Be clear about who is responsible for which costs in a rented property. In this blog we discuss the landlord's and the tenant's responsibilities.
Who is responsible for which costs in a rented property?
From the outset, be sure that both you and your tenant are clear about who is responsible for which costs. Your tenant is responsible for items like the Council Tax, utility bills and insuring his or her possessions. You are responsible for maintenance costs (including the cost of work necessary to ensure the property complies with safety regulations), buildings insurance, contents insurance (if you are letting the property furnished), and service charges and ground rent (where applicable).
Ensure too that both parties are clear about exactly what the tenant will be getting for his or her money. There are no hard-and-fast rules about what constitutes a furnished or unfurnished property. Confusingly, some properties are even offered part furnished! Norms and expectations can vary from area to area and from market to market, so make sure you research these.
In general, a furnished property will contain all the main fixtures, fittings and furnishings (including white goods), and the standard cutlery, crockery, kitchen items and so forth, that a typical tenant would expect to use on a typical day. An unfurnished property generally includes only such items as carpets and curtains.
An Inventory/Schedule of Condition should be drawn up, agreed by you and your tenant, and updated before each new tenancy starts. This details all the property’s fixtures and fittings, their condition and that of the property overall, and is invaluable in safeguarding the rights of both parties.
Always keep a close eye on your property finances and paperwork. And remember, it’s good practice to confirm in writing anything you agree with your tenant.
With thanks to BuyAssociation.