If you are new to letting out property or are considering giving it a go but don’t know where to start, these simple tips will help you to successfully rent out your house.
Research the local area
Thoroughly research the local area to see what kind of rent comparable properties to yours are on the market for. Are some properties commanding significantly higher rental amounts than others? What benefits and features makes these properties more desirable? What is the ceiling price for rental properties in your area? It is important to be realistic about how much you can rent out your property for – try to charge too much and you will find it hard to attract the attention of potential tenants.
Inform your mortgage lender of your plans
If you don’t advise your mortgage lender of your plans to rent out your property, you could be breaking the terms of your mortgage. You need to make sure you have your mortgage lender’s full permission before you rent out your property; in fact, you will probably have to obtain a consent for lease from your mortgage lender before you can let out your house.
In recent years, lenders have cracked down on anyone caught letting out their property without obtaining the proper advice. If you are in any doubt, check with your lender.
Remove valuables from the property
You should remove anything of sentimental or high financial value before letting out your house. Ask a friend or relative if you can store things in their home temporarily or look into renting a secure storage unit. Even the most reliable and trustworthy tenants can have accidents, so don’t leave anything you consider irreplaceable in your rental property.
Consider using property inventory software from a specialist such as https://inventorybase.co.uk/ to keep track of all the items you leave in your house when you rent it out. This prevents misunderstandings occurring at a later date and protects both you and your tenants.
Arrange landlord insurance
You need this to protect not only yourself and your property but also your tenants. Some insurance policies even pay out if your tenants fail to pay their rent, so read the small print carefully and always go with an insurance firm that gets good reviews.