If you want to rent out your property, then you should know that there are various important factors that you need to think about before you create your listing. After all, you need to think about your responsibilities, how you are going to protect yourself and even how you could keep your tenants happy too.
It’s so important that you take out a quality insurance policy to protect your property. Normally you will need to have buildings insurance, as it will be the tenant’s job to take out renter’s insurance separately. Of course, you may need to talk with your tenant about this and you will also want to make sure that they are doing their part as well. Other options you might want to talk about include flood insurance for renters and security.
Do your Research
Another thing that you need to do is know your market. One way for you to do this would be for you to look at similar homes in your area so that you can get an idea of how much each one is being let out for. If you set your rent too high or even too low, then you may be driving away prospective tenants, and this really is the last thing that you need. Another thing that you need to do is consider your target demographic and who your property is going to be suitable for. Are you wanting to let your house out to students? Families? Single professionals? Either way, if you decide to go through a letting agent then they will be able to advise you on that.
Furnished or Unfurnished?
You’ll also need to decide whether you want your property to be let furnished or unfurnished. Any personal belongings should be removed from the property, along with anything that is not fit for purpose. A property that is a blank canvas will normally be more attractive to buyers and it will also make it easier to maintain. Hiring a professional to give your property a good, deep-clean is always a good idea because when you do, you won’t have to worry about your client complaining about built-up grime or anything else of the sort.
Your new status will also come with a great deal of responsibility. You might need to check your mortgage as that will be able to tell you if you are actually able to rent out your property or not. Some mortgage agreements come with a requirement that you don’t rent your property out at all, and if this is the case then you might need to speak with your advisor to see if they can change your terms. Of course, being a landlord isn’t just a day job. You need to be open to receiving calls from your tenant during the day and the night, with a lot of issues requiring immediate attention. This could include a broken boiler or even a gas leak. As if that wasn’t enough, you will also be held accountable for any maintenance and repairs.
Being a landlord will also come with its fair share of regulations as well. You will need to make sure that you meet them all if you want to avoid a hefty lawsuit, not to mention that you will need to carry out rental checks as well. Some of the checks will make sure that your property is fit for habitation and other checks will make sure that the tenant’s property deposit is protected. Either way, there are ways that you can make the whole thing easier on yourself and that would be for you to go through an agent. When you do, they will normally take care of a lot of the checks for you, for a fee. If you want to increase your profit, then it may be a good idea for you to learn the ropes yourself so that you can easily make the most out of your investment.
Finding a Tenant
When you have met all of the above regulations, you then need to make sure that you find a tenant. If you don’t know where to start, then going through an agent here is certainly a good idea. The best thing about going through an agent is that they can undertake all of the right credit checks for you and they will also help you to know if there are any additional laws or rules that you need to follow. Some agents will also deal with handyman calls and repairs too, so the only thing that you need to do is collect your payment at the end of every month.