5 steps to prepare a property for rental
Being unique in a competitive lettings industry is essential if you want to be a successful landlord. While there are many things you can do to increase your chances of success, one of the simplest to accomplish is understanding how to prepare a property for rental.
Unfortunately, a lot of landlords still do not properly prepare a property ready for rental before a tenancy begins. But, you won’t be one of them, right? Here are some simple ways to make your property ready to rent. Let’s get going.
1. Make your property look good for rental
Potential tenants will naturally find well-kept buildings to be far more appealing than a dimly lit room. To make a property feel inviting, you don’t need to go crazy with painting and decorating, but the house should always be immaculately clean while you are showing it to potential tenants. Unbelievably, a lot of landlords still overlook this important step in preparation.
As we’ve already indicated, decorating doesn’t have to be substantial, but you should freshen up any spaces that could use it. If your property has a garden, the same principle applies. While you don’t need need to hire landscapers to make your property seem good, you will need to cut back bushes, weed the beds, and mow the lawn if you want it to look appealing.
2. Furnished or unfurnished?
There are advantages and disadvantages to renting a property either furnished and unfurnished, so this is a major question you need to consider. For instance, first-time renters will naturally appreciate the cheaper expenses involved with renting a fully furnished home, but obviously not everyone will fit that description. These days, there are more long-term tenants, and many of them bring their own furnishings with them from one rental house to the next. Unfurnished will therefore suit them much better.
Another choice is partial furnishing or just being flexible. Offering your property in this way shows you are a helpful landlord which will get you off the right foot from the outset, you may also benefit in a larger selection of tenants who may rent your house—but it depends heavily on your neighbourhood. Examine the current offerings in the neighbourhood of your property as you may have to follow that locations need, and be sure to seek guidance. Call 029 2045 6444 to reach our team, who are always willing to help.
3. Keep what you have safe
There will still be a need to secure your possessions when you rent out your property, even if it is unfurnished. It’s crucial to know that you are doing everything you can to guarantee that everything is returned to you in excellent condition once the tenancy finishes because items like laminate or wooden floors can be easily damaged and expensive to fix.
But perhaps most crucial of all is the legal requirement to carry out an accurate and thorough inventory. The walls, doors, flooring, ceiling, and other components of your property, as well as any fixtures and fittings you may supply, are all protected by inventories. Its best to hand this bit over to the professionals, but they can be done yourselves. Make sure you issue to the tenant upon move-in.
4. Safety regulations
There are rules you must follow before renting out your house in order to be compliant. Being a landlord (in Wales) requires you to:
- Give the tenant a certificate of energy efficiency certificate.
- Keep all electrical equipment in compliance with the Electrical Equipment (Safety) Regulations.
- Get your Gas Safety Certificate by undergoing an annual gas safety examination.
- Install and test carbon monoxide and smoke alarms.
All of the following, as well as other issues, can be discussed with a trustworthy property management company. Being on the right side of a qualified company is crucial in this situation because getting caught in the regulatory minefield may result in harsh consequences.
5. Insurance and financial security
Accidents can—and do—occur even with the most conscientious renters in place. Buildings and house insurance are probably requirements for your mortgage, but it’s a good idea to evaluate them before letting renters move in, especially if you’ve had the policies for a while. Although tenants should buy their own contents insurance, having your own protection will make you feel more secure.
You will be protected if your tenant experiences financial difficulty if you obtain income protection or a rent guarantee policy. Due to a tenant’s inability to fulfil their rental obligations to you, the landlord, conditions may alter. Having the protection in place can be quite reassuring, even if this is a totally optional policy and one that may not fit everyone.
That’s it; you now fully understand the process to prepare a property for rental.. You will be properly representing not only your property but also yourself if you consider the above guidelines. In today’s competitive rental market, expertise can go a long way and frequently mean the difference between a property being rented quickly and suffering from a prolonged vacant period.
Give our lettings team a call at 029 2045 6444. You could also send them an email at email@example.com. No matter how big or small your property portfolio is, we’re here to help you make the most of it.