Renting Out Your Property? Four Things to Consider Before Putting It on The Market – Renting out your property to someone can be a daunting experience, especially if you’ve never done so before, but doing your research can help.
You need to get your legal responsibilities in order and offer a competitive rate to get you ahead of other landlords. Here are four things you should consider before putting your property on the market.
Make It Stylish
When it comes to someone looking to rent your property, they will usually look at whatever stands out. That means use vibrant colours, and include non-traditional furniture, such as vintage furniture, to help make your property stand out.
The rental market is very competitive, and you will need to work hard to ensure your property is chosen over others in the area. The key is to make your rental house look like a home, where people can slot in seamlessly.
Engage In Regular Surveys and Certificates
As a landlord, you will be legally responsible to ensure the property anyone is living in meets the standards of living. This means lighting, ventilation, condition, and maintenance. If there are any major issues with the property, it will be up to you to pay and fix them.
Before anyone moves in, you will have to ensure you can provide legal documentation, such as an EPC. This document shows the energy rating of a home and provides recommendations for energy-saving improvements.
It’s also a good idea to conduct a home survey of some kind, to assess the conditions of a property before anyone moves in, so you will know what needs to be done. There are several different home surveys you can use, and they are useful to conduct every few years, but especially before and after people move in.
You can find out all the information you need about home surveys, such as the difference between a building survey or a RICS homebuyer report by using GB HomeSurveys. They work across the UK, based in the southwest and can create tailored reports for specialised queries or any requirements you may have.
If you haven’t already, you should notify your insurance provider of your intention to rent out your property, so that they can adjust your coverage and provide you with insurers coverage.
Landlord insurance helps protect your rights as a landlord, such as covering the costs for repairs if the tenants occupying the building start doing serious damage to the structure. If you’re providing your own furniture or white goods, it is generally a good idea to get yourself some contents insurance for the same reason.
Lastly, you can even get some specialised coverage that helps cover you for a lack of rent payments from your tenants, ensuring you don’t run out of money yourself.
Can You Afford to Rent Out Your Property?
You should also consider if you can afford to rent out your property. This is mainly a point if you are currently paying off a mortgage for the property. What you may not be aware of, is that the rent you receive will be taxed, sometimes at a 20% range.
If you add that loss of income to your mortgage payments, you may be making a loss. Consider crunching the numbers to work out how much you need to charge.