Some Top Tips for First-Time Landlords
In this three-minute read, we share five top tips if you’re thinking about renting out your property for the first time.
Deciding to become a landlord is a big step.
It can be both exciting and daunting.
Here at MILLBANKS, we’ve got some tips on what you need to think about when renting out a property so you can make your first venture a smooth one.
Do some market research
To work out how much rent you could be expecting, have a look at similar properties in the area where your property is located. If you’re not sure how much you should be asking for, arrange a valuation with us. We can also help you make sure your property is aimed at the right tenants.
Make sure your property is ready for your tenants
It’s vital to ensure that your property is tenant-ready. A well-maintained home is more attractive to any new occupants and a few improvements could make all the difference. Ensure that outstanding repairs are complete before any viewings take place.
Consider whether to offer your property on a furnished or unfurnished basis. The option you choose will depend on the type of tenant you want to attract. If you decide to furnish your property, choose neutral colours and simple styles to allow your tenants to put their own stamp on their new home.
Understand your responsibilities
Being a landlord can take up a lot of your time. It’s your responsibility to take care of any major issues which may arise and these can occur at any time of the day or night. Some, like a gas leak, may require your immediate attention. Your tenants will also look to you to carry out repairs, and maintenance unless you appoint a letting agent to manage your property. Speak to us to find out how we can help.
Make sure you comply with the law
When it comes to being a landlord, there’s a jungle of laws and regulations that you need to navigate through. All tenancies begin with a right to rent check and you must make sure that you’ve taken the correct steps to register and protect your tenant’s deposit.
Ensure that the property has working smoke alarms, carbon monoxide detectors and an up-to-date gas safety check – which should be carried out on an annual basis. Your property must also have an Energy Performance Certificate before you can offer it for rent as well as up to date certification relating to the new Electrical Safety Regulations which we introduced last year. We ensure all the properties we rent out and manage are fully compliant with all the relevant legal requirements.
Use a letting agent
You may decide that you want to manage your property yourself.
However, the right letting agent can make your first experience as a landlord stress-free, act as a buffer between you and your tenants, and provide expertise and support if things don’t go according to plan.
Here at MILLBANKS, we’re with you every step of the way. Get in touch with your questions and one of our experts will be happy to help.
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