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NLA calls for landlords to be prepared

It is important that landlords entering the rental market for the first time are sufficiently prepared.

Such is the assertion of the National Landlords Association (NLA), which reports that an increasing number of people are becoming landlords as they look to rent out their existing home in a bid to avoid selling it at a loss during the current financial climate.

However, it was reported that ahead of doing so would-be landlords should look to make sure that, among other areas, they have permission from their building society or bank to rent out their home and they know how to protect their tenant's deposit.

Meanwhile, it was stated that such consumers should check their current insurance policy to see if they are covered to let out their home. However, if this is not the case than seeking out landlords insurance may be advisable.

Simon Gordon, head of communications for the NLA, said: "Becoming a landlord in this market is not for the faint-hearted."

He added that those inexperienced landlords who are not up-to-speed with their responsibilities are likely to find that significant problems can arise.

Earlier this month, the NLA urged landlords to make sure their property will be protected this winter, by advising tenants on how to do things such as bleed radiators and turn off their water supply.

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