8 Essential Things Every Landlord Should Know

There’s a lot every landlord needs to know—but many rush to get their rental property up and running without taking the time to understand the essentials.  As a result, when issues like missed rent payments, legal obligations, or other challenges arise, these landlords often find themselves confused and unprepared.

Whether you're investing in your first property in Tyne and Wear or adding a fifth to your portfolio, being a landlord is a continual learning experience—each property brings new lessons and potential hurdles.

Staying informed about the property market is important, but it's just as crucial to keep up with current legislation and landlord responsibilities. At Giraffe Residential, we’ve spent years working with landlords and navigating the local property market—so we've seen almost everything that can happen. To help you stay informed and confident in your role, we’ve put together a straightforward guide covering the eight key things every landlord should know.

1. Stay informed about the property market

The conditions of the housing market are continually changing. First and foremost, a smart landlord should stay informed about these changes.

Keeping up with current market trends helps you price your property accurately and market it effectively.

It also gives you valuable insight into what similar rentals are offering, so you can stay competitive and make informed decisions. 

2. Know your property's location and its appeal

Having a solid understanding of the local area can significantly influence how you position and promote your property. For example, if your property is in a family-friendly area like Wallsend — known for its excellent schools — it might be best marketed as a family home.

On the other hand, if your property is located near transport links or within a commuter belt, it could be ideal for working professionals. In such cases, converting it into multiple flats or rooms for individual tenants might offer greater rental yield.

3. Ensure your property meets rental standards

Before renting out your property, it's essential to ensure it meets all legal and safety requirements. The property must be a safe and habitable space for tenants. Key things to check include:

• Are the required smoke and CO alarms installed and working?

• Are there any potential safety hazards?

• Are your gas and electrical safety certificates up to date?

If you're unsure, our team at Giraffe Residential is here to help. We can guide you through everything your property needs to be rental-ready and compliant with regulations.

4. Understand your tax obligations

Before you begin receiving rental income, you’ll need to register with HMRC to ensure you're paying the correct tax. Rental income is taxable after the first £1,000, which is covered by the property allowance.

It's also worth noting that tax rules can vary depending on the type of property you’re renting out. To stay compliant, be sure to review the latest guidance on the HMRC website or speak with a tax professional if you're unsure.

5. Set aside an emergency fund

Being a landlord comes with unexpected costs, so it’s wise to have a financial safety net in place. Setting aside funds will help you stay within budget if anything goes wrong — for example, if the property is vacant for a short period and you need to cover the mortgage without rental income.

Unexpected maintenance and repairs can also arise, regardless of the property’s age. Having a reserve fund means you’ll be ready to handle any issues promptly, keeping your tenants happy and your property in good condition.

6. Meet all legal requirements

As a landlord, it’s your legal duty to ensure your property is safe and compliant with all relevant regulations. Failing to meet these requirements can result in serious penalties or fines. Key legal responsibilities include:

• Gas Safety Regulations 1998 (and amendments): All gas appliances must be safe and inspected by a Gas Safe registered engineer every year.

• Smoke and Carbon Monoxide Alarm Regulations 2015: You must install and maintain working smoke alarms and carbon monoxide detectors where required.

• Electrical Safety Standards (England) Regulations 2020: Electrical installations must be inspected and tested at least every five years by a qualified person.

• Energy Performance Certificate (EPC) & Minimum Energy Efficiency Standards (MEES): A valid EPC must be provided to prospective tenants, and your property must meet minimum efficiency standards.

If you're unsure about your responsibilities, our team at Giraffe Residential can help ensure you're fully compliant before letting out your property.

It’s rare, but sometimes landlords also experience problems with tenants. Perhaps it’s late rent, or creating problems for other tenants. Without the relevant experience, dealing with situations like this can be challenging. In the event a legal approach is required, don't worry, we’ve got it covered!

7. Check whether your local council requires any specific licences

Contact your local council to check whether any other licenses are needed before you rent out your property. Some councils will have specific mandatory rules and regulations above and beyond the ones mentioned above.

8. Learn each tenancy agreement like the back of your hand

Becoming a landlord has plenty of benefits, especially when you have fantastic tenants. However, even after conducting a detailed risk assessment and deeming them as suitable, not every tenant is stress-free!

When you are faced with a situation where tenants in one of your rental properties are causing concerns, it's crucial that you know the tenancy agreement inside out to know what your options are.

Searching for advice on renting out your property? Contact our team on 01912760550 or email us at hello@girafferesidential.com, we are here to help!