Whether you're a new landlord or a seasoned veteran, there are many things to consider when renting out your property. Here are a few tips to help get you on track.
Do your research
The first thing you should do is research the local market, and find out what similar properties in the area are renting for. Visit sites like Rightmove and Zoopla, and you'll soon get an idea of what price to set!
Whilst doing your research, you'll see that tenants usually have a lot of choice, it's important therefore to ensure you set a realistic price to avoid a long void period. You can get an instant online estimate of your properties rental value here.
Top tip! If your property is worth £600, but you advertise it at £595 you'll drop out of any searches that start at £600.
Check you have permission to let
If your property is mortgaged, or leasehold you may need to get 'consent to let'. You'll need to speak with your mortgage provider and (if applicable) the freeholder. Sometimes conditions are imposed upon you, such as being unable to let to housing benefit tenants, or only being allowed to use a licensed agent.
Learn about your responsibilities
Being a Landlord isn't as straightforward as many people think. There are well over 150 different pieces of legislation that you may have to consider when letting a property. There have also been many recent changes to the law, including the 'Tenant Fees Act 2019', the 'Deregulation Act 2015', and the 'Homes (Fitness for Human Habitation) Act 2019)'.
Top Tip! If in doubt, employ a qualified and licensed agent! You can find a list of ARLA licensed agents here.
Get the property ready
Your property isn't 'just a rental property', it's going to be somebodies home. Get the property professionally cleaned, ensure the gardens are neat and tidy, and ensure the decor is fresh and tidy! Not only will the property be more attractive to prospective tenants, but the standard is set for how the property should be handed back to you.
If you're unsure about any items in the property or how much you should do to the property, your agent should be able to advise.
Sort out your insurance
You should advise your current buildings insurer that you intend to let the property, this way there will be no issues in the future if you need to make a claim. Whilst a landlord specific policy isn't a legal requirement, it is advisable and often comes with additional items of cover that may be useful in the future!
If you're managing the property yourself, you should conduct regular inspections. It's important to remember that you must never enter the property without the tenants permission, so always organise these in advance. If you do enter the property without the tenants permission, this is classed as trespassing and is illegal.
Stipulate in your tenancy agreement that you will conduct regular inspections and that you'll always give at least 24 hours notice for access. I would advise doing inspections no more than once every three months.
Choose the right agent
A sure fire way to make the process as pain free and simple as possible, is to use an ARLA Propertymark agent to look after your property for you. ARLA Propertymark agents are experienced professionals and qualified in residential lettings & property management. They also have client money protection insurance, to protect you should they go bust.
Open House Hinckley & Nuneaton are proud to be ARLA Propertymark agents.
All social and private landlords (or agents) will now be required to ensure that a property and its common areas are fit for human habitation at the time of the tenancy commencing, and throughout the term. If a home is found to be hazardous, tenants will have the right to take direct legal action in the courts for breach of contract.Read more...
From 1st April 2019, it will become a legal requirement for all agents to maintain a dedicated client account, and hold client money protection insurance.Read more...
The Government will ban referral fees unless agents become more transparent.Read more...