Renting out a property – the basicsFebruary 26, 2014
If you’re fortunate enough to own a second property, it’s definitely worth considering renting it out. Not only will it supplement your income in a substantial way, but demand for rental properties has never been higher. Whether you want to attract students or professional tenants, there is a great market for letting out properties. However, before you put your property on the market, it’s important to know how to get the best out of renting and leave your tenants satisfied.
You have certain legal responsibilities as a landlord, and these concern the rent, security depositions, the rights of the tenant and your obligations to them. If you violate the rights of your tenants, you will end up with an unhappy tenant and could face charges in civil court. You have a responsibility to keep the property safe and free from health hazards. You must provide an Energy Performance Certificate for the property, follow fire safety regulations and make sure all gas and electrical equipment is properly installed and maintained. It is also essential that when you receive a deposit from your tenant, it should be put in a protected scheme that has been approved by the government.
Effective Communication and Swift Action
If you want to gain a reputation as a good landlord, it’s important to respond to your tenant’s queries in a timely fashion and to fix any damage quickly and efficiently. Encourage your tenant to report any breakages as soon as they occur so that you can come round to inspect the damage and agree on a time and date for it to be fixed. If it’s not an emergency, you can be more flexible with dates. It’s really important to keep the lines of communication open between you and your tenant. If there are hours in the day that you’d rather they didn’t call during, make this clear at the beginning of the tenancy.
To attract tenants who will treat your property with care and respect, make sure the house or flat is in tip-top condition before you rent it out. You need to present tenants with a property that they can be proud of. This means buying good quality furnishings and investing in a fresh paint job and a professional carpet cleaning. If you hand over the property in good condition, the tenant will be encouraged to keep it this way. For those considering renting their properties, it’s essential that the correct landlord’s insurance is procured to protect the property from accidental damage or burglary. To find out more, contact a specialist provider like Ukinsurancenet.
Victoria Harrison is a mother of three and ‘home zoo’ manager; when she isn’t surrounded by kids and animals she writes for online audiences on a range of topics. Passionate about her home and family, she aims to share her knowledge and experiences and make a few friends along the way.