Renting a property out can be a great way to earn passive income, especially for those who are in need of extra cash when they have property they no longer live in. For the most part, you acquire income from rent without needing to do much work once the property is occupied; it’s before the tenants actually move in where the hard work comes in. Here are a few top tips to help you get your property up to scratch and ready for renting.
Get Your Paperwork In Order
Being a landlord is like running a business, and with every business comes paperwork. It’s a necessity to make sure all boxes are ticked and covered for both parties involved, the landlord and the tenants, before anyone moves in, so it’s very important to stay organised from the start of the process and to keep your paperwork in good order as you go forward.
Firstly when renting out your property, you will need to develop a tenancy agreement, and alongside this the tenants will require copies of certificates so that they know that the home they will be moving into is in good working order, including certificates about the heating and electrical systems.
An Electrical Safety Certificate is an important document to add to this list. It ensures that the electrical system in the home is safe to use and that the installation and any additions that have been made to it comply with existing regulations. You can organise to obtain an Electrical Safety Certificate from Trade Facilities Services, who provide high-quality and experienced electricians that can complete a full test of your property’s electrical system, as well as many other important elements of the home such as fire alarms and gas supply. This allows you to rent safely with confidence.
Deep Clean And Document Your Property
Before you start letting the property or having viewings with potential tenants, you should have the home cleaned thoroughly by professionals. You may think you can do a good job of cleaning it yourself to save some money, but for just a small financial outlay, you can save yourself the effort and stress and leave it to some professional cleaning technicians who will find dirt and debris you never knew were there.
Once the cleaning work has been completed, you need to take photographs of every room. Some of these images can be used to advertise your property in the local press and on websites, but the majority of the pictures will help you establish the level of cleanliness you expect from your tenants. When they finish their rental agreement and move out, this is how you expect to find the property when they leave. If the property is not up to scratch, you can take the cost of a professional cleaning out of their deposit as long as this is outlined in their tenancy agreement.
Get Insured Inside And Out
Even if you carefully select your tenants, accidents can happen. It is worth paying a little extra to get full building and contents insurance so that every element of your property is insured. This means that no matter what happens you have protection. If your property is mortgaged, having full buildings and contents insurance may be a part of the package, but you should check these policies carefully to make sure the coverage is adequate.
Follow these simple tips and you should be able to rent your property quickly and safely. Renting is a great way to make a consistent income, but you need to start on the right footing. Use these tips to help.
