Jargon Buster - A-Z of Buy to Let for landlords (E&F)
Through 2021, we’re taking you through the alphabet of property-related terms, explaining what they are and how they’re relevant to you, as a landlord. This month:
Electrical Installation Condition Report (EICR)
If you have only been a landlord for a few years, you may not have needed to carry out any checks on the electrical installation in your rented property. But, since mandatory 5-year full electrical checks came into force for all tenancies on 1st April this year, it’s important to understand Electrical Installation Condition Reports (EICR).
When an electrician carries out an inspection on the electrical system of a property, they complete a written report, detailing the results of the inspection and information about any works required to bring it up to standard – this is the EICR.
For more on electrical checks, visit: https://www.reedsrains.co.uk/landlords/the-electrical-safety-standards
Furnished / unfurnished
As a landlord, you can choose the extent to which you furnish your property and the decision is usually driven by the type of demand in your local area. For example, students and first-time renters usually want fully furnished, whereas older tenants and particularly those who have previously owned a home tend to look for unfurnished.
But what exactly does each term mean?
- Furnished / Fully furnished. In this case, the tenant is only expected to have their own clothing, linen and personal items, with the landlord providing all fittings, furnishings and basic equipment such as beds, dining tables and a sofa, electrical items such as a kettle, kitchenware and utensils and things like mirrors and curtains. The higher the price point of your rental, the better quality all your furnishings should be.
- Unfurnished. This used to mean the property was simply painted and carpeted, with curtains or blinds, allowing tenants to move in their own furniture. However, the expectation and ‘standard’ today is that white goods are also provided: fridge/freezer, oven, hob and washing machine. The better quality the rental, the more likely it is that a tumble dryer, dishwasher and microwave will also be included.
In all cases, make sure that absolutely everything you have provided is carefully recorded on the inventory at check in and check out. Bear in mind, anything provided, needs to meet fire Furniture and Furnishings (Fire Safety) Regulations 1988.
If you’d like to discuss current demand and perhaps look at switching the level of furnishing you offer, give us a call or email and one of the team will be happy to advise you.