With so many different types of blended families these days, very often people end up with two properties and it makes sense to rent one out. More and more people are now looking to rent rather than buy, and so you're almost guaranteed to find a suitable tenant. However, before you rent out your property, there are several things you need to go over before allowing someone to live on the premises. To ensure you achieve success a landlord, you should take a look at the following tips, which will make sure your letting process is legitimate, and your tenants are satisfied.
Make sure everything is working
If your property is an older build, it may have some wear and tear, so to avoid any tenant complaints, you should make sure to repair anything that needs fixing as soon as possible. This could include a leaky shower or a faulty boiler, which you may be able to fix yourself, or if you're not qualified, you can call in someone else to complete the job. When performing any maintenance, you should make sure it is done correctly. Otherwise, your tenant may experience the same problem when they're living there, which can be problematic for you.
You should also fix any external issues like a broken roof, window seals or even a broken doorbell. While the latter may only seem like a small problem, it will show your tenant that the property is well looked after and they should not face any issues if choosing to live there.
Compile a property inventory
Before your tenant officially moves into the property, it is essential that you make a list of all the inventory, especially if you’re offering a furnished rental. This involves listing detailed descriptions of everything from furniture to the smallest ornaments, and it should also include the condition of these items, should anything happen.
By creating an inventory, you can protect yourself and the tenant from facing any replacement charges. This should also prevent any theft from taking place, as your tenant understands that you have a record of everything in the property, so they are aware that they will be liable if anything is missing at the end of the tenancy.
Secure the property
One of the most important things tenants look for in a property is how secure it is, as they will want to feel safe in their own home. To ensure you meet their needs, you should consider updating your security systems, by placing security cameras outside or even using technology like smart doorbells which can be connected to a smartphone to show your tenant who is outside, even they're away from home.
Property experts like RW Invest utilise automated door systems, which means only tenants are allowed to enter the property. By implementing this technology, it has caused an influx of tenant demand and also significantly increased the value of each apartment.
Check over the tenancy agreement
Once you’ve approved a tenant to move into your property, you can then start to make it official by both signing a tenancy agreement. The tenancy agreement should include the monthly rental charge, the start and end date of the tenancy, tenancy deposit terms, damage costs, landlord and tenant obligations, and more.
Before signing the tenancy agreement, you should make sure that the tenant understands everything within the agreement, and if not, you should explain everything to them, so there is no confusion moving forward.
And good luck!