Landlord
Here is the guidance for first-time landlords in London who are letting out their property
1. Check your mortgage when letting out your property
You must check if your mortgage allows you to let your property as there are some terms that may prevent your property from being rented. If you are not sure, make sure to call or talk to your mortgage lender so that you can be advised accordingly.
2. It is important to do your research when letting out your property
Check the rental prices in the area where your property is located. Look at similar homes in the same area. For example, you have a 1-bedroom flat that you would like to rent, then, check the rental prices of a 1-bedroom flat within the neighborhood where your property to let is located. Use your research to be informed properly about the rental price.
3. Know your target market when you’re letting out your property
When letting out your property consider your target market. Who would be suitable for the property? Would it be young families, students, or young single professionals?
Once you know your target market, set your competitive price.
4. Would it be furnished or unfurnished?
Make sure to use neutral colors to the property because it will allow your prospective tenants to picture themselves in the property. Are you considering offering the property furnished or unfurnished? When you know your target market, then you can answer this part. Usually, if you let to students, they would want it furnished. If you let to young families, they would want to bring their own furniture into the house.
5. It is important to declutter the property before letting it out.
It is important to remove personal belongings from the property. When you let the property furnished, it is important that the furniture should be compliant with the Fire and Furnishing regulations. So, it is important to check on that.
6. Keep the place clean when letting out the property
As a landlord, it is important that you should ensure that the property is clean and well-maintained. You’ll have a higher chance of getting tenants faster when you have a clean and well-maintained property.
7. Electrics and appliances should be checked.
When letting out the property and you have provided electrical appliances to the tenants, it is important that electrical appliances and wiring should be tested and should be tested regularly.
8. When letting out the property make sure that it complies with the health and safety standard.
It is important before letting out the property to make sure that the property is fitted for human habitation. It should have a gas safety certificate and EIRC.
9. Make sure your insurance is sorted out.
It is important that your property is covered with landlord insurance. It is an advisable policy that will protect your property, your tenant, and your investment.
Do you want to find tenants easier? Consider Bluestone Properties in letting out your property. We are based in south London. We cover South London and surrounding areas. Feel free to contact us on 0208 355 3405
