Becoming a landlord is a fantastic way to make money back from your property investment. If you have a property that could be a desirable home for tenants, it is worth thinking about the steps you must take to make it a viable source of income. This guide will walk you through the process of refining your property so that it can compete on the rental market.
Bring the Property Up to Code
You cannot put your property on the rental market if it doesn’t meet the necessary legislation. Housing regulations are there to protect residents and property owners alike, so don’t dismiss the significance of preparing your property with safety as your main focus. Make important repairs and ensure every appliance properly functions, including smoke detectors, plumbing, electricity, and ventilation systems. If there are structural issues, damp, or infestations, these problems must be dealt with before even considering putting the property up for rent.
Decorate Attractively
Once you have brought your property up to code, it is time to find ways of making it more attractive to potential tenants. Interior decor is hugely effective for capturing people’s attention and making a positive impression. Many experts recommend opting for a neutral palette to appeal to a broader range of people. This also serves as a blank canvas for your tenants so they can express themselves with their own decor choices. Invest in sturdy and attractive fixtures such as lighting and hardware so that you won’t need to worry about repairing or replacing them. Don’t underestimate just how impactful these seemingly minor details can be when boosting your property’s perceived value.
Decide Whether to Offer the Property Furnished or Unfurnished
Your rental strategy will dictate whether or not you should offer a furnished or unfurnished property. Furnished housing is best if you want to appeal to tenants seeking short-term lets. Unfurnished properties are ideal for long-term lets since tenants can bring their possessions and make the space their home. Think about which strategy your property is best suited to, taking into account its size, location, and position among local amenities.
Consider How Much to Charge Tenants
You must determine a fair and competitive rental price to attract tenants to your property. Conduct your market analysis to gauge what other landlords charge in similar areas and properties. Gathering some expert house valuations will give you a clearer idea as to how much would be appropriate. You also want to balance the cost of maintaining the property and covering important details such as insurance and taxes.
Use Reliable Marketing Tactics
Even if your property is attractive and well-priced, you won’t receive any interest if you don’t market it appropriately. A letting agent will be able to provide advice and resources to help your property stand out and reach its intended market, whether that’s students, young families, businesspeople, or long-term tourists. Find a professional photographer with experience shooting interiors to capture the qualities of your property and keep the place clean for open house viewings.
Write Up a Lease Agreement
There are plenty of standard lease agreement templates you can find online. You can also write up your own or read through and edit a template so it better suits your needs. Make sure to include important and specific information such as rent amount, due dates, the duration of the lease, and security deposit terms. You and your tenants will both sign this to protect each of you.
Identify Potential Issues and Provide Written Guidance
Be clear about what is and is not permitted on your property. For example, are you fine with pets but not with smoking? What are the rules regarding shared spaces and refuse disposal? Collect relevant information and provide a comprehensive pack for your tenants.
Preparing your property to be a successful rental requires putting in plenty of time and effort, especially to make the place feel like a comfortable and welcoming home for future tenants. Once the property is up to code and well decorated, you can think about details such as the content of the tenancy agreement and how much to charge per month. Using effective marketing and professional guidance, you can make your property as appealing as possible and attract reliable, trustworthy tenants.
