In my last article, I listed the basic things you’ll need to put in place before you can legally let your property. Assuming they’re all sorted, the next thing you’ll need to do is get the property ready for marketing and viewings. With that in mind, here’s a few things to consider to get the property ready to rent:
Consider improvementsWe’ll assume any necessary repairs are done and the house is watertight and fully functioning. That being the case, you could now let it…but will anyone want it? It’s a lot easier to undertake improvements before a property is tenanted, and doing so is likely to attract a better, longer-term tenant, who may be willing to pay a higher rent for a nicer home.
So, are the windows and heating up to scratch? How old are the bathrooms and kitchen? Is there a decent shower and suitable kitchen appliances? Could the walls do with re-decorating or the flooring upgraded? It may seem boring but a crisp neutral décor is easier on the eye and provides a blank canvas that tenants can see themselves living in.
Factor in the cost to undertake these works versus the uplift in the property’s value and the gains in tenant satisfaction, longevity of their tenancy and increased rental income.
De-clutterTaking photos of a property with lots of ‘stuff’ in it won’t show it off to its full potential. It’ll also put people off when they come to view the property as it will make the rooms feel smaller and less inviting. Simply clearing surfaces and stacking things away neatly can bring some much-needed calm to a property.
Dress the roomsWhilst the majority of properties are let unfurnished, you can at least straighten the lightshades and pull back the blinds or curtains to let in the most amount of light. If you are providing furniture though be sure to dress the rooms so they reflect who you’re targeting i.e. setting the dining table makes more sense for families than it does sharers.
Keep it cleanNo one wants to rent a dirty property, so make sure it’s spick and span so it’s looking its best. Don’t forget the outside spaces either; make sure the frontage is clean and tidy, ready to make a good first impression. Tidying up the garden and creating a low maintenance space will make it more inviting, rather than looking like something tenants will have to be working on every weekend.
Once the property is up to scratch and made to look its best, it’s time to call in the professionals and get it valued, photographed, measured-up and marketed. A well-presented property that is priced correctly will stand above those on the market that have had less care taken with them and, as a result, should make finding tenants that bit quicker.
There are over 150 pieces of legislation that landlords and letting agents need to be aware of when they let out a property. Below are the basic things I always check first when visiting a prospective landlord at their potential rental property.
The 2020/21 tax year is underway and with it comes the culmination of the mortgage tax relief changes affecting landlords. First announced during the 2015 summer budget, landlords have now lost the right to deduct their mortgage interest costs from their rental income, receiving a 20% ‘tax credit’ instead.
Looking at the figures showing average house prices over time, most people conclude that the ‘noughties’ had the most growth. With prices shooting up from £74,638 to £162,116 in a decade, the rise of 117% was certainly spectacular. And it’s true that the increase of £87,478 is the largest monetary gain of any decade…but in relative terms, it was actually the Seventies when prices really started to rocket; shooting up 409% in a decade.
