Letting a home or a part of your property involves a complex series of tasks that pertains to the decision of rental income figure and property marketing. But if you play your cards right, your home will come to reward you. Besides, many landlords tend to give their property to a letting agent. The process gives them hope. They are assured that their legal requirements are compiled and also the rent is collected on time.
In addition to the basic, you should consider the following before renting your property.
- Remember to protect your tenants deposit in a government approved the scheme.
Marketing Your Property
You should keep into account to meet the legalized requirements before renting out your house. For instance, you need to attach the Energy Performance Certificate (EPC) to any rented property and also while viewing.
Checking a tenant out
You might need to take some time with your tenants, if you want them to take care of your home. You can simply do this by, explaining to them how the heating system and appliances works, also what to do in case of an accident.
Maintaining property issues and tenants
Even if you have rented out a newly constructed building, you might probably see some tenancy issues. For example, broken doors, cabinets and windows or even tenants are not maintaining your property as desired. You can identify various problems early by leaving your tenants with your mobile or telephone, or even having some periodic checks.
Organize a viewing day
To make work easier, you should have a landline or mobile address that anyone who comes in should be able to see. Although, in various countries it is relatively safe thus anyone can respond to an advert or even online.
You should apply your property tax individually. That means that what you owe regarding income and asset should be counted. The mortgage payment of the property, repairs and agent fee are deducted from the property tax. You should consider looking for a qualified accountant while working on your property tax.
When you are satisfied with your potential tenant As you ask them different questions that pertain to their family and marital status, it is best to base your decision on the merits issues rather than focusing on demerits ones.
- You also have the right as a landlord to collect amount of rent in due time
- You are allowed to review your rent annually.
- You are obliged to be informed early if the tenant is willing to rent your property for five months.
Choose to terminate a lease if:
- If your tenant is not following the rules and regulations that were set at the start.
- You intend to sell your property in three months time.
Letting Returns or Profit
Before renting, it is advisable to have an achievable rental income figure. So as to achieve this, you need to deduct various costs such as managing the rental property, re-renting and also maintenance cost. To make work easier, you should look for a qualified surveyor that can prove you with possible facts on how you should manage your property.
Your responsibility as a landlord:
Remember that you are a landlord, if you let out your property to someone else. It typically means that you have responsibilities. They include:
- Keeping your rented properties tidy and free from any health hazard
- Making sure the electrical equipment and gas are safely installed and are safe to use
- You should follow the fire safety regulations thus making sure your building has a fire exit in case of an emergency.