Get your property ready to rent with these top tips
Becoming a landlord can be a daunting experience. Following these simple steps can assist with a smooth letting process.
Appoint a reliable local letting agent
An experienced letting agent can guide you through the sometimes stressful procedure of letting your property, especially for landlords who do not have extensive knowledge of the rental market. An agency can advertise your property, recommend a rental price, find and reference tenants, produce tenancy agreements, conduct an inventory and protect deposits. An agency can also manage the property on your behalf, providing you with peace of mind that your property is well looked after.
Inform your Mortgage Company
It is important to keep your mortgage company up to date with your plans to let your property; each lender will have a different criteria.
It is still your responsibility to have buildings insurance as well as your own contents, fixtures and fittings on a rental property and your insurance provider will need to be informed that the property is being rented out.
Give your property a lick of paint
A fresh looking property will create more interest than a home that is too personal to a landlord. Removing all personal items and painting walls and ceilings in neutral colours will grab a potential tenants’ attention.
Check your legal requirements
Your rental property will require an Energy Performance Certificate and an Annual Gas Safety Inspection Certificate. Your tenants will also need access to the government’s ‘How to Rent’ guide. The tenants’ rental deposit will also need to be protected in accordance to government guidelines in a Tenancy Deposit Scheme. Agents/landlords are also required to check a tenants’ eligibility to live in the UK.
The type of tenant you want
Things you may want to consider when letting your property for instance are would you be happy to have a pet in your property, or a family with young children. Inform your letting agent of your requirements and they can assist with finding the right tenant for your property.
Measure costs versus hassle
You will have to choose whether you will be managing the property yourself or whether you will engage the services of a letting agent. If you are very busy or do not live locally, going with the latter option will be a worthwhile investment.
The contract between a tenant and landlord are referred to as an Assured Shorthold Tenancy Agreement (AST). An AST will be produced by your letting agent, however it is good practice to ensure that clauses such as notice to vacate are suitable.
Keep up-to-date with tax rules
Now you’re a landlord, it is extremely importance that you keep up to date with any tax implications that could affect you now or in the future.