Letting a Property You’ve Been Living In? Here are Some Handy Tips!
The strong desire to move during the COVID-19 pandemic has been felt across the UK rental market. Rental demand is high and the time it takes landlords to let their properties has fallen. Letting agents have seen a rise in the number of prospective tenants registering to find a property. It took on average just 8.9 days for landlords to let a property in Great Britain in April. This is the shortest time span since Hamptons started recording this data in 2013!
The UK currently has a strong private rental market. Lettings investments may predominantly focus on the yields available, but as house prices across England climb, it is clear the capital appreciation of a rental market investment is an additional benefit landlords can reap.
It's a great time to let your property.
We understand that preparing your property for the rental market can feel like an overwhelming task.
So Team Tempo have put together some tips to help you along the way...
* Check You Can Let!
You will switch from being a homeowner and occupier to a landlord. You need to check that your mortgage lender allows you to let out your property. Some agreements contain caveats to prevent homes from being rented. If unsure, speak to your mortgage lender and they will be able to advise you.
* Do Your Research!
Look at similar homes to yours in the area and find out how much they are being let for per month. Be flexible with your expectations and use your research to inform the price you hope to achieve. Too high or too low rent will put off prospective tenants. Here at Tempo we have 16 years experience of letting properties in the area and are happy to help guide you.
* Decide: Furnished or Unfurnished?
You need to decide whether to let your property empty, unfurnished, or with furniture. Neutral items are usually most attractive as these offer tenants a ‘blank slate’. If letting furnished, personal belongings and anything of value should be removed. We recommend not leaving soft furnishing, however it is permitted as long as they have fire safety labels.
* Consider Cleanliness
The property needs to be clean and in good condition. You may consider hiring professionals to do a thorough clean. A smart exterior can help make the property more attractive as this is often the first picture a prospective tenant sees.
* Prepare Electrics & Appliances
Find the instruction manuals for the boiler, alarm system, white goods and other appliances. By law there are electrical and gas system checks which will need to be carried out – we can help you organise these. You will need to have/make copies of any keys that a tenant may need e.g. windows and electricity meters.
* Sort Your Insurance
Your insurance policy may need updating so be sure to make your current building and contents insurer aware that you intend to let. Also consider landlord insurance, this isn’t a legal requirement but can offer useful protections.
* Get Help Finding the Right Tenant
Speak to local agents – we can help. Local agents often have long lists of potential tenants on their books. They will also undertake reference and credit checks to secure the best tenants for you. Tempo have been established 16 years and have a good relationship with prospective tenants in the area. We are committed to providing excellent service to all our current and prospective landlords.
We hope these tips come in handy. For futher advice about letting your property, call our friendly Tempo Team on 01772 633399.
We have a long list of prospective tenants eager to find their perfect home. Release the potential of your investment property and choose from our flexible options. Our Standard Option includes Tenant Find, Background Checks and Tenancy Agreement. Our Fully Managed Option offers the aforementioned services as well as Deposit Lodging in a Government Scheme and Full Letting Management – securing you stress free income!
Now is a brilliant time to find a tenant with Tempo!
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