Monday, 25 September 2017

Learning to manage your rental property

FOR most landlords, buying a property to rent is the most expensive investment they will ever make — yet the majority of landlords don’t take the time to understand their legal obligations.

There are many rules and regulations surrounding the rental industry and — contrary to what some landlords believe — handing your property over to a letting agent does not, in the eyes of the law, discharge a landlord from any of the responsibilities associated with letting a property.

It’s a big responsibility being a landlord and there are many procedures to consider before handing over the keys to someone else.

If a landlord employs a letting agent, essentially they are giving the agent authority to act on their behalf. So whether or not the agent does anything legally wrong, it is the landlord who will face the consequences.

A simple mistake can prove to be a living nightmare for landlords and now more than ever, there are many savvy tenants ready to find loopholes in the ever changing law. That’s why it’s so important to get things right. Knowing your rights and responsibilities is the first step in protecting yourself and your property.

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