Letting your property can be a headache if rushed, but if done properly, can mean great financial rewards for you in the future. There are a few things everyone should consider before letting out their property, and at iLet we’re pointing out what you need to think about – and do – before you begin.
First impressions count
Just like buying a house, you’ll want potential tenants to have the best first impression of your property. Have a thorough check of the property to see what you can do to improve its aesthetic. After all, achieving a great first impression also means gaining the best possible price.
Get to know the health and safety obligations
This will generally help you give your tenants the best and safest experience in your property, and also avoid you being sued or prosecuted if tenants are injured. There are a number of protections in place that tenants will expect of their landlord, including:
- Fire safety: furnishings and furniture are under strict regulations for fire resistance in rental accommodation. All pieces must be fire resistant – that’s any item that contains upholstery. Check your beds, mattresses, children’s furniture, even pillows.
- Gas safety: neglecting this can be serious – meaning a potential gas explosion. Gas equipment must be serviced every 12 months by law, and regularly checked. An annual gas safety certificate will need to be provided by you to your tenants as well.
- Electrical safety: wiring throughout the house should be in working order throughout the property. Do you have enough sockets for your tenants’ needs? A certified electrician should be able to take care of any repairs you may need to make. Test any electrical equipment you’re providing your tenants with and keep the reports.
Essentially the golden rule when it comes to health and safety guidelines is: don’t let tenants suffer through anything you wouldn’t personally put up with in your own home, especially if it is potentially dangerous!
There will be a serious amount of paperwork
It’s a necessary evil, but don’t let it scare you! There are a slew of important documents you need to have prepared before you let your property. The tenancy agreement is the most important – this legally binds you and your tenants in contract. The inventory of the property – damage, marks, and its contents – will also need to be taken out on the first day of the tenant’s stay. Even knowing both your rights as a landlord, and your tenant’s rights, is crucial.
Consider the costs of letting
Letting isn’t about gaining money, but about managing it. Are there any mortgage repayments outstanding on the property? Do you need to do costly repairs to bring the property up to standards? How much are the solicitor’s fees? Consider the council tax and utilities must be switched to the tenant’s name.
So – the letting process doesn’t have to be stressful – it’s more like ticking off what you need to do to make your property as safe, welcoming and as friendly as possible. We have a variety of landlord packages to make this process as stress free as possible. Drop us an email or call us today to start your journey!