People find themselves in the role of landlord for many different reasons and sometimes, it is not something they planned. Perhaps they inherited a property, they want to move but do not want to sell their home, or perhaps a relative is going into a nursing home, leaving their home empty. Whatever your reason may be, here is some advice on how to transform your property into a valuable asset.
Prior to renting the property out, take time to prepare it. Go in to the property with your eyes wide open and emotionally detach yourself as much as possible. This can be difficult as it may have been a family home for many years. Try and view the property as a mini-business and consider getting rid of things such as busy carpets and wallpaper and replacing them with something neutral. It may also be an idea to look at replacing kitchen units, bath tub or tiling if they have become tired or discoloured. This will greatly improve the appeal of your home and attract quality tenants. You will also need to have the electrics checked and ensure you obtain the relevant electric and gas safety certificates, as required by law.
The safety of tenants is paramount, so look around the house and garden with a critical eye. For example, if there is a steep drop off a patio that a child could fall down you may need to fence this off. Similarly, it may be better to fill in a pond as tenants may not have the time to maintain it and there may be safety concerns if they have pets or small children.
Once you have identified anything that may be unsafe or off-putting, you can take steps to rectify them. The legislation surrounding the rental market is changing all the time, but we can provide all the necessary advice to bring a property up to the required standard and keep you on the right side of the law. We will also help you to find tenants, deal with references, prepare inventories, do viewings, collect rents and deposits and sort out any maintenance issues as well as periodically visit the property to ensure it is being looked after.
We can also provide you with professional advice and help you to look at your home as a business/investment. When we do property appraisals we recommend whatever needs to be done, to help landlords secure better quality tenants. Equally, we will advise landlords if we think they are about to undertake a lot of unnecessary work and expense. For example, some people think they must rush out to a major department store and buy expensive beds and washing machine when it may be much better to buy less expensive, but good quality appliances on line.
We want to help you to make a profit and see good yields. It is our job to help you deal with the pitfalls of renting and make the experience as stress free as possible.
Top rental tips
- Seek free professional advice from a reputable agent
- Regard your property as a mini business/investment
- View you home with a critical eye, as if you were a potential tenant
- Rectify any areas that may be unsightly or unsafe
- Make sure your property has all the relevant gas and electric safety certificates
- Consider replacing busy carpets and wallpapers with neutral ones
- Clean the property from top to bottom, employ a professional cleaner if necessary
- Replace appliances and white goods with good quality new ones.
- Pay attention to any outdoor space to make this easy to maintain and safe for tenants
If you would like to discuss this further, please do hesitate to contact myself and my team on 01252 514000 or firstname.lastname@example.org.