If you have a property that you want to let out and this is your first time doing it, then there are some things that you should read up on before you become a landlord. Rules and regulations, as well as ways to manage the property are all things that you need to be aware of before you decide to let your property out.
Here are some of the things to consider…
Making sure the Property is Safe – In order to let a property out there are lots of safety standards that it should meet. You will need to make sure that you have a fire risk assessment done on the property, and also that any appliances are checked, including gas central heating. This needs to be done annually.
Safety features also need to be installed and maintained, such as fire detectors and carbon monoxide alarms.
Before you rent a property out, it is worth looking through all of the safety standards that need to be met in order to ensure that your property is safe.
Letting it Out Directly or Using a Lettings Company? Many people choose to let out a property themselves, and with a lettings management company you do have to pay a percentage to them to cover the work that they do. However, for first time landlords or people who just don’t have the time to deal with the admin side of it as well as the inspections and other management requirements of a landlord, letting it out via a professional company like this letting agents Cheltenham based company www.meandyouestateagents.co.uk is a good way to do it.
Furnished or Unfurnished? Properties that are let out that are already furnished can command a higher rent as there is no need for the tenant to furnish it themselves. However, when you are letting out a property that is fully furnished, you will need to ensure that all of the furnishings are compliant with fire safety regulations and have documentation that proves this.
How Long Do You Want to Let it Out for? Some people want to let a property pout for a shorter time, such as six months to a year, as you may want to move back into it after this time. This might be the case if you are working overseas for a year for example.
However, you may have bought the property to let out and would prefer a longer-term tenant. Think about the length of time that you want to rent the property out for so that you can advertise it accordingly.