Are you thinking about letting out your property? The process can be time consuming and complicated, however, once everything is in place the rewards can be considerable.
In many ways, it is a similar procedure to selling your home – it is all about making your property look good on first impression. You will need to make sure that all aspects of your property are up to scratch and meet the required standards. Declutter rooms, clean thoroughly and decorate if required; a lick of paint makes a big difference! With your home looking in good condition, this will give you the best chance of finding the right tenants and achieving the best rental price.
While you may be thinking of the monthly income that renting can bring, it is important that you consider all the costs involved in letting your property:
- Any monthly mortgage repayments owed on the property taking into account the interest deductibility which came into effect this current tax year
- Getting your property up to the required standards, both physically and in terms of the regulatory safety standards of furniture, utility equipment and appliances
- Purchasing furniture and furnishings (if required) or storage for your existing furniture
- Solicitor’s, insurance and letting agency fees
- Contingency budget for any ad hoc repairs and maintenance – this will help you to keep a satisfied tenant.
We have put together a pre-tenancy checklist to help you tick all the boxes before making the next step in letting your property.
- Get the requisite permission from your mortgage lender
- Obtain approval from the council’s planning office (if you plan to make structural alterations to the property or change the property’s use)
- Make sure all furniture and furnishings comply with the latest fire regulations
- Ensure that all gas appliances and equipment have been serviced by a CORGI-registered engineer and that safety records are kept in a safe place
- Make sure that all electrical wiring has been checked and safety approved by a qualified electrician
- Inform the council tax department and utility suppliers that the property will be let
- Update your insurance to take into account that your property is going to be let
If you are moving abroad or simply don’t want the “hassle” involved in letting your home, then we can help you and ensure that your tenants and property are well looked after.
We can organise everything from keys to inventories, arrange cleaning and repairs, annual appliance servicing, inspect the property periodically on your behalf for its condition and state and manage the check in and check out.
We can be on site quickly to deal with any household emergencies or maintenance issues and be a 24/7 point of contact for your tenant.