The ins and outs of being a landlord
Make your property attractive to potential tenants
Make sure your property is clean and de-personalised. Keep the décor simple, neutral and plain. Having too much of your personality can put people off as it may not suit their taste.
If your property is furnished, de-clutter and arrange furniture to make the most of the space.
Make any necessary repairs before you market the property to avoid any delays with your tenant moving in.
The most important rooms are the kitchen and bathroom, and so ensure these get special attention. Having white goods in the kitchen and extractor fans in the bathroom could be a deal breaker for some.
Price your Property
Getting the right rental price for your property is essential. If you set it too high, people will rule it out. Too low, people will get suspicious that there is something wrong.
Be realistic – does the price reflect the quality of your property?
Know your market and do your research by looking at other properties in the road or area that are similar to yours.
Think about who your property is best suited to – professional couples, families, downsizers?
Find unique selling points for your property – what might attract these people to your property over someone else’s?
Inform the right people
If you are going to let out your property you must inform the following relevant parties:
– your mortgage provider,
– your management companies or leaseholders,
– your buildings and contents insurers,
– the Inland Revenue and
– the Council Tax Department
– Utility companies
Perform tenant background checks
As a landlord it is essential that you know who you are letting your property to.
You will need to perform credit, employment and previous landlord reference checks to ensure you are letting to a reliable tenant.
Carrying out a full reference will highlight any bad debt, rent arrears or CCJ’s.
All tenants over the age of 18 must be checked under the Immigration Act 2014 to identify whether they can legally rent a property in England.
This is a legal requirement for tenancies starting on or after 1st February 2016. It is against the law to only check people you think aren’t British Citizens and you can be fined up to £3,000 for renting your property to someone who isn’t allowed to rent a property in England.
Create an inventory
Landlords should commission an inventory by an independent clerk to verify the condition of the property and its content at the start of the tenancy.
This will act as evidence at the end of the tenancy should any refund dispute arise.
We can organise for this to be carried out for you.
Understand the legislation
Check out our Legislation Guide to understand the legal requirements and regulations to which you must adhere as a Landlord.
Call us today for further advice on becoming a landlord on 0208 633 3211.