If you’re thinking of renting out your home, what are the things that you need to do before you put your property on the market? Right Estate Agents present you a list below about the most important ones.
- Make it safe. This means checking things such as the gas and electrics. If they are not safe, you’re not safe as you may be liable to prosecution. A letting agent can help by booking an engineer and will provide you with the relevant certificates if the appliances pass testing – such as a gas safety certificate.
- Make sure it is clean. Your definition of clean will be different to someone else’s. And clean in the property world means no trace of a human. This is important because if you hand it over to a new tenant in this condition, then you can insist it is returned to the same state.
- Present it to suit your market. For example, if you have a smarter property set in an area of professionals, then you are not going to attract the tenants if it looks like a student pad. Instead, you may end up alienating them instead.
- Speak to your lender. You will need consent to let your property if you have previously lived in it otherwise you could be breaking the terms of your mortgage agreement. You will already be covered if you have brought the property specifically as an investment with a buy-to-let mortgage.
- Make sure you have leaseholder consent. Your leaseholder may not allow you to rent out your property or they may charge you to obtain a licence.
- Notify your insurers. It is unlikely that they will continue to insure the property if you move out and a tenant moves in. You will probably need insurance specifically for landlords.
- Tenancy agreement. The most common is a shorthold tenancy agreement, but an alternative agreement may be required depending on the circumstances, such if you are doing a corporate let. These will be provided by your letting agent, who will ensure it up to date and relevant to your situation.
- A letting agent will also help to arrange your inventory. This needs to be as detailed as possible, possibly extending to more than a dozen pages. It needs to outline the decoration, style and cleanliness of the property. You may not think this is needed, particularly if you’re renting the property as unfurnished. But ask yourself how you’d feel if the tenant painted the property without asking you in a colour that left you having nightmares or removed the radiators without asking you. An independent inventory by a letting agent is your best evidence against this happening.
- Deposit. Your letting agent will let you know which deposit scheme you are using as there are quite a few to choose from. You will need to issue the certificate for that scheme to your tenants. Also give them the terms and conditions leaflet. You need to let them know where it is registered.
- Use a lettings agent to manage the on-going tenancy as well as for finding the tenant. They will know what laws you need to abide by, helping to ensure you have a hassle free let.
If you would like some assistance to sell or let your property, please contact Right Estate Agents on 0845 026 8527 or visit our website.