If you’re thinking about
letting out your home, there are a number of important factors to consider
before putting it up for rent. I’ve put these tips together to ensure you
understand your responsibilities as a landlord, know how to protect your
property, and keep your tenants happy; dealing with any issues that may arise.
Do your research
First things first, get to
know your market. Take a look at similar homes to yours in the same
area and find out how much they are being let for per month. If your rent is
set too high, or too low, prospective tenants will steer clear.
Think about your target
market and consider who your property would be suitable for - young families,
students, single professionals? A letting agent may be able to help
advise with this. Once you’ve done your homework, set a competitive price
and aim to keep it filled at all times to minimise rental voids.
Prepare your property
Before you make your
property available to rent, you’ll need to decide whether to let the house as
furnished or unfurnished. Personal belongings or items of value should be
removed from the property, and be sure to clear out anything that is old and
tired, not fit for purpose or an ‘acquired taste’.
A property that offers a
blank canvas is often more appealing to prospective tenants. Neutral colours
will allow renters to picture themselves living in the space, and will also
make the property easy to maintain at each check-in/check-out. And don’t forget
the exterior of the house—general sprucing of outdoor spaces will make the
property more attractive to renters.
Think about hiring
professionals to give your home a deep clean. Professional cleaners will scrub
everything from the windows to the oven—they’ll even get down behind radiators.
Make copies of any keys that
a tenant may need for windows and doors, or for gas and electricity meters.
It’s also a good idea to dig out instruction manuals for the boiler, alarm
system, cooker and any white goods, so the tenant has them to hand as soon as
they move in.
Sort out the insurance
It is very important that
your current buildings and contents insurer is made aware of your intention to
let your property, as your policy will need to be amended.
Consider
arranging landlord insurance, which will cover any financial losses
connected with your rental property. Whilst landlord insurance isn’t a legal
requirement, it is advisable as the policy will protect the building, your
tenants and your investment as a whole some policies will also pay out if
your tenant misses their rent payments.
Know your responsibilities
The decision to rent your
home will mean that you go from being a home-owner and occupier to a landlord,
and with your new status, comes great responsibility.
In the first instance, check
that your mortgage allows you to let out your property, as some
agreements contain caveats to prevent homes from being rented. If you are
unsure, speak to your mortgage lender and they will be able to advise you
accordingly.
Being a landlord is a 24/7
job, so be prepared to receive calls from your tenant at any time during the
day or night, as many issues will need immediate attention (such as a gas
leak, or broken boiler for example). You will be accountable for all
repairs and maintenance and taking care of refurbishment of the interior
and exterior of the property when required.
Learn the legal stuff
When it comes to being a
landlord, there are more regulations to comply with than you can shake a stick
at. To put it into perspective, there are currently around 175 laws that
landlords need to adhere to when letting a property.
Landlords are expected to carry
out credit and right to rent checks in line with immigration
laws, take and protect deposits, have all essential paperwork in place and
ensure the property is fit for habitation and safe for your
tenant—that’s just for starters.
The safety of your tenants is very important, so you must also arrange a Gas Safety check every year. Also from 1st July 2020 all properties let for residential tenants MUST have an electrical safety inspection certificate. Finally, it goes without saying that your rental property should be fitted with smoke alarms on every floor and carbon monoxide detectors where necessary.
By law, your property must
have an EPC (energy performance certificate), and it needs to be Band E or
above. You won't be able to advertise the property unless you reach this
standard and have a certificate to prove it, so get it sorted as soon as
possible - certificates are valid for 10 years.
Tenants must be provided
with a rental information pack.
All landlords are subject
to paying Income Tax if the revenue from the property exceeds £2,500
per annum.
Make finding a tenant easier
If you’re looking for a
tenant and not sure where to start, why not speak to your local ARLA
Propertymark letting agent today. An agent will undertake the
reference and credit checks and right to rent checks on potential
tenants to ensure everything is reliable. If you choose not to use an
agent you will need to do this yourself.
Choose the right agent
Not only will an agent advertise your property for you, deal directly with the tenant on your behalf and complete all relevant paperwork, but an ARLA Propertymark protected agent will also have Professional Indemnity insurance, and you and your money will be covered, giving you peace of mind throughout the letting process. If you plan to use a letting agent, it is important to use an expert who follows best practice, meets all requirements of the profession and works to industry standards. Propertymark Protected letting agents are experienced and trained professionals who work to a code of practice in order to help landlords manage their homes.
I'm here to help sellers,
buyers, landlords, and tenants.
Call me or drop me a message
if you think I might be able to help you.
The Good Estate Agent – North Nottinghamshire
Tel: 01777 237310 or 07981 744003
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