Posted on December 20, 2021 at 2:27 PM
So, you’re planning on buying a home to rent out and you aren’t too sure where to start. Making sure you understand your role and responsibilities is vital to become the best landlord you can possibly be, and also helps to keep your tenants on your side. We thought we would compile a list of a few of the top tips to keep in mind when renting your property.
Your Tenants - The most important piece of the renting puzzle, so it is vital to make sure you get the right people in to rent your property. There are many factors involved in this process, as listed below.
Tenant Referencing - This allows you to get an understanding of the person looking to rent your home, there are a few elements to take into consideration:
- Proof of identification
- Financial Status
- Employment Status
- Credit Check
- Previous Addresses they have rented
While background checks are not a legal requirement, they are extremely important to ensure you are renting to a trustworthy tenant, which you know is in the financial position to keep up with rent payments.
Right to Rent Checks
These ARE a legal requirement, and it is vital to conduct them, otherwise you may end up being fined or being arrested. There are a couple of ways to carry out these checks:
- Check your tenant’s original documents
- Check online if they have a right to rent share code.
It is not the law to draw up a tenancy agreement, however these are extremely beneficial to ensure both the tenant and the landlord understand what the responsibilities are of each person. This can include anything from the length of stay, how much the rent is and the notice period required when the tenant decides to leave.
Your Property - You want to ensure your property is the best it can possibly be for your tenants, so by making sure it is clean, tidy and well looked after before your tenants move in, there is a chance they are more likely to keep it that way. This will also make sure that your marketing photos will look as nice as possible, so you will be more likely to attract tenants.
We also highly recommend checking to see if everything in the property works how it should, this will mean you are less likely to have maintenance problems when your tenants move in. We recommend checking all plugs, radiators, windows and light fixtures to make sure they are all working how they should.
As a landlord you can also decide if you would prefer to leave the house unfurnished or furnished, this is a matter of preference however, as there are tenants who will want either.
Finally, make sure you get in touch with us here at Y Homes to make sure we find you the perfect first house to rent out.
Estate agent fee
Estate Agent Fee (+ vat)
Y Homes Fee (+ vat)
Estate Agent Fee (inc vat)
Estate Agent Fee (inc vat)