I’m thinking of letting my home what do I need to do first?
Preparing your property for letting
Before you let your property there is lots to do before your new tenant can move in. First impressions count for everything and you will want to ensure the property looks its best before anyone comes to view to achieve the best price possible. So what preparations should you make?
The external view..
As this is the first view people see when coming to the property you will want it to look neat and tidy…
1..Gardens should be weed free, trimmed trees and bushes if there are any. Plant some fresh flowers which will help give some colour and if their are any dead plants throw them away.
2..Repair any cracks or holes that may be on the driveway or walls.
3..Give the doors and windows a lick of paint if they need them.
4..Make sure the house number is clearly visible.
5..Keep rubbish and rubbish bins out of sight.
The Interior..
As well as physical standards of the property their are numerous other standards that need to be met this include gas safety you can get a complete guide to been a landlord online.
1..Declutter – Create more space if necessary put some furniture into storage, tidy away any items you dont need.
2..Make any minor repairs such as dripping taps, cracks in walls or holes.
3..Redecorate if required even a fresh lick of paint to brighten the house up.
4..eradicate any odours no one likes a house that smells stale.
Who should you consult before letting your property..
1.. Your mortgage lender – they may ask for you to let on a Assured Shorthold basis.
2.. Insurance company – if you dont let the insurance company know you may not be covered in the event of any damage, fire or theft.
3.. Your freeholder if you have one.
4.. A letting agent.
The cost of letting your property
while your thoughts may be how much rent you will get for the property its important that you budget for all cost involved.
1..Any monthly payments owed on the property
2..Any costs that may be involved for bringing the property to the required standards, both physically and regulatory standards.
3..Furniture and furnishings if required.
4..Solicitors, insururance, letting agents letting/management fee.
5..A budget for any future repairs.
Choosing a letting agent
Don,t underestimate the amount of work that goes into successfully letting a property. Many landlords like to hand over finding a tenant to a professional letting agent. There are advantages to using a letting agent.
1..The property will be marketed on the agents website, window cards and also on Zoopla,Rightmove,Primelocation. The advertising will then be seen by thousands of tenants looking to rent.
2..Letting agents have vast knowledge of the local area, prices of other rentals within the same area, they will already have a database of tenants looking to rent in your area.
3..They will organise all the viewings, carry out the viewings and give you feedback.
4..Do all the negotiating with the tenants in regards to the rental such as credit checks, referencing, produce the tenancy agreement and ensure the deposit is paid into the deposit protection scheme. If you opt for full management the agent will also carry out inspections, Annual Gas Safety Checks and collect the rent.
Full management is the best option with a letting agent as they will deal with any issues that may come up such as repair issues, organising the annual safety checks and if the tenants do fall into arrears they are there to chase them.
If you are an investor and would like a second opinion on a property you have seen, you can send the URL of the property to us via email hull@belvoir.co.uk. Alternately you can call our office on 01482 322300 or pop into our office and have a chat, the kettle is always on and we will even pull out the biscuits!
Don’t forget to visit the links below to view our back dated deals and Hull Property News:
Belvoir Hull Facebook: www.facebook.com/belvoirhull
lvoir Hull Website: www.belvoir.co.uk/letting-agents-hull
