29/05/2026
🔑 Top 3 Tips for a New Landlord
1. Treat It Like a Business, Not a Hobby
The biggest mistake new landlords make is letting emotion drive their decisions. This is a business transaction.
* Screen ruthlessly: Never skip credit, criminal, and eviction checks. A vacant property is expensive, but a bad tenant is way more expensive.
* Keep finances separate: Open a dedicated bank account for your rental property. Do not mix your personal grocery money with rent checks and security deposits.
2. Over-Communicate Everything in Writing
If it isn’t written down in the lease, it doesn’t exist. Verbal agreements are a recipe for disaster.
* Detailed Leases: Clearly define who pays for which utilities, the late-fee policy, and guest rules.
* The Paper Trail: Always document property conditions with video and photos before a tenant moves in, and conduct all critical communication via email or text to maintain a digital paper trail.
3. Build a "Rainy Day" Maintenance Network
Things will break, and usually at 2:00 AM on a Sunday.
* The Reserve Fund: Set aside 10% to 15% of your monthly rental income exclusively for ongoing maintenance and capital expenditures (like a new roof or HVAC).
* The Rolodex: Don't wait for a pipe to burst to look for a plumber. Find a reliable plumber, electrician, and handyman before you actually need them.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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We usually charge a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
The Financial Conduct Authority does not regulate some forms of buy-to-let, overseas and commercial mortgages.
