Accidental Landlord

05 June, 2025

What To Do If You’ve Become an Accidental Landlord

Becoming a landlord can be exciting, but if it’s unexpected, for example, you’ve inherited a property, relocated for work, or couldn’t sell your home, it can also be overwhelming. Here’s a straightforward guide on what to do if you’ve found yourself an accidental landlord.

1. Understand Your Legal Responsibilities

First things first, familiarise yourself with your legal obligations as a landlord:

• Register with local authorities (if required). In many places, landlords need to register or obtain a license.
  
  

• Health and safety compliance. Ensure the property meets safety standards, including gas, electrical, and fire regulations.
  
  

• Tenancy agreements. Always use a written tenancy agreement outlining rent, responsibilities, and rules.
  
  

• Deposit protection. In many cases, landlords must protect tenants’ deposits in a government-backed scheme.
  
  

• Right to rent checks. Depending on your jurisdiction, you may be required to verify your tenant’s legal right to rent.
  
  

2. Sort Out Your Finances

Renting out a property changes your tax situation:

• Income tax. Rental income is taxable. Keep detailed records of rent received and expenses paid, such as repairs, insurance, and agent fees.
  
  

• Mortgage considerations. If you have a residential mortgage, inform your lender. You may need consent to let.
  
  

• Insurance. Switch to landlord insurance to cover buildings, liability, and loss of rent if necessary.
  
  

3. Decide How You’ll Manage the Property

You have two main options:

• Self-manage. You handle everything, including finding tenants, maintenance, inspections, and rent collection. This can save money, but it is time-consuming.
  
  

• Use a letting agent. Agents can find tenants, manage maintenance, and handle paperwork for a fee (typically 8 to 15 percent of rent).
  
  

Evaluate your time, confidence, and local market knowledge before choosing.

4. Prepare the Property

Before renting it out:

• Safety and maintenance. Make sure everything is safe and in working order.
  
  

• Clean and presentable. A clean, well-maintained property attracts better tenants.
  
  

• Inventory. Create a detailed inventory with photos to help avoid disputes about damages later.
  
  

5. Find the Right Tenants

Tenant selection is important:

• Credit and reference checks. Verify tenants’ credit history, income, and previous landlord references.
  
  

• Affordability. Make sure they can comfortably afford the rent.
  
  

• Communication. Clear expectations make for a better landlord-tenant relationship.
  
  

6. Keep Up with Ongoing Responsibilities

Once the tenant moves in:

• Maintenance and repairs. Respond promptly to issues and keep the property safe and habitable.
  
  

• Inspections. Periodically check the property, with proper notice, to ensure it’s well cared for.
  
  

• Rent collection and accounting. Be consistent in collecting rent and keeping records.
  
  

7. Plan for the Future

Think about the long term:

• Exit strategy. Will you eventually sell, keep renting, or move back in?
  
  

• Market trends. Monitor the local rental market to adjust rent and plan for maintenance costs.
  
  

• Professional help. Consider an accountant or property manager for advice and support.
  
  

Being an accidental landlord can be a steep learning curve, but with preparation, the right knowledge, and perhaps a bit of expert help, it can also be a rewarding experience. Take it step by step, and don’t hesitate to seek advice from professionals to protect both yourself and your tenants.

If you’re feeling overwhelmed or just want a quick exit, Get an Offer is here to help. Contact us today to get professional advice or a fair offer on your property, and take the stress out of being an accidental landlord.