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To give your property the best chance of being let quickly in a competitive market, you need to present it in the best possible light.
If finances are limited, concentrate your efforts on the parts of the house that your target market will require the most.
Remember that good first impressions are the key to getting a contract signed and sealed.
This is a list of things that you will need to consider if you are preparing to let your property:
- Assessment of the rental value
- Informing your mortgage lender
- Informing your insurance company to ensure adequate and relevant cover
- Advertising to find tenants
- Arranging viewings
- Checking references and credit checks
- Essential gas and electricity safety checks
- Preparing inventories
- Deposit management
- Tenancy agreements
- Rent collection
- Property inspections
- Managing repairs and maintenance
Full management - opting for this service means you transfer all the responsibilities and any headache when preparing to let as well as the ongoing management to an agent. They can deal with everything from sourcing tenants to collecting rent and managing repairs. You may decide to keep control of some aspects of it and hand over the rest to an agent.
Find a tenant - if you are preparing to let, you need to consider the type of tenant your property is likely to attract. Take into consideration the location, size etc of your property before starting the advertising process. For example, if your property is in a school catchment area and has a good sized kitchen and a garden, it is very likely to appeal to a family.
Tenant referencing - take up tenant references and confirm their identity and any other relevant information such as bank, employer or any previous landlords.
Inventories - a thorough and accurate inventory of the property, a list of its contents and a record of their condition is essential to avoid any dispute later. When signed by you and the tenant, it is a binding legal agreement.
Deposit management - the Tenancy Deposit Law requires you to deposit any tenant's money with a Deposit Protection Service or an Insurance-based scheme. You will be expected to provide your tenant with details about how the deposit is being protected.
Mortgage payment protection - this will safeguard your mortgage payments against unemployment, sickness and disability.
Costs - there are various costs associated with buying properties such as Stamp Duty, search fees and solicitor's fees. Your conveyance solicitor will be able to advise you of these. Also, if you use an agent to manage your property they will charge a fee depending on the level of service provided.
It may appear that there are many things to consider when preparing to let a property. But you can choose to have as much or as little control as you wish. Also, many of these processes and services are in place to protect both you and your tenant and will ensure that your investment is a smooth and successful one.
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