Thinking about letting your property? The process of letting a property can be a complex and time-consuming one, but the rewards can be considerable when you get everything right.
Find out how to let a property and get tips and advice on how to achieve the best rental price from a reliable tenant, as well as understanding your legal rights, the latest legislation and regulations and your obligations to your tenants, whether you're letting a room, a flat or a house.
Before you begin the process of letting your property, you need to be thoroughly prepared. There is a lot to do and plenty to think about before you can think about getting your new tenants through the door.
First impressions count for everything when it comes to property, so it's vital your home looks its best for potential tenants. Maintaining this condition for all your viewings will give you the best chance of letting your home and achieving the best possible price. So, what preparations should you make?
This is the first view your potential tenants will have of your property, so you should focus on optimising its appearance.
Make sure all aspects of your property are up to scratch and meet all of the required standards to give you the best chance of finding the right tenants and achieving the best price. Is your property:
As well as the physical standards of the property itself, there are numerous other standards that will need to be met, including safety standards for gas and furniture. Read more about your health and safety obligations in our guide to being a landlord.
If the property is to be occupied by more than one family or party, this constitutes a House in Multiple Occupation (HMO) and further regulations will need to be adhered to, as well as registering with your local authority. Read more about requirements for Houses in Multiple Occupation on the Communities and Local Government website.
It may seem like a lot of work, but with time, energy and even a bit of money spent now, it could really make the difference to how quickly you let your property and how much rent you can charge. Speculate to accumulate!
Think about the type of accommodation you are going to let and how you are going to let it out. For example:
These different considerations will affect how you prepare and proceed with the let and the choices you make in managing it.
Before you can let your property, you need to consult a number of parties:
While your thoughts may be leaning towards how much you can make by letting your property, it is important that you consider and budget for the costs involved, too. You should budget for the following costs:
Plan carefully and make sure you always have access to funds to make essential repairs if and when required. It will put you in a much better position to retain a satisfied tenant.
You should never underestimate the work involved in the successful letting of your property.
The vast majority of landlords prefer to hand over the responsibility for finding a tenant to a dedicated and qualified letting or estate agent. This cuts out all of the necessary awkwardness of having to deal directly with viewings and negotiating with potential tenants. There are considerable advantages in using a letting agent, who will:
After you've found suitable tenants for your property, you have the option of either managing the let yourself, or hiring the services of a managing agent to work on your behalf. Much will depend on your circumstances. If you are living abroad, for example, you may want to employ a managing agent to make sure your tenants and the property are sufficiently looked after while you're away.
The majority of letting agents also offer property management services. If this is an option you're interested in, consult the letting agent first to make sure they can offer this service. A managing agent will:
Read our guide to property management agents for more information.
A pre-tenancy checklist should help you make sure you've ticked all the right boxes before you make the next step in letting your property.
Find out more with our guide to being a landlord, including information on your rights and obligations, health and safety regulations and the latest legislation on handling your tenant's deposit.
The content provided in the Primelocation.com guides is for information only. In all cases, independent and professional advice should be sought before buying, selling, letting or renting property, or buying financial services products.