Thinking about making some extra money? There are many lucrative investments you can make such as trading or starting a side hustle, but one of the best ways to make guaranteed money is to become a landlord.
Property in the UK is at a premium, demand outweighs supply which means house prices are at an all-time high. With the average house price being £292,000 many people cannot afford to get a mortgage and so they must rent.
This increased demand for homes also means that renting a house is extremely expensive and so, landlords are taking advantage of that and making a great amount of money from it. However, becoming a landlord isn’t all sunshine and rainbows. You’ll still have many responsibilities for your properties and your tenants.
Read on to find out what checks you must carry out as a landlord to ensure your tenants and houses are kept safe.
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Mould and damp
Damp and mould can severely affect the well-being of tenants. The responsibility for ensuring this doesn’t build up is on the landlord and the tenants to some extent themselves.
The bathroom can be one of the more common places to find dampness and mould and so, the landlord must ensure proper ventilation of the room by checking that the extractor fan works to remove steam build up. The tenants themselves will have to also do their part by opening windows and ensuring the extractor fan is switched on.
Electrical safety
Electrical faults are one of the leading causes of house fires in homes and must therefore be checked regularly. Whilst the landlord may not be qualified to check these things, they should pay an electrician to do the checks.
The electrician will then use insulation testers such as these from RS and other tools to check that electrical wiring and installations are safe for use.
Gas safety
Gas safety checks should be done as soon as a property is purchased and then done annually to ensure there are no problems. Gas leaks can cause terrible illnesses and in some cases death, so you’ll want to ensure you aren’t negligent in this area. Get your gas safety record and feel confident that your tenants will be safe.
Air quality
Humans require clean air for basic functions and so, if your property is not supplying that, danger may be afoot. Hire a professional to regularly test the air quality and make sure it is free from carbon monoxide, radon and asbestos.
These are more harmful things that could affect the livelihood of tenants.
The last thing you want is to harm your tenants. It will be bad for your reputation and conscience. Complete these checks and enjoy the lucrative venture you have entered.
