Becoming a landlord is a nerve-racking experience, especially if it is not something you were planning to do. Sometimes the state of the local property market means that they cannot simply sell it on. This leaves you with a problem because the rates and the cost of keeping the property habitable still have to be covered and for most people, the only sensible approach is to rent the property out.
Should you find yourself in that situation the first step is to prepare the property to be rented out. Most properties require at least some work to make them suitable for tenants to occupy.
In most parts of the world, there are rules and regulations to rent a property. You will need to familiarize yourself with the requirements and do the necessary work to comply.
Often, it is a simple as installing smoke sensors, fire extinguishers and having the boiler tested and serviced. However, the regulations vary widely from place to place, so you should always check what is required in your area.
If you want to secure the highest rent possible, you need to deep clean the property. Once you have done so you will be able to see which rooms need redecorating. Keep painting the interiors in mind. Paint does not cost much or take long to apply.
Once you have redecorated and updated the floors and doors, it makes sense to stage the property. Doing so will help you to rent it out faster, and secure a better rental income.
Usually, the best approach to doing this is to use a home furniture hire service. That way you can furnish your property in the latest style, and do so without having to spend a lot of money. Many companies will also provide you with the soft furnishings, ornaments and other items you need to be able to stage the property properly. The easier you make it for a prospective tenant to be able to imagine themselves living there the better.
With luck, you will find a tenant within a few weeks. If you are unlucky and do not manage to do so, remember to take the time to maintain the empty property. Make sure the water is off to reduce the chances of leaks and pop in every week to check that there are no problems.
You should also insure it, even if it is empty. That way should there be a burglary you will be able to make a claim and repair any damage.
If the regulations require you to have your property inspected on a regular basis, get that done even if it is empty. Doing so ensures that you have all of the necessary certificates in place to be able to find a tenant and rent out your property.
Cutting the lawn regularly, setting up security cameras and automatic lights are also worth doing to reduce the chances of the property being broken into between tenants.
All images by: Our Town Plans.
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