How to Rent Out a Spare Room or property – top tips
Property is one of the best ways to invest in your future. More people are travelling than ever before, and more people are renting than ever before. Combined, this means there is a greater need for rentals. Even if you just have a spare room, you can make a healthy second income as long as you live near a tourist hot spot thanks to rental sites like Airbnb. In fact, in certain cities, you are only allowed to rent out spare rooms on Airbnb, and if you have a spare property, you have to rent out to residents on a long-term basis.
Both options can be very lucrative, but first, you need to follow this guide:
Check You Are Allowed to Rent Your Property Out
You will need to double check to ensure you are actually able to rent your property out. Some examples of when you won’t be able to rent your property out include:
- You do not own the property
- You live in a Multiple Occupancy Area
- You did not buy your home with a Buy-to-Let mortgage.
Once you know you have the right to rent out your property, you will want to bring people in to inspect it. You need to provide a standard of fire safety, electrical safety, as well as other issues like mould prevention before you can rent out your property.
Clear it Out of Personal Items
The next step is to clear out the property of all personal items. You can leave furniture in your property for renters, and can even provide them with cooking tools, but all personal items, clothes, mementoes, and even decorations should be removed so that your renters can decorate them and make it their home.
Install Plenty of Storage
If you are renting your property out to long-term tenants, consider adding in custom storage solutions. One issue when renting out a room or a flat is that space is always an issue. By making full use of all nooks and cranny’s, you should be able to appeal to a higher number of prospective tenants.
Some easy ways to decorate your property in ways that will appeal to renters include:
- Stain-resistant paint
- Nice curtains
- Sturdy furniture
Get Landlord Insurance
Before you let your property out, you must get all the necessary insurance. Obvious examples include property insurance that covers typical disasters like fire or floods. One less apparent insurance you need to get for your property is landlord insurance. Having a comprehensive landlord insurance policy can give you peace of mind and protect you from bad tenants that regular insurance won’t.
Choose How You Want to Manage Your Property
Once your property is primed and ready to be rented out, you will want to make one final consideration: how you want to manage it. You have a few options.
1. With an Agency
You can hire an agency to list your property and organise viewings, or you can hire an agency to take care of the entire landlord management process.
2. By Yourself
Though it takes a lot of work, this is the best way to save money and to ensure your tenants are getting excellent service.
Renting out your property can be scary, but once you get the hang of it, you will be able to enjoy a steady, passive income for years to come.
I do hope you have found this post on how to rent out a spare room or property useful.