Are you up for the challenge?
When making the decision to rent out a property it is vital you consider the countless responsibilities you will be undertaking. Aside from the legal commitments, becoming a landlord also requires personal commitment, as the following maintenance jobs remain your responsibility, despite the fact you are no longer occupying the property.
· Repair & maintenance of any structural damage
· Repair/maintenance of any white goods (speak to Mr Homes, it’s not always a good idea to have white goods in the property!)
· Repair or replace any furnishings provided as part of the rental agreement
· Paying the mortgage even if you don’t receive rent.
· Council tax notifications, water board, utilities, etc.
However, the largest responsibility undertaken by landlords is the commitment to being readily available and contactable by tenants.
Enlisting the services of an estate agent can remove this need for constant availability as they are able to liaise with the tenant on your behalf.
Conduct your due diligence
If you’re considering putting your property on the rental market it would make sense to research similar properties within your area. This research will help determine the average rental cost per month, whether properties are expected to be let with or without bills included, and how many weeks rent are usually required as a deposit.
Establishing the average cost of rent in your area can provide a great starting point when letting out your property. Talk to the team at Mr Homes we may already have qualified tenants who have passed the appropriate reference checks.
Mr Homes has over 50 years of combined experience in managing rental properties, including a large portfolio of current fully managed & licensed properties for many happy landlords.
Whether you’re looking for a ‘stress-free,’ fully managed rental property with Rent Guarantee, or a simple tenant find service, we’ve got you covered.
Calculate your costs
Having conducted your due diligence, you’ll now have an idea of how much your property can be rented for. You might also have a quote from Mr Homes and will be aware of how much we charge for our services.
It is advised that you calculate whether letting your property will be financially rewarding. Remember, money earned through rent will be subject to income tax deductions.
If you’re renting a property with a mortgage is advisable that your rental income accounts for the mortgage repayments. That is unless you factor in the potential capital growth of the property.
Prepare your property
At this point you should consider what (if any) measures should be taken so that your property is as appealing as possible to prospective tenants.
Decide whether your property will be offered as furnished, unfurnished or partly-furnished. Any belongings that are not offered as part of the property’s furniture should be removed.
You should also assess the current condition of your property, if there are any fixtures or fittings in need of improvement now is the time to discuss this with your agent. Many landlords make the mistake of conducting expensive, pointless repairs which offer no benefit to the landlord and tenants don’t pay extra for.
We’ve gathered some ‘top tips’ from our team of highly knowledgeable and experienced estate agents:
1. Deep clean – Consider hiring the services of a professional cleaning company. A clean property is instantly more appealing to tenants. Mr Homes can recommend the services of reliable & efficient cleaning company that specialise in tenanted properties.
2. Create back-ups – Consider getting spare keys cut for any windows or doors. In the event the tenant misplaces their key this avoids the need for a locksmith.
3. Blank canvas – Properties that utilise neutral colours on walls and floors serve as a blank canvas, making it easier for tenants to envisage themselves living there.
What about your mortgage lender?
If your property has a mortgage that is not buy-to-let it is imperative you inform your lender of your decision to rent.
Speak with the team at Mr Homes, we have a specialist buy to let financial adviser who can perform a free assessment of your current mortgage lender and advise of potential cost savings.
Most mortgage lenders will provide you with a ‘consent to let’ agreement, or alter your mortgage agreement entirely.
Failing to inform your mortgage lender of your intentions to let would be breaking your contract and could result in harsh penalties.
If you currently have home & contents insurance this will not be suitable in protecting a rented property. You should inform your current provider of your intention to let the property, they can then amend your policy accordingly.
Landlord insurance provides different benefits to standard home/contents insurance, such as protection for your property, tenants and potential missed rent payments.
Choose your agent
Whilst you don’t have to use an estate agent to rent your property, there are many services offered by agents that you could find beneficial.
Mr Homes estate agents offer the following services:
· Property Advertising – Your property will be advertised on the Mr Homes website, Rightmove, Zoopla, OnTheMarket, allAgents and PrimeLocation.
· Viewings – We will vet potential tenants and conduct property viewings, many of our landlords find this service a huge time saver!
· Tenant liaison – We are great middle men! Our team will liaise with the tenant on your behalf.
· Paperwork – Our team regularly draw-up relevant paperwork such as tenancy agreements, property applications and inventories.
· Protection – Mr Homes are ARLA Propertymark certified, this offers landlords piece of mind as your money is protected by Client Money Protection, click to view certificate.
Our landlord services are not limited to the above, contact the team at Mr Homes today to find out how we can help you.
The legal bit
There are an abundance of laws and regulations you must comply with as a landlord. These have been put in place not only as a means of protection for tenants, but also to protect you as the landlord.
For instance, landlords are required to undertake an EPC and gas safety certificate, ensuring their property is fit for habitation. It is also a requirement that all rental properties are fitted with smoke and carbon monoxide detectors.
You can find a full list of regulations on the government website (link).
Our team of experienced and reliable estate agents can help put your property on the rental market.
At Mr Homes we offer a wide variety of services for landlords, contact our team today to discuss your requirements.