5 tips for first time landlords
As we continue to experience low interest rates in the UK, increasing numbers of individuals are investing in property as a sensible way to provide an additional income in later life.
If you’re thinking about renting out a property for the first time, Pace Lettings Manager Marcus James offers these 5 useful tips as you get started:
1: Make sure your property is in excellent condition
Potential tenants looking for houses to rent in Southend expect certain standards. A well-maintained and clean home will not only increase the likelihood of finding a tenant quickly, but it will also allow you to charge a higher rental price. Make sure all rooms are freshly painted in neutral colours. Have the electrics and plumbing checked by a professional tradesman; fix any leaks and make sure light bulbs work. Install smoke detectors, fire extinguishers and install a carbon monoxide detector if the house does not already have one. Tidy the garden or any outside space you have, including sheds or garages.
2: Notify your accountant
Call your accountant or financial advisor to let them know you are planning to rent out a property. They will be able to offer you helpful tax advice and could save you time and money at a later date.
3: Organise insurance
Before any tenants move in to your property, you must have specific insurance for a rental home. Research the options and consider additional liability cover if necessary.
4: Determine who is going to manage the property
Many letting agents also manage rental properties on behalf of landlords. Companies either charge a percentage of the monthly rent for their services or a fixed fee, but they are then responsible for everything from collecting rent to managing repairs. Many will also help find tenants for an additional cost.
5: Decide on the rent
There are multiple websites and online tools that could help you determine a rough rental value for your property. However, nothing will beat the advice offered by a professional lettings agent who will know the local market around the Southend area. Choose an agent who is a member of a professional trade association such ARLA (The Association of Residential Lettings Agents) which will ensure they abide by specific rules of conduct and should give you practical and accurate advice.
Becoming a landlord can be both challenging and exciting. If you are considering becoming a private landlord in Southend-on-Sea or the surrounding areas, visit our Southend Landlords Guide page, email [email protected] or call 01702 445 600 for a free, no obligation chat.
Posted by Marcus James; Lettings Manager at Pace Properties, family-owned independent Estate Agents in Southend-on Sea.