There is still a current slump in the housing market, and many homeowners who are looking to move find themselves facing the possibility of missing out on the chance of moving into their dream home because their own property just won’t sell. More and more homeowners are now turning to the rental market as an alternative to actually selling their home. With the residential letting sector booming many homeowners are finding themselves as landlords for the first time and need advice on how to avoid many of the pitfalls renting out their own home can have.
It would be a sensible choice to use a letting agent; they will help in finding the right tenant. i.e. they can offer guidance on what type of tenant you want, the prospective landlord has to consider if they are prepared to accept smokers, pets, children, or people on benefits, it is almost guaranteed a flexible landlord using an agent will find a tenant more quickly. The agent will also check out prospective tenants with credit checks and references.
Make the house attractive for potential tenants by freshly painting the walls in a neutral colour and give the floor coverings a steam clean. Make sure there are no unpleasant aroma’s, air fresheners will help here, and make sure the garden, drive and patio are clean and tidy. There are so many houses to let at the moment that it is key to have a property that will match the aspirations and expectations of any tenants.
A detailed inventory should always be made and kept for the length of the tenancy, this should be carried out at the beginning of a tenancy and the tenant should agree that they are happy with it soon after moving in. As we live in the digital age it is possible to conduct a detailed photo inventory, too, which could help solve any disputes about bonds and damages at the end of a tenancy
As a new landlord you should ensure you have a current gas safety certificate and electrical safety certificates to comply with the current legislation. By law you need a gas certificate and you will also need to get an Energy Performance Certificate (EPC), which is now a legal requirement before a property can be marketed. And an EPC will be a plus for prospective tenants as will your home being as energy efficient as possible.
Another very important element for the prospective landlord is to ensure he has the correct Landlord insurance for the property. Normal home insurance is not enough and there are many companies that offer cheap landlord insurance which will cover you for malicious damage as well as accidental.