Protection Insurance. Landlord Insurance. Tenant Insurance. Log in to My Move. Register for My Move. About My Move. Home Landlords Landlord Guides First time landlord guide. Becoming a Landlord? Find out more. Landlord Guide First time landlord Costs versus potential return Legal responsibilities Lettings legislation and regulation Smoke and Carbon Monoxide Alarm Regulations Houses in multiple occupation Letting to tenants with pets Decorating and furnishing Preparing for your tenants Explore Landlord Guide.
First time landlord Costs versus potential return Legal responsibilities Lettings legislation and regulation Smoke and Carbon Monoxide Alarm Regulations Houses in multiple occupation Letting to tenants with pets Decorating and furnishing Preparing for your tenants. First time landlord guide This guide is aimed at those who are first time landlords or considering becoming a buy to let landlord; but could also prove useful for landlords with previous experience.
Costs versus potential return Consider the expenses in buying a property and getting it ready to rent vs potential income. Read more. Houses in multiple occupation There are some different rules for houses in multiple occupancy. Decorating and furnishing Decorating and furnishing your rental well can make the difference between a rented and an empty property. Similar to the procedure for finding the right tenant, make sure that you properly screen potential property managers.
To set the right rent price, we recommend researching your market to learn what the fair market rent price is in your area. Pricing your rental at the rent price that makes sense in your location can mean the difference between vacancies and attracting good tenants so you can rent your property quickly.
You can also use online applications such as Rentometer to help guide your rental rates. As you set your rent price, you should keep in mind how it affects your financials. After all, rent payments are your main source of income on your rental property. To compare your rental income to your rental expenses, you should list your fixed and estimated expenses.
Fixed expenses are your mortgage payment, property taxes, insurance fee, and HOA fees. Your variable expenses are utilities, repairs, and property improvements. The main goal of tenant screening is to help find quality tenants who will pay rent on time and take care of your property as if it were their own.
A good rental application will give you quick information about your prospective tenant: name, current address, reason for their move, employer information, income, and landlord references. Laws regarding this issue differ state to state. Credit checks are among the best ways to learn if an applicant is financially responsible or not.
A solid financial and background history is a predictor that a tenant will pay rent on time, is free of a relevant criminal history, and will treat the property with respect. Even if an applicant is otherwise perfect, bad credit may indicate financial imprudence—and no amount of personality or charm can substitute for that.
Having a written rental agreement is the best way to communicate your expectations and protect yourself in legal situations. Without a written document, it may be difficult to prove what was agreed upon prior to tenant move-in. All of your rules and clauses must adhere to state specific laws.
Our lawyer-reviewed rental agreement makes this easy for you. A useful rental agreement is also specific. You should thoroughly think through what rules you want to include: Are pets allowed? Will there be a late rent fee? Better still, once you make a form that works for you, you can save it and use it for other tenants without having to rebuild it. Some even offer the ability for tenants and landlords to e-sign, keeping the entire landlord-tenant process electronic.
Even managing the eviction process with tenants can be handled online. When you think of landlord forms, you really should be thinking in terms of essential legal property management documents.
And with so many jobs to perform and roles to fill, documents and checklists can help you keep your business running smoothly. Again, be sure to filter for state-specific forms and have your attorney sign off on them before you deliver any to your tenants. Creating your own library of forms gives you instant access to what you need when you need it.
And as an added bonus, it encourages you to get everything in writing. Here are some rental application forms every landlord should have on hand:. All prospective tenants should complete a rental application so you have the information you need to run a background check.
If you would like to customize your form online, always save a backup locally. Make sure any maintenance or repairs are done before tenants move in. Smoke alarm requirements. Current insulation requirements. Landlords also need to consider how they will comply with the healthy homes standards.
All private rentals must comply within 90 days of any new or renewed tenancy after 1 July , with all private rentals complying by 1 July All boarding houses must comply by 1 July Healthy homes standards. If you rent out an unlawful property you are breaching your obligations.
You could be ordered by the Tenancy Tribunal to repay rent and other amounts, such as compensation or penalties to the tenant. Properties which have been found by the Tenancy Tribunal to be unlawful for residential purposes include:. Your legal obligations. Heating and ventilation. Mould and dampness. Having contacts set up in advance can save time and headaches.
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