As a landlord, it can be hard finding the right support you need when renting out a property. It is important that you trust your Letting Agents and that they provide you with 5* service you deserve.
We’ve created this helpful guide on #6 top tips to letting. If you are a landlord looking for being letting, or already are, we think you should check these out before renting a property. We’d recommend reading our advice and support in order to keep your tenants happy and deal with any issues as they arise.
Tip 1 – Seek Professional and Local Advice
If you are considering letting a property that has a current mortgage, you must first seek the lender’s consent to do so. Your lender may ask for copies of the Tenancy Agreement and Rent Indemnity Schemes before granting permission to let your property.
Tip 2 – Get The Insurance Right
Landlords must ensure their let property is adequately covered with the relevant insurance policies, as most standard insurance policies do not protect let property.
Tip 3 – Property Maintenance & Support
The general maintenance of your property is important to ensure your newly found tenant stays for as long as possible. Why not use a property management company to take care of all the handy work?
Tip 4 – Getting The Price Right
Knowing how much to charge tenants for your rental property can feel like a minefield. Go too high and you might struggle to attract tenants; go too low and you’ll be losing out on potential income. There are some key factors you’ll need to take into account when you’re setting your rent; local knowledge and experience from letting agents will come in handy!
Tip 5 – Health & Safety Inspections
For every property you intend to use for letting purposes you must conform to all areas of the Housing Health and Safety Rating System (HHSRS). These can vary depending on the property and tenant application, but we can advise you on the steps you can take to comply with these regulations correctly and efficiently.
Tip 6 – Use an Inventory
This can save a lot of arguments later down the line! A comprehensive inventory of the property should be made by the agent before the tenancy commences. It will provide a record of the condition of the property and items in it and can be used at the end of the tenancy to determine whether dilapidations are payable. It is very important that the tenant confirms agreement with the inventory.
If you are in need of landlord advice, letting services or are looking to sell a property – contact your local Leicestershire Lettings today and find the support that is available to you.