What to do before you rent out your property
Maybe you are moving to a new property you just bought, going on an extended sabbatical or you want to take the first steps to becoming a successful landlord. Renting out your property is the best option in these cases. There is more to being a landlord than just putting a ‘for lease’ sign on your property and waiting for rental dollars in your bank account. When it comes to renting out your property, there are numerous things to consider if you want to make a good earning.
Before you rent out your property it is always a good idea to inform your insurer about your intentions. Additionally, you can get a rental property insurance to protect your home when it is been used by the tenants. Depending on the insurer, you can also get insurance on void periods when there’s no one renting the property.
Let the utility services providers know you are renting out your property. By doing this, you will clear your own electricity, telephone, and other utility bills before transferring them to your new tenant. Finally, check with your mortgage lender if you are allowed to rent out your property.
Renting out your property
As a landlord one of the first things you need to do is to set the right price for your property. Do not set the price too high which may end up putting off potential buyers as well as attract void periods. However, this doesn’t mean you rent it out for a lower price than the value of the property. You will need professional advice and a comprehensive guide from a Leicester lettings agency on how to get the best return on your investment. Since they know what local buyers want, Leicester lettings agents can leverage their experience to ensure you get the right valuation of your property.
Think about what you would be looking for if you were the one renting the property and use that to prepare your house for renters. This can call for renovations, fixing anything that is broken or damaged, from jammed locks to dripping taps and broken tiles. First impressions mean a lot thus, a clean and well-maintained property will most likely attract more potential tenants.
As a landlord, it is your responsibility to guarantee the safety of your rental property ensuring no tenant is exposed to injury by your property. Some of these basic safety responsibilities include; having gas appliances tested by a gas safety engineer, buying gas and smoke alarms also ensure there is no mold, rising damp or any other health-threatening issue.
Some property owners prefer managing their own property to having it managed by a property manager, in an attempt to cut down the management cost. What they fail to understand is a reputable property manager from Leicester lettings can save you the hassle of finding tenants as well as liaise with them on your behalf. Moreover, they can also facilitate the maintenance of your property and organize rental inspections making the renting process easier for you.