Whether you are renting out your own home and moving house or buying a property specifically to rent, there are certain things you should do before letting tenants move in. Having a property to rent out is exciting. It is the start of your property portfolio and a way to start getting a passive income. A lot of people use renting out properties as a way to have income without having a normal job or they use it so when they are retired they don’t need to worry about pension and income as they will have rental income coming in every month. Here are some things to think about before letting out your property.
Paint It Over Fresh
When you buy a house or are re-doing a house to rent out after previous tenants it is always a good idea to give it a fresh coat of paint ready for new tenants to move in. It helps the room look clean and tidy, and when you have prospective tenants coming to view the property, if you have the walls painted in a beige or white colour, it gives them a blank canvas view of the property so they can picture themselves living there. If they view a property with lots of different decor that they may not like or lots of clutter around the house they may be less inclined to rent that property out. So a quick and easy way on a budget to make your home look a bit better and ready to let out is to give it a fresh coat of paint in a light colour.
Get All Of Your Tests And Checks Done
When you are a landlord, there are a lot of different rules and policies you have to follow. This is to protect the safety of your tenants and your property. You would need to get Landlord electrical tests done to make sure everything is running smoothly and all the electrical sockets are safe to use. If the property has gas then you will need to get a gas safety certificate as well and you need to get this done regularly. You may also need to get an energy performance certificate so when people look around your property, they can see how effective and efficient the energy is.
Evaluate The Rental Market
The rental market can change quite a lot and it certainly has in the last year or so. Before you rent out each time if you have tenants regularly, or you haven’t rented out before, it is best to check the rental market and see what similar properties to yours are currently getting in rental value. If you go through an estate agent, they can normally give you an approximate price on what they expect you to get and then you can market this property at that amount. It also gives you an idea of how much you’ll get monthly and then you can deduct any costs or bills you have on the property and work out what your profit will be.