What You Need to Know about Letting a Property
So after a long-drawn out battle, you’ve purchased your property and redeveloped it as you see fit. While it may seem like the hard work is over, there’s still a few things you need to do before you can start courting potential tenants. Here’s what you need to know.
Preparing Your Property
The major changes might be finished, but, as they say, the devil is in the details. Depending on the location of your property, you may face stiff competition from other property owners so you’ll want to do all you can to ensure your home stands out from the crowd. Make sure everything is clean before any potential tenants are due to arrive and, when decorating, try and choose neutral colours to appeal to a wider audience. If possible, try and return the walls back to a plastered finish as this will make the process of redecorating between tenancies much simpler.
Finding the Right Tenants
With the property looking the best it can, it’s time to start thinking about how you can find the best tenants possible. When considering potential tenants, don’t be afraid to delve into their backgrounds. Running a credit check and researching their rental history will give you a much better understanding over the type of tenant they’ll be. If they’re in steady employment, have a history of paying their bills on time, and had good relations with their past landlords, you’ll know you’ve find the perfect match. If you don’t think you’ll have time for this yourself, consider working with a third-party like House Network instead.
Making Sure You’re Covered
It’s not just your tenants that you have to think about, though, it’s also important that you protect yourself against any potential problems too. One of the best ways you can do this is ensuring you have the right insurance policies in place. You’re likely already familiar with standard buildings and contents insurance, but, as a landlord, you’ll also be expected to take out some additional cover. Landlords insurance aims to help you in a number of different circumstances, such as compensating you from a loss of earnings if a tenant is forced to leave or protecting you from malicious damage.
Have you had any recent experience preparing a property for rental? Let us know all about it in the comments section below.