Many people consider renting out their homes so that they can make money, pay down their mortgage and keep things ticking over until the economy picks up, and although it can work out well for a lot of people, many others are faced with numerous problems that make the whole process feel like more trouble than it’s worth.
If you are one of those people who is considering renting out your home, take a look at these important things you should consider when renting your property:
Think About the Responsibility
First and foremost, you must get to grips with the responsibilities you’ll have as a landlord. You can’t just buy a new house, or let out your current one, collect the rent every month and forget about it – you will have to take care of repairs and maintenance, chase up missed payments, take out landlord’s insurance and keep an eye on the property and your tenants as a minimum. This can take up quite a lot of time, so you need to seriously think about your position before you dive in.
Getting Your Property Ready
Unless the property market where you live is scarce, you will need to get your property into shape before you let it out. After all, if choices are abundant, no one is going to choose to live in a run-down home, even if it is ever so slightly cheaper.
If you want to make the most of your return and attract good tenants, you will need to do some simple home improvements like deep cleaning your home, redecorating any areas that are particularly dated or worn, ensuring all appliances are working and making sure that the general condition of your home is up to a standard you would be happy to live in.
At this stage in the process, you should call in a professional electrician and plumber to ensure that the most important parts of the home, like the boiler and wiring, is sound because, not only could they cause your tenant major problems if they are not, if the renter is injured as a result of any faults, you will be liable.
Big it Up
Once you’ve Taken care of the house and it’s looking good and functioning like a well-oiled machine, you should take some time to tour it noting down all of its best features. This will help you to craft an attractive listing that will have buyers flocking to you, and enable you to keep an inventory that you and your tenant can agree on before they move in. Things like a spacious garden, wooden floors, and high-quality appliances can all help to draw in renters, so don’t leave out anything that you think could potentially appeal.
Once you’ve crafted your sales pitch, you will need to advertise in estate agent's, local papers and online. The more places you list your property, the more likely it is to be seen by the right person, and the less time it will take you to find a tenant.
Renting out your property might seem like a simple thing to do, but there are lots of rules that must be obeyed. As a landlord, your first port of call should be Conveyancing solicitors, Bannister Preston, who can help you navigate the choppy waters of homeownership and rental with relative ease. They, along with your solicitors, if necessary, will ensure that you comply with all local rules, do everything that should be done and make deals that benefit all involved.
You could be forgiven for wanting to make as much money as possible with your rental property, but you must remember that it is going to be someone’s home, so you need to be fair. It is also worth noting that setting prices that are similar to other rentals in the area will make it much more likely that you will attract a tenant without delay. If you price it too high, you could be waiting a long time before anyone takes a real interest in your home.
Check Out Tenants
If you’re going through an estate agent, they will check out your tenants for you, conducting credit checks and taking references, but in an ideal world, you should still request a meeting with them too. Getting to know your tenants to see if they’re a fit will make it easier for you in the long-term because you will need to be in regular contact with them, and if you don’t really like them, things could get quite difficult.
Asking to see references will help to protect you from tenants who don’t pay, leave the home in a state of disarray and are generally more trouble than they’re worth.
Get a Deposit
You should always get a deposit which is reasonable to your tenant and enough to cover any damages you might incur before they move in. Not only that, but you should also ensure that all parties involved signing a contract, so that there can be no comeback on you should relations go south and you need to take matters further.
Right now, your deposit must be placed into a Tenancy Deposit Scheme, where it will be kept for the duration of their tenancy and must be returned to them if they leave the home in good condition.
Maintain Your Property
Once you’ve chosen the right tenant and they’ve moved in, it is very important that you keep on top of any maintenance issues as and when they arise. If your tenant calls you with a problem, don’t keep putting them off. Do what you can to sort issues quickly and not only will your tenants be happier, but relatively small maintenance issues are less likely to turn into bigger problems as the days and weeks go on.
Renting out your property to a tenant can be good for you and the tenant, but this is reliant on your taking your responsibilities as a landlord seriously. At the end of the day, it is your house, and your investment and you need to take responsibility for it.