If you are considering letting someone rent your home, you must ensure it’s suitable for rent. The good news is that below you will find some tips that can help you make sure the home is in good working order for prospective tenants:
Do Some Research
One of the first things you must do is determine how much rent you want for your property. Ideally, the rent will cover your mortgage payment and earn you a little extra cash each month. However, you’ll need to ensure you’re not over or undercharging.
Do some research and find similar homes in your local area. How much rent are they charging? You can always contact a lettings agency and ask them.
You could try to be competitive with your rent and charge a little less than similar homes. However, if you set a lot less, people will wonder why. The less you trust, the more likely something is wrong with the property. A prospective tenant may, therefore, be put off.
Choose Your Tenants
Who would you like to live in your home? Are you looking for young professionals, families, or students? Think about the local area and the type of households that live there. If there is a large student population, you’ll likely find a tenant. Alternatively, if the site is full of families, you might want to appeal to similar people.
Preparing the Property
Now, it’s time to ensure your property is fully prepared. You will likely need to decorate it. You might also need help from an electrical services company to ensure everything is in good working order. Be prepared to add a new refrigerator, stove, and other appliances to make the property more attractive.
Make sure all the doors and windows can be opened and locked. You’ll also need to check the boiler and the alarms (burglar, carbon monoxide, and fire alarms). Lastly, you’ll need to make sure everything is nice and clean.
Now you’ve done all of the above, it’s time to decide whether you want to furnish the property.
Getting the Right Insurance
it would help if you got the right insurance. You must tell your insurance company you intend to rent the property. This is because your insurance coverage will need amending. For example, you might want insurance for the building but not for its contents. Your tenant will be the one to take out this type of insurance.
You will need to take out landlord insurance. This is so you can be covered for financial losses should something happen to the property. Just make sure the cover you get will be enough to cover the cost of repairs and damages.
Understand your Responsibilities
When you rent out your home, you will have a lot of responsibilities. It would help if you were prepared to pay for repairs to a broken down boiler, any dampness that sets in, or a problem with the air conditioning. You should also be ready to be contacted anytime of the day or night if there’s an issue.
If you rent through an agency, they will likely deal with the tenant on your behalf. This can make life easier if a problem arises. An agency is likely to be a mediator between you and your tenant.
While becoming a landlord for the first time might seem like a lot of work, it can be a great way to make money and get on the property ladder.
