenancy agreement, the landlord may also be responsible for common areas such as hallways or stairs in a block of flats.