Landlord Insurance Headlines
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There's more to being a first-time landlord than simply buying a house and renting it. Luckily, those who are soon to enter the market have been handed some great top tips by the Association of Residential Letting Agents (ARLA) that will undoubtedly help them get on the ladder with greater ease. Firstly, ARLA recommended that people get landlords insurance to protect themselves against risks. Specialist buildings and contents insurance needs to be in place to cover items you own in the property. The organisation added that it's also worth considering insuring against a tenant defaulting, in order to cover both rent and legal expenses. It went on to say that people should be realistic about void periods, as its own data found that rental properties are untenanted for an average of three weeks. ARLA continued: "[I]t is advisable for first time landlords to budget for eight weeks per year to cover times between rental agreements. If your void periods are less, the extra return is a bonus." Finally, ARLA added that it's worth checking up on tenants before signing them up. It's important to have sufficient information on your prospective tenants to make sure you can assess their risk when you accept the tenancy. This means investigating current and previous employment status as well as their renting history.