Would-be landlords should follow these simple rules for a successful let.
Know your market If looking to buy a property to let, ask your local agent what kinds of properties tenants are looking for and possible rental values before buying.
Keep it clean and modern Neutral interiors with unfussy décor, as well as a modern kitchen and bathroom, will always be a hit with prospective tenants. Have the property professionally cleaned (including carpets) and carry out repairs.
Target the tenants who will want your property Think about the property and its area: what type of tenant will it appeal to. Also consider what kind of tenants you are looking for. What you want is a long rental period with the same tenants, so try to match your property with people who are likely to be comfortable there and be inclined to stay.
Furnished or unfurnished? Decide if you will let the property furnished or unfurnished. Remember that being flexible may secure a tenant more quickly. If letting furnished, any upholstered furniture should comply with safety regulations or be removed.
What’s included? A professional inventory should be prepared detailing the condition of the property and contents. This is particularly important now the new Tenancy Deposit Scheme laws are in force.
Keep your lender in the loop You must obtain your mortgage company’s permission to rent out the property. Also, inform your insurer that the property will be rented – otherwise future claims may be invalid.
Someone you can trust It is vital to choose a trustworthy lettings agent. You may want to make sure that the agent is a member of ARLA. Invite them to carry out a free market appraisal.
Courtesy of Anthony Stuart Estate Agents in Edgware. Visit anthonystuart.com.