7 ways to prepare for letting your property
The rental market can be very competitive so it’s important that your house looks it’s very best ready for viewings and that you have all of your affairs in order. Here are some tips and reminders to get you started.
First of all, it’s very important that your house is structurally sound and that any urgent repairs have been taken care of. In particular you should pay attention to any areas of damp and any broken fixtures, and you should make sure that all your plumbing, heating and electrics are in order. You should also make sure that the property has smoke detectors and carbon monoxide alarms installed.
Tidying up your property
Your property needs to be clean and tidy for when prospective tenants come to visit. Whether previous tenants have just left or this is the first time letting out the property, you should give the entire house a deep clean. Depending on the size of your property you might be able to do it yourself, or alternatively for a larger property you might wish to hire a cleaning company to do the work for you.
Decorating your property
In our recent guide ‘improving your home to sell it’ we looked at some of the ways of adding value to a property. Many of these tips are transferrable to rental properties. As a rule of thumb, you should focus your attentions on the kitchen and bathroom as these rooms can play a decisive role in winning over a potential tenant.
Energy Performance Certificates
By law anyone selling or renting a home is subject to a charge of up to £200 from Trading Standards if they fail to provide an Energy Performance Certificate. An EPC details information about a property’s energy uses and any ways in which it could be improved, summed up with an overall rating from A to G, with A being the most efficient.
Standard home insurance cover does not cover the letting out of a property. Click here to read more information about landlord’s insurance and how it can protect you if things go wrong.
Landlords are required to pay tax on the income that is generated from their properties. If you are planning on living overseas then you will have to register as a ‘Non-Resident Landlord’ and will be taxed at 20% of your rental income.
Preparing for a tenant
Once a tenant has been found for your property you will want to have all the necessary information collated for them. This includes your tenancy agreement as well as more general information about how to use appliances that are provided, recycling rules and dates for rubbish collections.
When it comes to letting out a property there are lots of decisions you need to make and things that you need to remember. Hudson Moody can guide you through the process and help to attract the right kinds of tenants to make your letting experience a success. To find out more, call us on 01904 650650 or click here to read more advice about letting.