If you had to relocate, or you cannot get a fair price for your home when moving, a good option can be renting it out yourself and covering your existing mortgage from the income produced by the property. However, you should think your decision through carefully to avoid disappointment and long lasting legal battles. Below you will find some tips on what to take care of before your house is ready for tenants.
Safety Checks
It is important that your home is safe for the tenants moving in. You will - by law - need to get a gas safety certificate produced at the beginning of the tenancy, but some agencies will also require several electrical tests, such as PAT for small appliances. Further, it is recommended that you check the plumbing and heating systems, and the roof and gutters for potential problems.
Contracts
You can either draw up your contract yourself using a landlord association, or get an agency to do it. You need to know that you might not need to pay a maintenance fee for the agents if you sign up for a tenant finding only deal, instead of a fully managed contract. Still, you will need a legally binding rental agreement that is signed by the agents, your tenant, and yourself.
Vetting and Credit Checks
You can get an independent company to carry out the credit checks, or sign up for an agency package that includes this service. As you are the homeowner, you have every right to determine who you are letting your property to. Don’t feel pressured by the agents, and make sure that you are comfortable with your decision. You are likely to receive a report on the results of credit checks and vetting for each tenant.
Getting the Number of Emergency Tradesmen Handy
It's recommended that you upgrade your systems if you can before you let your property out. Home improvements, such as changing the boiler will pay off, and you can rest assured that there are no emergencies to deal with. In case something goes wrong, however, you will need the contact details of your trusted tradesmen ready. Find a local Emergency plumbing service, an electrician, and a pest control company and make sure they are ready to visit your rental property in a short period of time.
Arranging Inspections and Setting Rules
The key to successful letting is communication. Talk to your agent or solicitor about your terms, and put them in your contract. Set rules for decoration, and make sure a regular inspection is carried out in the property. If you don’t want pets, and your current tenants don’t have any, it doesn’t mean they are not planning on getting a dog. It is important that you define your own responsibilities, as well as your tenants’, to build trust and a positive relationship.
Renting out your property should not be stressful. Make sure that all details are covered, and everything is safe and in a good working order. Make sure you have emergencies covered, and your tenants know the rules.
