Help - Checklist new property

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Help - Checklist new property

    Hi all,

    Hope you are well and safe.

    After a few months of preparation, my husband and I bought our first two investment properties in the UK.

    We got the keys last week and the refurb work starts next week,

    As it is our first time, just wondering if someone has a checklist of what you always make sure that you have in place/ what you always check (not just the legal requirements) before you put the house to let - I just want to be sure that I am not missing something that is important.



    Many Thanks!


    #2
    Gas safety certificate
    EICR electrical check
    smoke alarms
    photographs of it before it’s let for future reference
    HMRC notification

    Comment


      #3
      I always put in a house file explaining any quirks of the property, bins days, cleaning tips etc with copies of the operating instructions of all appliances (I keep the originals), reminder to open accounts with utilities & C Tax and any other useful information.

      Good Luck

      Comment


        #4
        Enough spare funds to cope with tenant-from-hell .(or agent-from..) or major repairs. Say 7 months rent's worth.

        Completed education in being a landlord eg NRLA foundation course plus follow this and other forums for a couple of months.

        Emotional reserves for tenant, neighbours, benefits, repairs, council issues.

        Reminder to self to be calm, polite, smiley with workmen, tenants, neighbours, agents etc.

        Provide neighbours with your contact details if any issues. Cheapest insurance you can get. (Yes you will get the odd annoying contact)

        Land registry have your actual address, not property address, plus two other contact routes (can be email) so if tenant tries to remortgage or sell it you get to find out (yes it happens)

        A recognition that you won't always make money every year.
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

        Comment


          #5
          I would also try to future proof it so that you are ahead of the current laws. So....wire in your smoke alarms; upgrade you fuse box; get TRVs on all your radiators and a decent programmable thermostat, fit CO alarms etc. Much easier to do these things before a tenant moves in.

          Comment


            #6
            Oh, and keep records of all expenses in purchasing and preparing for renting. You don't know what CGT rules will allow you to claim for when you sell in 20, 40 years time (plus will need some for HMRC SA. And buy a book on property tax. There are over 20 taxes a landlord may pay.
            I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

            Comment


              #7
              If it needs a total refurb, I would put in mains wired interlinked smoke alarms and fire doors where necessary. You might as well cover your bases with regard to HMO regulations even if you don't intend to let it as such. Check the local authority HMO licensing requirements for more info. And don't forget to join the NRLA.

              Comment


                #8
                My suggestions:

                Have all communications with your builder in WhatsApp and email (much easier to reproduce if there is ever any dispute)

                Take loads of photos during the refurbishment works, particularly of services and also insulation works, so that you can prove them for the purposes of getting a good EPC score (without proof you may not get full credit for all of the works that you have done, which could be disadvantageous and costly, particularly in light of threatened EPC requirements coming in)

                ‘Tenant Proof’ everything. Use good quality fittings and flooring etc that will last, make fittings and floorings readily replaceable - simple installation, nothing fancy or bespoke, and put things like doorstops etc everywhere to stop damage from carelessness.

                Work on the basis that few, if any, tenants will be as invested in the property as you are and will not look after it or respect the quality of the work that you have done. It is therefore up to you to do the best you can to ensure that it stays looking good and any remedial work needed it to be done later on is as simple as possible.

                Comment


                  #9
                  Like the tenant proof comment above

                  AVOID any lighting that is sealed - they don’t last despite the claims they do, so all lighting should have bulbs tenants can change.

                  Comment


                    #10
                    Get spare ceramic tiles and spare kitchen doors/handles whilst they are available.
                    ensure good extraction systems for the kitchen and bathroom plus i echo all the above.

                    Comment


                      #11
                      1. A detailed inventory/schedule of condition (including all the manuals).
                        I go through this with tenant (about an hour), annotate is with tenant observations, and get it signed before handing over keys.
                        I include meter readings, taken with the tenant.
                      2. A form listing all the required documents (including dates of documents) that you have provided to tenant (EPC, GSC, EICR, etc) that tenant signs before getting the keys.
                      3. If there is anything that needs specific care, then provide explicit instructions (eg ceramic hob care; how to clean laminate or wood flooring).
                        Remember that whilst it may be obvious to you that actions will cause damage, the tenant may not have encountered such things before.
                      4. List of service providers; rubbish and recycling days
                      5. written statement that tenant is responsible for insurance for their belongings.

                      Comment


                        #12
                        Thanks all for such great advice !

                        Comment

                        Latest Activity

                        Collapse

                        Working...
                        X