Getting your home ready to let can feel like a big step. As a prospective landlord, you should already have permission from your mortgage lender and, of course, worked out the costs to ensure that you can earn a profit from renting out your property. All that is left is getting the actual property ready to be let out. Our guide can help you do just that.
Get Landlord Insurance
Landlord insurance is an imperative part of getting your home ready to let. Some tenants can truly ruin the property that they live in and often disappear after the fact. The deposit that you have collected may not be enough to cover all the damages, and that is fine if you put in place landlord insurance. This can provide peace of mind as you let out the property.
Energy Performance Certificate
You must have an energy performance certificate for the property that you let out. While you are at it, having all plugs and appliances you leave behind for your future tenants checked and approved is also an important part of being a landlord.
Fix Up and Decorate
Now is an excellent time to fix up and make the big repairs that you need throughout the house. This isn’t just for your tenants; it’s how you can help prolong the life of your property from tenant to tenant until you finally decide to move back in or alternatively sell the property on. From replacing the windows to replacing the boiler, don’t think of this as buying something for a tenant, but instead what will be essential to keep your property in good condition.
These repairs can be costly, and you may not have the upfront cash to cover them. In these cases, it is actually preferable to explore your loan options, as it will help you save money in the future and help you be a better landlord. Replacing an old boiler is expensive enough as it is, but having to put a rush order on it because you have tenants on it is an unnecessary expense you can easily avoid.
When decorating or remodelling try to choose hardy and easy to clean materials. Natural wear and tear is allowed, and it won’t be a problem if the materials in your home can handle someone actually living and using it. By making it easy to keep your property clean, you can improve the overall state of your property and reduce the repair costs between tenants.
This includes making sure that the fire alarm works, providing a fire extinguisher, and making sure that all the furniture that you leave behind is fireproof.
Utilities and Repair
If you can, try to organise a service subscription with a repairman and for your utilities. This way, if there is something wrong with your boiler or if your tenants need something repaired, you can simply call up a specialist. As it’s a subscription, you can add that cost right into your rent.
Becoming a landlord can feel like a daunting task, but if you do your job right and use top guides like this Money.co.uk guide, you can safeguard your property and attract great tenants that make being a landlord worth every second.