Tips for Landlords when Renting out Property
When you work with us at My Place Properties we do all the hard word for you and are always here to give you advice and tips. Below are a few tips for you when you rent our your property:
Your intended type of tenant– different types of tenant will be attracted to different types of property- students, professionals, families and etc.
Changes that need to be made in order to let the property– look at costings and the return that the let will give you.
Redecoration– keep it simple.
Fixtures and fittings– it is good practice to have a cooker fitted in the property, good flooring, certified electrics, gas safe check, if there is a garden it needs to be a safe space- ie: no drops or ponds and etc.
Furnished or unfurnished– unfurnished is so much easier and less costly with regard to initial outlay. If property is furnished then all white goods must be PAT tested and all soft furnishings need fire labels attached to them.
All structural parts of the outside of the building– ie: walls and drains etc must be safe
Achievable rent– look at rentals in the area similar to the property you have to let- the mistake is to price the property slightly higher in order to recoup funds- however it may be difficult to attract a tenant- they may not stay- therefore there will be voids where money is lost- think carefully and try to attract a long term tenant- far more cost effective in the long run.
Other Rental Tips
The property must be wind and water tight.
There must be mains wired smoke detectors in the property and if there is Gas, a carbon monoxide detector.
The property must have adequate heating in each room of the property and hot water at all times.
If the property has a mortgage then ensure that it is changed over to a buy to let arrangement and ensure that you have landlord insurance for the property.
We are experts in the property rental market so if you have any questions or need any other advice, just contact us.
Many thanks – Lisa 🙂