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Simple Guide to Renting Your Property

by Marquette Turner Luxury Homes

in Features, Real Estate Radar, Variety

Although it might just seem like a nice way to earn a bit of money or a way of keeping the property clear of looters or squatters, for those fortunate enough to be in the position to have a second dwelling it is often full of ‘pot holes’ and stumbling blocks that often turn the dream into a nightmare. It is not always thought of in this way, but you are now placing yourself in charge of the living quarters of another family and not just your own.

Landlords need to be conscious of the level of responsibility they are now taking on and whether it is an aspect they want to have. Think of everything that could, or does, go wrong with your own property and the usual living problems you run into and think of how often, on average, you will be called into help and the costs associated with this. It is important not to be completely blinded by the multiple benefits of having a house rented out such as the tax benefits.

London property

1.Start with the basics

While you cannot predict the perfect style for everyone who may potentially come to rent the property, you can be sure of a few things. Everyone wants reliable heating, hot & cold water, clean surroundings and a sense of security.  Have a professional check these for any potential problems and be sure to schedule regular check-ups/maintenance to these aspects. It helps show your tenants that you care and give you a chance to view the property without them feeling like it is an inspection!

2.Kitchen & Bathroom

Two areas that make up the mind for lots of potential renters, especially those looking for a “complete” property, are the bathroom and the kitchen. There is a reason they are the most re-decorated rooms in any house. An estate agent with over 30 years of looking after both modest and luxury London property agrees, “No matter what level of property you are renting out, potential clients always have similar opinions and are most eager to see two rooms. The kitchen and the main bathroom. Everyone wants to eat well and have a nice space to relax in.”

Beyond simply keeping it so clean that you could eat your dinner off the floor in either (not advised!) keep styles simple and keep as many options open as possible. If you are stuck for space, follow this article on how to organise your bathroom.

3. Allow Short-term Renting

Online rental companies such as Airbnb have made headway in the public space to push short term renting into the forefront of landlords minds. With the possibilities of making vast sums of money over specific dates the lure can be very tempting however it is a much more unstable income generator.

Away from the income aspect, short-term lettings such as this can be good for keeping a property full in-between tenants or during times when it has been difficult finding a long-term tenant.

4. Reward Loyalty and Care

As a landlord you want a trustworthy tenant who cares for the property as if they were the owner. If you are lucky enough to have a tenant that does act like this and you have a good relationship with, be very conscientious of any future decisions that will impact them. If rents in the local area rise beyond what you are currently charging do not be quick to raise your prices, especially without discussing with the tenant why your expenses may have risen too. An increase in pricing, ifunexpected and unwarranted could drive your tenant, who has been wonderful, to leaving and searching for a new rental, placing you at the start of the landlord journey once again. Remember 90% of something is better than 100% of nothing.

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