February House Price Index
- 21 March 2016
- London Rental Market
Throughout Great Britain, London remains to be the center of positive price change. This chart below from Nationwide illustrates the…Read More
Becoming the owner of a property and then renting it out to tenants can be very rewarding, but it is certainly not a field that should be entered into lightly. There is a lot of work that goes into it and many stages that you need to think about. However, when it’s all sorted, the results can be truly satisfying, so you just have to be willing to go through the labour in order to come out with the full benefits. If this is definitely an area that you wish to pursue then there are a few tips that you should read through fully in order to get a better understanding of how it all works.
Finding a perfect location
There’s no denying that buying property can be very taxing, but you can lessen your levels of stress by making sure to do the necessary research beforehand. You should get yourself familiar with the property law of the country so that you don’t end up making any errors that could cause any problems for you in the future. Hiring the help of a property solicitor is an advisable move as they can offer you the best conveyancing advice for when it comes to the process of transferring ownership of a property from one person to another in a way that is legal.
In terms of the location itself, the internet is a valuable asset to have at your disposal, so make sure that you use it. If you know the general area, then do some investigation to see whether it’s a good place to earn money from tenants, and that it is somewhere that people will want to move to. Using web mapping services can prove helpful as it will allow you the chance to scout the surrounding area without having to actually travel to the destination in order to do so.
What to do once you purchased your property
The next step is to invest in a good lettings agency. The job of a letting agent is to find suitable tenants for the property on your behalf, so it’s very important that you invest in one that is going to do this to the best of their ability. In order to do this, be sure that you have read up on them first and done a thorough background search so that you can be assured they are the most suitable ones around for your needs. Speak to them about any refurbishments you hope to make to the property and about what kind of tenants you are hoping for. Bear in mind that they will be the ones who are keeping an eye on the property for you, so always be courteous and attentive when dealing with them.
Getting property ready to rent
When you have found your letting agent and they are in the process of finding the right tenant, it is your chance to then make sure that the property is actually ready for you to be able to rent. That is, you have to be certain that it is structurally safe and that any repairs that need doing are fixed. It is best to do this before actually marketing the property, so be sure to keep your letting agent informed as to your progress so that they know at which pace to proceed.
The best advice when it comes to decorating the property is to have it fit for living in, but with a look that does not go over the top. This means that you should paint it in neutral colours, with plain and light shades to the wall and floors. This allows you to give the tenants a better feel for the property and so they can then proceed to personalise it if they wish. Not only will a redecoration prior to renting put you in good stead with the tenants, but it will also mean you have a record of how the property looked beforehand so that you can be certain as to any markings or damage that is inflicted on it during the time from when the tenants take up occupancy.
After this is all done, meet your tenant and set up a relationship with them so that they know who you are how to get in contact if necessary. Make sure all the essential arrangements, such as the Gas and Energy Performance Certificate, are in place and that the tenants are aware of everything that they need to be informed about. The last thing you should ensure is that they have signed a written tenancy agreement. It is advised to have this in writing because it can get complicated if the arrangements are decided upon orally instead.
How to avoid disputes at the end of a tenancy agreement
Most of the time, tenants do not have to tell you if the they plan to the leave on the last day of your agreement unless it is specified that they must give notice. The best way to avoid disputes it to make everything clear between you and the tenant right from the start. If you want to be told in advance that they won’t be staying so that you can make other arrangements, then make sure that you stipulate this as a rule in writing from the beginning so they can’t deny that they were not informed.
More often than not, disputes between landlords and tenants come when the agreement ends and there is an argument over the return of the deposit. Since this is a very important issue, it is highly recommended that you try to clear the air without having to resort to further measures. Communication is the key factor here, so it is best for both parties to meet up when the tenancy agreement is reaching its end so that they can go through the process together and resolve any issues that may arise once the property is inspected.
What to take away from this
When it comes to preparing your property for tenants, there’s a lot that goes into it, which is why little tips can go a long way. Hiring a conveyancing solicitor is usually the best course of action and will hopefully help things to run smoother. Just remember that when dealing with tenants, make sure that everything you want from them is stipulated from the start in order to steer clear of any disagreements that could end up emerging otherwise.
It can be a long and strenuous process when preparing your property for tenants, but as long as you have the right solicitors on your side and can be sure as to the legitimacy of the occupiers, then you should end up fully satisfied with your experience. Law firms such as Ashley Wilson have expertise in commercial property, lease extensions, collective and freehold enfranchisement and landlords and tenants, for more information or to speak to an experienced solicitor at Ashley Wilson please visit the Ashley Wilson website.