Now that you have decided to rent out your property you'll want to maximise the letting potential by making sure you address the condition, the quality of the presentation and attention to detail. The most important thing to remember is that you are not going to be the one living in the property, so your personal taste should take second place to what the market demands. Better properties tend to attract better tenants and yield the highest rents.
The first thing that a potential tenant sees is the front of the property, so the exterior should be in good, fresh decorative order. Any pathways and driveways should be cleared of weeds and should be tidy, presentable and rubbish free.
Trim hedges, mow the lawn, repair any cracks, holes or blemishes or walls, give the windows a lick of paint and make sure the house number is clearly visible.
If you are letting a garage with the property, this should also be cleared and made ready for use. The garden should also be tidy and presented in an attractive manner, dig up any dead or unsightly plants and if possible add some new ones.
Ensure that all available utilities are connected to the property including, telephone line, gas, water and electricity. Where provided, check any LPG/OIL tanks are in working condition and full and that any septic tanks attached to the property are emptied.
Your property can be let fully furnished, part furnished or non-furnished, this will be entirely up to you. We can advise you at the time on whether to furnish or not, and to what level.
You'll find that most tenants prefer plain, neutral colours for decoration and you will also need to take in to consideration wear and tear, especially on carpets.
Carpets should be good quality, practical and hard wearing, it may also be appropriate to fit wooden floors in some of the rooms. Whatever you decide, it should be good enough to last.
Bathrooms should have a good quality shower, and Kitchens, ideally, will be well equipped and functional. Again, good quality is important in these areas.
ALL electrical, plumbing, waste, central heating and hot water systems MUST be safe, sound and in good working order.
Any instruction/operating manuals for any appliances and electrical equipment should be left in the property. Details of any maintenance contracts should also be supplied.
Before the commencement of a tenancy the whole property should be made clean throughout.
Do you have a mortgage on the property? - If you have a mortgage on the property that you intend to let then you will need written permission from your mortgage lender. Depending on who your lender is will determine whether they want to include extra clauses within the tenancy agreement.
Is your property held on a Lease? - If you are the leaseholder of the property then you will need to check the terms of the lease and prior to letting obtain any necessary permissions.
Council Tax & Utility Services - Arranging for transfer of the council tax and utility services in to the correct tenant name is part of our services. We can assist in taking meter readings for each of the services connected to the property.
Insurance - You should advise the insurance company that you are letting out the property and you should make sure that you have adequate insurance cover for buildings, content and public liability in place. Failure to notify your insurer may invalidate your policies. If you need further advice on Landlords Legal Protection, Rent Guarantee Cover or Contents and Building Insurance, please feel free to ask.
While your thoughts maybe leaning towards how much you can get by letting your property, you must consider and budget for any costs that could arise, for example:
Post - If you are renting out a property where you no longer live (e.g.: you are moving and want to let the property) then you will need to arrange to have your mail re-directed to your new address.
Income Tax - It you are currently residing in the UK, it is your responsibility to inform Revenue and Customs of any rental that you receive and to pay any taxes due.
There are many things to consider prior to letting out your property and the process can become complex and time consuming. As specialists, we understand the letting process and can manage your property giving you peace of mind and relieve you of the commitment of being a full-time landlord.
Please contact us further to discuss your individual requirements for you and your property; we look forward to being of assistance to you.