Guide for Landlords In Letting & Preparing Properties for Renting
Are you thinking about renting out your home? Then you’ll certainly have a lot of things to think about.
Preparing Your Property | Guide for landlords
Before you rent your property, you need to be prepared. First impressions are everything when it comes to your property, so you need to make sure that your home is in the best possible condition when tenants come and look round.
The first thing that your tenants will see when they come and visit your property is the outside. For this reason, you should make sure that the exterior of your property is in great condition. Make sure that you tidy up both the front and the back garden. This includes weeding, and even adding some new plants if required. You should also clear out any dead or dying plants, as this will hinder the overall appearance of your property. You also need to make sure that you repair any cracks or splits in the driveway or the neighbouring walls, as well as adding new paint to the door and window frames. Little improvements like this can make all the difference, so don’t overlook them just because they are smaller jobs.
Many people make the mistake of just focusing on the physical standards of the property as opposed to the aesthetic standards. For this reason, you should de-clutter the entire house. Move some of your furniture into storage if required, as this will make your property feel much more open in the eyes of a potential tenant You should also remove any knick-knacks and non-essential items. The next thing you need to do is make any minor repairs. This again, includes cracks in the walls, crooked or broken tiles and even burned out light bulbs. Spray some air freshener and get rid of any stale smells or cigarette smoke aromas and re-decorate if your wallpapering has yellow cigarette stains from the last tenant.
If your property is going to be occupied by more than one family, then you will have to take a look at the House in Multiple Occupation laws. You’ll also need to register with your local authority, and this step is vital if you don’t want to run into any legal obstacles along the way.
This may seem like a lot of hard work for the time being, but you need to remember that every little improvement could mean the difference between landing a tenant and having your property empty for the upcoming months.
Other Things to Consider When Letting Flats & Homes
Other things you need to think about include the advertising side of your property. For example, will you advertise it as a two bedrooms with a study or as a three bedroom? And will you let the property to one tenant; will you let individual rooms to multiple people?
Mortgage – Your mortgage provider might ask you to rent your property on an Assured Shorthold basis
Insurance – Your insurance company might not cover you if you don’t tell them that you are renting out your property to other people.
Property Letting Costs
Although you’ll want to get as much money as possible when renting your property, you also need to think about your budget and cost. For example, do you have any mortgage repayments to make on the property? Do you have any expenses on the property that include utility equipment and appliances? These can all eat away at your finances, so make sure you plan out every option before you set your rent.
You should also make sure that you have access to a funds account in case you need to make any repairs. This step is vital if you want to have a satisfied tenant, not to mention that it can make all the difference to your reputation as a local landlord in the area.
There is certainly a lot of work involved when it comes to letting your property. A lot of landlords prefer to hand over their responsibilities for the property to a qualified estate agent. This means that you don’t need to deal with the tenant directly, and it also means that you don’t have to negotiate with them. If you are considering hiring a letting agent, then you first need to make sure that they will advertise your property efficiently. This can be done by checking them out on a portal, because you can then see their professionalism as a manager as opposed to their surface skills. It is also vitally important that your manager has knowledge of the local area. Rental prices change all the time, so it helps to have someone who understands the changes in your area before you hire them as your property manager.
Another thing you should look out for is their ability to conduct viewings of your property. This is where tenants are gained and lost, so good customer service skills are vital if you want long-lasting tenants in your properties.
Once you have found great tenants for your property, you can then choose to manage the property yourself, or hire a property manager. If you live abroad, then you’ll want to hire a property manager to handle everything for you. They will make sure that your tenants are properly cared for as well as ensuring that they are fully satisfied with the property. A lot of letting agents actually offer managing agent services, which is very useful if you want to cut down on money. You will also find that they can conduct credit checks on your behalf, which is a great way to eliminate bad tenants before they even step foot on your property. They can manage the start and end of the lease agreement, as well as collecting the rent from your tenants both safely and securely without any mistakes. Your manager will also inspect the property on a regular basis, and this can go a long way when it comes to saving money because you can make any repairs quickly and efficiently without paying more at a later date.
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