If you are considering putting your house on the rental market, there are some essential factors to think about before your tenants can move in. Here are some of the most useful tips to help you navigate the home rental system to ensure you and your tenants are happy throughout the process.
Carry Out Your Research
Before you start the ball rolling, do your research to know the market and how your house fits into it. Look at similar properties in the area and see how much they cost per month to rent. Think about who will likely rent your house. For example, different types of property to rent in Colchester attract different demographics. Will it be students, families, or young professionals? By researching the market and your target tenants you can set the right price for your rent and make sure your property is always occupied.
Prepare the House
Consider whether you will rent the property furnished or unfurnished. Typically, houses for families are rented unfurnished while student properties are usually furnished or partly furnished. If you are renting furnished, take away any items that are not necessary, old or broken. Remove any personal possessions. Next, clean your property and ready it for viewings. Neutral décor colours are more appealing to the rental market and it helps attract interest when your home is clean and tidy. Consider hiring a professional company to give your house a deep clean prior to the property going on the market. Make sure that all fittings and fixings are in good working order and find instruction manuals for cookers, boilers, etc.
Fix Your Insurance
Contact your insurer before you put the house on the rental market. You will probably have to change your policy as the use of your home changes. You can also take out landlord insurance, which provides coverage for losses connected to the rental of the property.
Understand Your Responsibilities
First, look at the conditions surrounding your mortgage to make sure you are allowed to let your property. Next, understand your responsibilities as a landlord including what you need to pay for, the checks you need to carry out for safety, and how to deal with other issues. You will be responsible for repairs and maintenance and some of these issues may be urgent. If you don’t want to receive direct calls from your tenant, hire a letting agent to handle the administration of the property. There are many legal requirements associated with letting a property. Hiring an agent takes away most of the hassle associated with complying with these regulations, so the extra expense may be worth it. It also makes sense to hire an agent if you live some distance away from your rental property.
If you choose to work with an agent, look for someone who follows industry best practice and meets all professional and industry requirements. You should work with a trained and experienced professional to ensure you have the best experience letting your house.