Are you exploring the idea of renting out a property for the first time, and not sure where to start? At Love Your Postcode, we are here to help and have put together five important tips to consider before letting out your property.
Research the local market
Find out what the going rate is for properties similar to yours in the local area and set a realistic rental price point. Research the type of person your house is most likely to appeal to, and then let this guide you in terms of furnishings and décor. For example, a family with children won’t thank you for cream carpeting!
Get the property ready
Whether you are letting your property furnished or unfurnished, a deep clean is a good starting point, setting the standard for how you expect the property to be kept. Obviously, you will remove personal belongings and anything that is broken or simply looking worse for wear. Be sure to leave copies of instruction manuals and ensure you get enough keys cut.
Get the right insurance
As a landlord, you will need to amend your buildings and contents insurance to reflect the property’s new status. You may also decide to take out special landlord insurance to cover yourself against such risks as void periods, rent defaults or legal expenses. Thanks to Covid-19, taking out insurance is more important than ever!
Understand your legal obligations
There are over hundreds of laws that landlords need to comply with, covering areas as diverse as gas and electrical safety, the protection of tenant deposits or the energy efficiency of the property. There’s no need to be alarmed however, as your letting agent will be able to advise you to ensure you are within the law at all times.
Choose a good lettings agent
An experienced letting agent will be able to guide you through every step in the process of letting out your property. We can help you find the right tenants, deal with all the paperwork and then manage the property on an ongoing basis if you wish.
If you’re looking to let your property, we are here to help! Call us on 0800 862 0871 to speak to a member of our letting team or click here to find out more about our services.