Top Tips for Becoming A Great Landlord

Becoming a landlord can feel like quite the chore because there are various aspects to consider and important decisions to make. Whether you’re investing in a property or old tenants are moving out, here are some useful pointers to improve the chances of it being snapped up quickly.    

Fix It Up

fixing up an apartment

Giving your property a deep and thorough clean can go a long way towards attracting prospective tenants. Ensure every room is kept to a good standard of living. Ask yourself would I live here, if I saw it like this? If the answer is no, the chances are someone else won’t either. You can DIY, or if it looks to be quite extensive, employ a cleaning service.

Decorating the place is also a great and inexpensive way to increase its appeal, it’s amazing what a fresh lick of paint can do to brighten a room. We suggest that choosing neutral colours,  taupes, beiges or even shades of grey, are all excellent options that are likely to go with most colour schemes your tenants may want to employ.

Safety Checks

electricals check

As a landlord, it is your responsibility to ensure that it is a safe property to live in before you even put your property up for rent. This means that all the electrical systems are safe, including any appliances you provide. Gas equipment must be installed correctly and safely by a registered engineer. It is important that you inform yourself in regards to fire safety legislation. There are several requirements, depending on the heating system, you must meet for smoke alarms and carbon monoxide alarms. For more information on the responsibilities of a landlord, check out the Gov UK website.

Create An Inventory

creating a checklist

If you’re planning to provide your tenants with any furniture or appliances, it would be a good idea to create an inventory. Some tenants might rent the property for several years and it can be easy to forget what you did and didn’t provide. So, by creating a written inventory you will know exactly what appliances and furniture is yours and can stop any potential future disputes.

Setting Rent

 

 

calculate rent

You’ve got the property fixed up, all the safety measures are in place and you’re ready to rent it out but you’re unsure what to charge, There are a few things to consider when setting the best price. Firstly, the location, what is the current rate of rent for similar properties in the area? Are there any local amenities close by, like schools, recreational facilities or does it have easily accessible links to public transport? What are the key selling points of your property, so does it have a driveway or a particularly big garden? These are just a handful of crucial factors to consider when setting your rent.

Need Some Help?

It’s always a smart idea to get some assistance from professional letting agents, no matter what stage you’re at in the process. At Carters Estate Agents, we are a highly experienced letting agent, ready to support you in being a landlord. For more information, call us on 02476 388 863 or the Bedworth office on 02476 480 444. Alternatively, fill in our online contact form.