Whether you are looking to let your cozy property or the perfect London condo, or you are considering buying a property is an intense rush of administrative and legal responsibilities. New landlords can easily feel overwhelmed by the tasks of ensuring you have the correct insurance for contents and building, and the appropriate gas, fire, furnishing and electrical safety standards. Also, there’s the challenge of ensuring that your tenants are vetted appropriately, as well as the challenges of having to deal with late rent payments and regular property maintenance.
While the revenue from renting an apartment is definitely appealing and the buy-to-let market can be a great investment – whether paying for school or holidays in the present, or creating retirement income in the future – there are important aspects to take into consideration, such as security, compliance and obviously finding the right tenant for your home.
This is why we advise appointing an estate agent, or a professional property management business to help you with your letting needs. Not only does this take the burden of administration and stress off your shoulders, but it also guarantees that you’re in compliance with the legal requirements of letting which are if not adhered to, can result in huge penalties and turn your investment property into a costly mistakes.
Making your property ready for renting
First impressions are important for a lot – both with people as well as with property and you’ll want to ensure your home is distinct in the rental market. London rentals are booming so there are plenty of homes and London apartments to rent that are available as investment property. Here are some easy ways to ensure your home or apartment will be attractive to prospective tenants.
The importance of the first impression is maintaining the appearance of your house. This is the first interaction potential tenants be making with your home, and will influence the whole experience of visiting your house. Make sure that all exterior elements of your property are up to standard, as this sets the tone for tenants as they first begin to imagine themselves renting there.
Simple steps towards this include tidying up the garden by weeding and cutting the lawn, and fixing damaged or unsightly fencing or walls if yours need some care. Plants and flowers make a huge difference in creating a pleasant and inviting outdoor space. No matter what, if you aren’t a fan of greenery – buying a few flowering plants at the nursery can suffice.
Repairing cracks in driveways and walls can help to keep your property in good condition and also gives an oil-based coating to the windows, walls and doors. A small detail that can add up is to ensure that the street address is clean and visible. You desire your house to appear at least as spruced up as the neighbors’ or even the most appealing on the block!
The interior is just as important just as the exterior, due to obvious reasons, and demands just as much focus. Clearing out clutter by getting rid of any unnecessary furniture or knick-knacks maximises the feeling of space and a thorough clean-up will ensure that your home is inviting and eliminate any unpleasant odours. Paint helps to bring out the warmth and energy of rooms. Even minor repairs could go a long way in highlighting a few aspects of your home’s design. A few decorative elements with a picture, or a arrangement of flowers is enough for a room to add an individual look and make it appealing.
It may appear to be it’s a lot of work and expense now but these little steps can have a significant impact on the speed at which you can let your home – and earn money from it.
Once you’ve made sure that tenants are going to fall in love with the place at first sight It is important to make sure that they are what you want to be living in your home.
Vetting your tenants
Every tenant needs to go through an exhaustive and strict screening procedure. It can be a long procedure to conduct properly, but you need to make sure they will pay their rent in time and will take proper care of the property. This is where hiring an experienced agent can be beneficial, since they’ve got all the experience, and will handle all the vetting for you with an aim of finding the most suitable tenant for your home.
Here are some of the checks estate agents Burnley must pass in the process of finding the perfect tenant.
Stable job: You want to ensure that your tenant is able to pay the rent so that you don’t have to deal with the problems that arise from tardy payers and arrears in rent. To increase your security You want your tenant to earn enough money to not only pay rental costs, but have a comfortable and healthy lifestyle.
Right to rent: Your agent will ensure that the person renting your property is legal permitted to live and rent from the UK. To do this, they should check original passports, identification documents, not copies.
Credit checks: Many agents run credit checks to find out if a potential tenant has experienced trouble with paying off bills in the past, or defaulted on financial commitments. Be aware that the potential tenant will need to provide the permission in writing prior to the process to be completed.
References: Your agent may require previous landlords or employers of potential tenants, in order to establish their good standing. If the tenant has never been a tenant before, the contact details of the guardians or parents of the tenant could be required too.
Guarantors: A guarantor an individual who agrees on behalf of the tenant to pay fees for rent and other charges in the situation that the tenant is incapable of paying. This is generally necessary when the tenant is a new renteror when their credit report reveals red flags over defaults on past payments. This is a different way to ensure that you ensure that rent is timely paid.
Other things to bear in mind when letting your home is the type of accommodation available and the manner in which you plan to let it. The design of the property and the area, will decide how you advertise it. The space count and size of your property determine how many tenants you are going to allow to stay in your property. In other words, are you going to permit a single room to many tenants? Are you targeting students, families or professionals? Do you, or can you, allow pets on the property, or could this cause issues with damage to the property and noise complaints?
If you provide your agent with the information they need will allow them to find the most suitable tenants for the vetting process.
The ideal property management solution for you
Do you want to reap advantages of leasing your home, free of sleepless nights and anxiety? Are you looking to benefit from Buy-to-let possibilities in London’s vibrant rental market without having to deal with paperwork, security and compliance red tape?
By appointing a trusted real estate and property management company in charge of managing your investment property you can take advantage of all the benefits but without the hassle.
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