Letting a property is an attractive income investment that requires your time and full-time dedication. While it may look like a walk in the park, letting your property in Leicester requires a lot more effort than just hanging your ‘to let’ sign and waiting to rake in the money. Just like any other investment, this one also comes with no guaranteed returns and can be a lot of work. This means that you have to take extra measures to ensure that you not only earn a great deal of rent, but that you also safeguard the interest on the apartment.
Letting your property requires planning and preparation in order to protect yourself against common risks that every landlord faces. Before you go into this venture, you should be sure that you are ready for the responsibilities that come with being a landlord. You should be ready to stay on top of things so that things run smoothly from the onset. With this in mind, here are 5 tips that will get you started in the right direction:
- Choose the Right Letting Agent
There isn’t an easier way to make the letting process more pain-free than by using a letting agency Leicester professional. People tend to underestimate the work that is involved in successfully letting any property. This often leads to terrible decisions that affect your bottom line. The right agent will manage your apartment and give you guidance on everything that you need to know. The agency will help you in finding and negotiating with a great tenant while making sure that your apartment complies with every regulatory requirement.
- Vet Your Tenants
Since you are going to be dealing with a stranger, it is only right to ensure that you screen him or her. Don’t let out your apartment before checking the potential tenant’s credit history, previous landlord references, and employment references. Any information that the potential tenant offers should double checked to eliminate the possibility of problems in the long run.
Furthermore, have a written agreement with the tenant and back it up with supporting documents that have all of the tenant’s information. You need to be able to depend on this person to take care of your apartment and pay the rent on time.
- Work on Any Repairs
These days, tenants are more cautious and choosy when looking for an apartment to rent. This is because of the very high expectations and the increased availability of rentals. In this case, you should think about what you would want your prospective apartment to look like, then use that as a benchmark when getting your place ready for potential tenants. Ensure that the maintenance is up to date and that all the repairs have been done. If your apartment is not in good condition, you are setting yourself up for some serious disappointment.
- Place a Competitive Price Tag
Go around your neighbourhood in Leicester and try to find out what other similar properties are going for. Keep in mind that this is the same thing that any prospective tenant will do, therefore, it is only wise that you do this so that you can offer a great price for the apartment. Ensure that the price reflects all the valuable aspects of the apartment while remaining comparable to what other properties in the market are offering.
- Get Insurance
While landlord insurance is not mandatory, it is advisable to get one once you decide to let your apartment. Property and liability insurance will help to safeguard your investment. Not only does it protect your tenants, but it also covers the building from possible losses such as vandalism, burglary, storms, or even fires. You can also check your options and see if you can get a policy that can protect you from rent defaulters too.