As the housing market slows down, more and more people are choosing renting their homes over buying property, meaning that there is also a record number of homeowners choosing to become landlords and rent out their homes since they have been unable to sell. Demand for rental property has never been so high, and if you are considering renting out your property to tenants, there has never been a better time to make an income as a landlord. But, what are your obligations as a landlord, and how do you prepare for tenants? We’ve put together some top tips for you.
Before the property can be viewed by potential tenants, you should ensure that the home is fully prepared. This includes making sure that it is clean, and that any DIY is finished. You should also have the property fully inspected by a professional company to ensure that everything is in good working order and that the property doesn’t pose any kind of threat to future tenants. You should also think about the type of let that you are offering – is the house to be furnished or unfurnished? If you are letting the house on a furnished basis, then remember that the furniture should also be inspected and you will need wider insurance cover. Check out hertsinventories.co.uk for rental property inspections.
Health and Safety
When it comes to letting your home it is crucial that you fully comply with safety regulations for gas, electric and furniture. It is important that you make regular safety checks throughout the duration of the tenancy to ensure that these standards are upheld. Records should also be kept in order to keep your tenants protected and ensure that you have valid insurance.
Using a Letting Agent
If you don’t have the time to manage your rental property by yourself, a letting agent can be quite useful. However, it’s important that you take into consideration the fact that they will take around 8-15% of the income that you make from the rent. Although using a letting agent will help you to find tenants, it’s a good idea that you still get involved with tenant meetings and interviews as it’s important you are comfortable with the people moving into your home.
Know Your Rights
When renting out a property, it is important that you know what your obligations are as a landlord. For example, if you would like to enter the home it is required that you give the tenant at least 24 hours’ notice. Before renting out your home is it crucial to become familiar with not only your rights but also the rights of the tenant to ensure that the tenancy runs smoothly. Compiling a tenancy agreement is a great way of protecting your rights and the property, and include a list of terms and conditions regarding the upkeep of the property, the tenancy agreement, and eviction terms.
With the correct plans in place, renting out your home for the first time doesn’t have to be as daunting as it seems.