Deciding to rent out your home can be an exciting, yet daunting venture. Whether you’re looking for an additional source of income, or need help covering mortgage payments while you’re away, renting out your house isn’t uncommon in the UK.
Although it seems easy to rent your house out, there are several factors that you need to consider, and it’s not as easy as just handing over the keys. For a smooth and streamlined rental process, you’ll need to have a clear understanding of what the rental process entails. For a step-by-step guide on how to rent out your house, continue reading.
Before listing your property for rent, it’s important to ensure your property is in liveable condition. There’s much to consider when it comes to preparing your property for rent. Tenants require a safe and comfortable place to live, and it’s your job to provide them with that.
The best first step to take is to declutter your home and make sure it’s thoroughly cleaned. A tidy and neutral space will appeal to a wider range of tenants. Be sure to address any issues, such as leaky faucets, cracked paint, or broken appliances.
Ensuring everything is in working order will not only make your property more desirable but also prevent potential problems during the tenancy. One of the most important stages of getting your property prepared to rent is performing detailed safety checks.
You’ll need to conduct safety checks to ensure your property meets any legal requirements. Check that there are no gas or electrical issues, and ensure fire safety. Consider installing fire extinguishers and smoke and carbon monoxide alarms.
These are necessities that potential tenants often look for before moving into a rental property. Depending on your target market, you might also opt to re-furnish your property to offer a more modern, trendy appearance across the home. Although this stage isn’t crucial, fully furnished properties often command higher rental prices and attract more tenants.
Setting the right rental price is crucial for attracting tenants and maximising your income. Whether you want to rent out your property as another business venture or because you need additional funds, determining the right price is important.
We recommend investing in landlord insurance for peace of mind. Having landlord insurance is a simple additional step to take during the journey of renting out your property, and comes with many benefits.
Buying a home isn’t an option for many people, and there are thousands of people out there looking for rental properties to reside in. There are numerous factors to consider before deciding on the perfect rental price. Location plays a key role, and properties in desirable locations with easy access to amenities might command higher rents.
Larger, more spacious properties with a modern design and key features typically warrant higher rents. We recommend looking at similar properties to yours in your area to gauge the going rate before you open your doors to prospective tenants.
If your home offers additional amenities, including a big garden space, free parking, or en-suite bathrooms, you could charge a higher rent. Once you’ve been able to grasp the local market rate, you should spend some time considering your own financial goals and money expenses to determine a comfortable, profitable rental income.
With your property ready and the rental price set, the next stage in the process is to market your home. This stage offers the chance to find tenants who want to live in your property. It’s important to market your property in the best way possible, using high-quality, clear imagery and a detailed property description.
Cover everything your property has, such as appliances and furnishings. Some effective ways to promote your home are by using online listing websites and social media platforms, to name a few. Popular rental websites give you the best chance of reaching a wider audience of people.
Alternatively, social media platforms such as Facebook and Instagram offer a great way to reach a target audience in your area. In most cases, word of mouth can land you your dream tenants. Spread the word among friends, family, and colleagues who might know someone looking for a rental property.
The stage of advertising can be tricky, and it’s important to showcase your home correctly. There are plenty of landlord guides and online resources that could help you throughout the journey of renting your property.
Finding the right tenant is crucial for a successful tenancy. Screening tenants is most beneficial, helping you gain insight into whether or not your potential tenant is both reliable and trustworthy.
By ensuring each prospective tenant completes a rental application form, providing details such as employment history, income, and references, you’ll have the best chance of finding out more information regarding their ability to pay rent on time.
Conducting credit card and loan checks during these background screenings allows you to assess the tenant’s financial stability and rental history. An easy way to find out whether your potential tenant is right for your property is by contacting their previous landlord and current employers to verify the tenant’s rental history and employment status.
Background screenings keep properties safe and give you the best chance at finding an ideal tenant. For optimal protection on your property, we recommend conducting checks for any criminal records, too.
This way, you’ll know whether your property will be in safe hands or not. Performing thorough screening helps minimise the risk of late payments, property damage, and other potential issues during the tenancy. However, this process can sometimes be time-consuming, and many landlords choose to work with a professional letting agent.
Letting agents are able to check for any potential problems that might prevent you from choosing a certain tenant. They carry out work on your behalf and manage the more time-consuming, tedious side of being a landlord.
Once the more complex stages of finding a suitable tenant are over, you can draw up a tenancy agreement. This legally binding document outlines the terms and conditions of the tenancy in greater detail. You’ll need to specify the start and end dates of the tenancy, whether it’s a long-term lease or a periodic tenancy.
Be sure to clearly outline the monthly rent amount, due date, and acceptable payment methods. State the amount of the security deposit required and the terms for its protection and return at the end of the tenancy.
You’ll also have to define the responsibilities expected by you, the landlord, and the tenant. Include maintenance duties, utilities, and any restrictions on property use. This part of the agreement also gives you the chance to address rules or regulations regarding pets, and smoking. It’s usually best to seek legal advice to ensure your agreement complies with relevant laws and regulations.
Here at Peninsular Property, we offer a wide range of personal services to tenants, landlords, and investors. Completing landlord responsibilities can be tiresome, and seeking help is often the best choice.
Not only do we help tenants find their ideal rental property, but we also assist landlords by offering expert service, guidance, and advice. We offer a tailored service like no other, allowing you to choose from our property management services.
Our team have excellent knowledge when it comes to all the latest market trends, which means our valuations are the most accurate. If you require our services, please don’t hesitate to contact us today.
Joe is the founder of Peninsular Property and has worked in the industry since 2005. Joe has negotiated on over 9 million pounds worth of property purchases and managed over 1000 properties for clients all over the world. Joe is a landlord himself with a varied property portfolio so is ideally placed to advise clients on their property purchases and investments.
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