First-Time Landlord Guide from Adams Estates

Becoming a landlord for the first time can be a rewarding venture, whether you're looking to generate additional income, secure your retirement, or manage an inherited property. Regardless of your reasons, there are several crucial steps and considerations to ensure a smooth start.

We've compiled this comprehensive First-Time Landlord guide to cover essential aspects you need to know.

For personalized advice, feel free to contact or visit your local Adams Estates branch.

1 Before Tenancy

Find a Property

If you don't already own a property to let, it's essential to find the right investment. The key question is: what is the best investment? Adams Estates has extensive expertise in both sales and lettings, making us well-equipped to guide you through this process.

Check Your Mortgage

Most residential mortgages prohibit letting without the lender's consent, which may also involve a change in interest rates. It’s crucial to consult your mortgage lender early to obtain permission to let your property. If you need to switch to a new lender, Adams Estates can introduce you to Countrywide Mortgage Services, where expert financial advisers can assist you.

Consider the Expenses

Before welcoming tenants, you must consider several financial decisions. Our Adams Estates lettings agents can advise on rental rates, but you also need to decide if you’ll include any bills in the rent, whether the property will be furnished or unfurnished, and how involved you want to be in property management.

2 During Tenancy

Make an Inventory

Before your tenant moves in, ensure you or your agent creates a detailed inventory of the property's contents and condition. This step is crucial to prevent disputes at the end of the tenancy. Adams Estates will handle this as part of our letting and management service.

Collect the Deposit and Start Receiving Rent

Legally, you must place your tenant's deposit in a government-protected scheme. We register deposits with schemes such as My Deposits, ensuring protection for both tenants and landlords. Consider a Zero Deposit Guarantee for a more affordable option that offers the same protection. Once your tenant moves in, decide whether you will collect rent yourself or let Adams Estates manage it for you.

Property Inspections

Regular property inspections every 3-4 months are standard to ensure the property is maintained properly. Depending on your chosen service level, Adams Estates can handle these inspections.

Maintaining the Property

Over time, your property will experience wear and tear. As a landlord, it's your responsibility to maintain the property's condition. Addressing minor issues promptly can prevent costly repairs later. Adams Estates' Property Management Service is available to help with these routine tasks.

3 End of Tenancy

Renew the Contract

The initial term of the tenancy agreement can pass quickly. As it nears its end, decide whether to renew or terminate the contract. If terminating, provide your tenant with appropriate notice. If renewing, a new contract will commence.

Ending the Tenancy

When the tenancy concludes, revisit the inventory for the final check-out, resolve any disputes, and return the deposit. You'll then need to decide whether to sell the property or let it again. If re-letting, ensure the property meets the required standard before placing it back on the market.