A Full Property Checklist Guaranteed to Get You the Ideal Tenant Fast
Getting the amount of rent you want for your property and getting it when you need it doesn’t mean you have to be a property expert. But, you will have to follow a few golden rules to sail through the letting process without any stress or drama.
When letting a property, your top priority is making the property as appealing to renters as possible. However, you will also need to consider some aspects that can safeguard you as property owner from any errors or inconveniences and save you time and money in the process. Our expert estate agents have put together a simple property renting checklist that you can use to get the best results.
Before You Put the Property on the Market
When preparing a home for rental, there are a few things you need to do before putting the property on the market. Yes, you will also need to choose an experienced estate agent and invest some money in making the home more desirable. But, the tips we are talking about come even before you deal with those steps and have to do with your expectations and obligations as landlord. Following these guidelines will keep you safe from any potential troubles along the way.
First of all, you will need to make a realistic assessment. Research how much you can expect to get in terms of rent for your property, what the market prices are, and how dynamic the market currently is. Next, check that all the utilities are in order, make some estimations on how much it will cost you to make the home more appealing to prospective tenants, and get a real sense of how much of your budget all these elements will require.
Knowing all these aspects and estimations upfront is guaranteed to help you enjoy a stress-free process.
Invest (Only) in Key Elements
While it is true that you will have to spend some money to make some money, as they say, this does not mean that you will also need to break the bank. You can be a diligent landlord and still make some savings. Follow these simple tricks to make your home appealing and safeguard your budget, too.
Take out an insurance policy
Landlord insurance helps landlords protect their homes against any unwanted damages. Unlike building insurance which is mandatory, landlord insurance also includes things like third-party liability, repairs for fixtures and fittings, replacement of contents. Some even cover loss of rent, alternative accommodation, and legal expenses. If you are set on having a constant income, you can also consider guaranteed rent.
Fit the space with plenty of storage options
Think of what your own home would be like without storage. It would be a cluttered mess all the time. To avoid your rental from turning into one, invest in proper storage units and spaces to offer tenants a good start in keeping the home clutter–free. If your tenants have enough storage, they are more likely to keep your property in good condition.
Don’t over-spend on what is not necessary
If you are letting your property out with furniture included, invest in pieces that are sturdy but not difficult to replace. Choose good-quality, resistant pieces especially for the areas where you know tenants will be spending the most time in, like the living room or kitchen.
For flooring, consider a durable but reasonable material like good-quality laminate. Carpets will end up stained and torn so there is no use setting yourself up for future expenses incurred for replacing it.
For the kitchen areas, do not invest in marble or granite countertops as they are difficult to maintain and stain easily. You want to offer tenants materials that are easy maintenance but still elegant.
Spend on essential items
Making the property fit for viewings and appealing for renters will guarantee a quick letting process for your property. First, invest in fixing any unappealing eyesores. It is your property, so you will most likely know where they are. If you need help, an experienced estate agent can help guide you through what needs fixing up and also tell you what you can hold back on.
Next, add some fresh paint and some new furniture. Potential tenants need to be able to imagine themselves living in your property to make the decision to rent it. Make sure that the space is inviting, clean, and not too personalized or else it will give off the wrong vibes.
If you have a garden, do not forget to invest some time and money into making it look welcoming and clean. Plant a few flowers, get rid of any unnecessary clutter, and let prospective tenants imagine spending quality time there.
If your bathroom needs a makeover, invest in good tiling, taps, and fittings when you renovate. This will help protect the property from any unwanted damage in the future and your budget from any unplanned repairs.
Stick to the Rules
Landlords have the legal duty to provide gas and electricity equipment that is in line with safety standards. You will need to invest in having all these issues up to date and on code and have proof of this. Use only qualified installation workers to do these jobs for you and keep all the maintenance and revision schedules up to date and documented.
Things like boilers, ovens, or radiators must be tested by registered engineers. You could even consider investing in changing an old boiler with a new, more efficient model to save you any potential headaches along the way. The electrical installations like light fixtures and outlets need to be checked and ensured for safety, as do any smoke alarms or carbon monoxide detectors in the home.
You will probably need a PAT test performed before you rent out your property to guarantee that all electrical appliances are safe to use. Landlords also need to have Energy Performance Certificates and Gas Safety Certificates issued beforehand.
As a landlord, you can also opt to not worry about anything altogether. Estate agents can take all your stress away by taking on your full property management needs. Click here to learn more about the differences between letting services and full property management services and see what option is best for you.
That said, we know letting out a property is not easy, but it also does not need to cause you stress and worry. An experienced estate agent can help you navigate your rights and obligations, properly valuate your property, as well as help you understand how the market dynamic works and get you the ideal tenant for your property in no time.