Recent years has seen the demand for long term and short term rentals soar. Rising house prices are making it more difficult for people to get on the property ladder. To capitalize on demand, more homeowners are renting out a house for the first time.
First time landlords need to tick off a few things before finding a new tenant.
Download our 30 point checklist for landlords packed with tips to help you in renting out a house for the first time.
Understanding what your obligations are as a landlord when renting out a house for the first time are vitally important including your requirement for landlord registration, mandatory and selective licensing.
So, what are your obligations and how do you get ready for tenants?
Here are our top tips on what you need to think about when renting out a house for the first time:
8 Tips to renting out a house for the first time
Finding the right tenants
We’ve all heard the horror stories of nightmare tenants. Using a reputable and experienced online letting agent will take the pain out of finding the best tenants for your property at a price far cheaper than the high street and which won’t break the bank. Our Gold and Platinum packages are used by over 50% of our landlords, and because we offer guaranteed rent they won’t lose out if their tenant goes walkies or fails to pay.
Preparation is key
Don’t rush to show prospective tenants around the property until it’s in a spotless condition. It’s sounds obvious but the property must be clean, tidy and with all maintenance issues completed – first impressions count! Also make the decision as to whether it will be furnished or unfurnished and present the property as such. But don’t forget, you may need additional landlords insurance cover if you decide to furnish the property.
Health and safety
Health and safety is paramount, so you must ensure that the property complies with fire, gas, electrical and furniture regulations. You should carry out safety checks on a regular basis. You can’t cut corners when it comes to health and safety.
Guarantee your rental income
IMPORTANT COVID-19 NOTICE: Rent Guarantee Insurance is not available to purchase through LettingaProperty.com at this time. For more information, please visit our Coronavirus Help Page.
A guaranteed rent scheme will give you peace of mind and will cover such things as loss of rent, accidental damage, legal expenses and liabilities, to name but a few. Our Guaranteed Rent and Rent on Time features are what make our Gold and Platinum packages the preferred choice of cover for our landlords.
A robust tenancy agreement will protect your rights and your property. Disputes are very difficult to settle with your tenant if you do not have a written tenancy agreement.
Landlord and tenant rights
Just because you own the house, doesn’t mean you can pop round anytime you please – you have to give at least 24 hours’ notice before you gain access to a tenanted property . You must get up to speed a host of other legal obligations, as you could find yourself in hot water if you fail to abide by the laws.
Recording and logging an accurate property inventory provides the evidence you need should there be a dispute over damage to the property and disagreements about the deposit. An inventory is even more important if the property was rented as fully furnished.
Our golden rule on becoming a landlord is to ‘treat your property and tenants as if the property is your business and the tenants, your customers.’ Treat your customers well, and they will look after your property business.
See also: When is the best time of year to let a property ?