Top EIGHT practical things to know when getting your property ready for renting
Being a landlord is not an easy task. Whether you are looking to let out your former home, or are buying specifically to rent, becoming a landlord requires research and a lot of planning. Should you provide furniture? What type of tenants do you want to attract? There are many areas to consider before advertising a property to let. Taking advice from property professionals is a must.
Think about the type of tenants you want
It is always a good idea to think about the type of tenants you wish to occupy your property. By deciding on the type of tenants you would like in your home you can give yourself an idea of not only how you should start to decorate your home, but also the potential costs you could incur in the future. Are you looking for a family? How about single sharers? Will you allow smokers? What about pets?
Time for a fresh start
When it comes to decorating your home for tenants, the best advice is to make it a blank canvas. You may have loved your post-box red feature chimney breast, but is it to everyone’s taste?
If you are considering renting your property furnished, it is essential that the furniture is compliant with regulations. That antique wing back chair you have treasured could be a fire risk, so check before you consider leaving it. If any of the furniture you are considering leaving has sentimental value, put it in storage. Even the very best tenants can have accidents. There are companies who can provide furniture packages specifically for rental properties and at a reasonable cost. Head over to our partners Loft to see some of their landlord options.
If you are looking to let to students, furniture is a must. The minimum expectation in each room is that there is a bed, wardrobe, desk and chair. Ensure there is ample seating in living areas for larger groups.
Clean, Clean, Clean
Set the standard! Before tenants move in, bring in the professionals so that they can give the property a deep clean. A professional clean can be relatively inexpensive and is nothing compared to the reassurance that your home is ready for your tenants to live in.
Consider the costs
With your new status as a landlord comes brand new responsibilities that will usually come in the form of costs you must pay out for the needs of your tenants. This can be in the form of things such as repairs and maintenance, taking care of refurbishment when required or issues that will need immediate attention such as a leak.
Legislation and regulations
There are several regulations and legislation that you must consider when considering letting a property. Is the property in an area of Selective licensing? Would it be considered a licensable HMO? Are you aware of all of the regular required safety checks required? This is when it can become really challenging and taking professional advice is a must to ensure your property stays compliant.
Safety and Security
Ensuring the safety and security of your tenants is very important. Ensuring your property has window locks and secure access points provides both you and the tenants with peace of mind. It can also bring down the cost of insurance for you and your tenants. If you do not have an alarm or external lights, consider installing them, prospective tenants will appreciate the extra security measures.
Talk to the property professionals
Whether you are a new landlord or seasoned professional, with all of the regular updates to the industry it can be a challenge to keep up to date. Choosing an experienced, specialist property management company can take any worry and stress out of being a landlord.
At homes4u we offer a fully inclusive 52 point property management service. As part of our property management team we have a dedicated Compliance Officer focused on ensuring properties are up to date with legislation.
If you would like to know more about our award winning landlord services get in touch with our branches or complete our online contact form for a call back.