You have acquired your property and spent time and money on renovation. It is a buy to let property so you now need to make preparations for finding the right tenant at the right price. If you follow the steps below then you will be in good shape to have prospective tenants take a look at what you are offering.
What Kind Of Tenants Are You Looking For?
There are lots of things to consider here. Are you looking to rent to a family with small children? What about the number of vehicles that the family owns? If a tenant works at home is that acceptable? What about pets and smokers? You need to have a clear picture in your mind of your ideal tenant before you proceed to the next step.
Make Your Property Neutral Looking
Your property is going to be somebody’s home so you want it to appeal to as many prospective tenants as possible. Make the property neutral looking by painting the walls and ceiling white and lay wooden flooring or carpet the entire property. If you want to offer a furnished rental then take away anything that looks old or just doesn’t fit with the neutrality image.
Make Sure That The Property Is Clean
It is essential that your property is spotless from top to bottom before any tenants move in. It is recommended that professionals are used to provide a deep clean which includes all windows, fridge, oven, radiators (behind as well as front), bath and shower etc. Professionals will charge around £100 and it is well worth the expenditure.
Do You Comply With Legal Requirements?
By law you will need an Energy Performance Certificate and a Gas Safety Certificate. You will also need to provide tenants with the government publication called “How To Rent” which you can get here. The deposit that you collect must be kept in a recognised Tenancy Deposit Scheme.
Find A Good Local Agent For Lettings
If you are new to the buy to let game then working with a good local letting agent is essential. They will advise you on what tent to charge each month and they will advertise your house. Prospective tenants will be found and screened and they will take the necessary deposit and draw up all of the necessary documentation. They will also conduct an inventory of your property prior to your tenant moving in.
You need to shop around here as the fees charged and the service that you receive will vary. Visit at least three letting agents to make a comparison. Ask about all of the services that they can provide you such as trade’s people, whether they will chase any unpaid rents and if they will make routine checks of your property on a regular basis.
Although the letting agent will deal with the tenancy agreement, you should be aware of and agree to the key points which are the length of the tenancy agreement and the notice period which is required from either the tenant or yourself.
When it comes to managing the property you need to weigh up the pros and cons of doing this yourself or leaving it to the letting agent. If you plan to have a large portfolio of buy to let properties then outsourcing their maintenance is a sound decision.
Why Not Try Hands Off Property Investment?
For “hands off” property investment where we will take care of these kinds of problems, contact us here and would be delighted to meet you for a free, absolutely no obligation, meeting where we will explain exactly how you can make money with property investment while we do all of the work.