Whether you are an investor in the property market, or simply wish to grow your buy-to-let portfolio, it is always a good idea to remind yourself of the letting process before you decide to rent out your property. Figuring out how to let a property all by yourself could seem like a daunting prospect for most landlords, and this is why you need to have some information and briefing about how things work when letting your home.
Are you thinking of letting your home in London? This could be a time consuming and complex process, but sure the rewards could be considerable when you work with the right estate agents in East Dulwich.
Here’s a quick guide for you.
Preparing to Let Your London Property
Right before you begin with the letting process of your property, you have to prepare yourself thoroughly. There is so much to do before you can call in prospective tenants through the door.
Usually, first impressions count for every single thing when it comes to the property; hence, it is important that you keep it looking its best for the prospective tenants. If you maintain this condition for all the viewings, it will give you a better chance to let your property and achieve a suitable price. There are lots of flats in London so you’ll want to make yours stand out!
When it comes to preparing to list your home with Fish Need Water Estate agents, what preparations do you need to make?
The External View
The very first thing that your potential tenants will notice is the exterior of your home, so you have to focus on ensuring the exterior appearance looks great. You should evaluate all the aspects of your property and make sure they meet the necessary standards to give you a better chance at finding suitable tenants and achieving a suitable price.
However, here are some of the aspects you need to keep an eye on.
- If necessary, give the door and window frames a fresh coat of paint
- Repair the holes, cracks, and blemishes on the walls or driveway
- You need to make sure that your house number appears visible
- Tidy up the back garden, front garden (trim the hedges, weed, add some new plants, decorations and fix any damages)
- Make sure rubbish and rubbish bins appear out of sight when prospective viewers plan to visit you.
The Interior of the Property
Along with the physical standards of the property, there are many other standards that you will need to meet, including the safety standards for furniture or gas.
- Make Minor Repairs: You can fix cracks and leaky taps in the walls as well as replace crooked or broken tiles, replace old burned out bulbs and ensure that everything works properly.
- De-clutter: Before potential tenants come to view your property, you need to create some more space by moving away from the furniture, remove unnecessary objects, and tidy away the area, clear wardrobes and other non-essential items.
- Clean Upholstery: You should also clean carpets, furniture, fixtures and other visible areas.
- Decorate the Rooms: If necessary, you can decorate the room with some paint to re-energize the appearance of the space.
- Is the space free from any form of damage such as damp walls?
You need to consider the type of accommodation you plan to let, and how you plan to let it out. Should you put it up in advertisements, or consult estate agent to guide you? When you meet such professionals you could also look at details such as who would be living in the property and the number of tenants planning to live in the home. Who should the target audience be? You need to work with your agents and come up with a clear understanding of all the costs of your rental property, including utility bills and council tax.
The Total Cost of Letting Your Property
Although your thoughts could be leaning towards the amount you can make when letting your property, it is necessary that you consider the budget and the costs that tag along. You need to budget your costs for the following:
- Solicitors fees
- Monthly mortgage repayments owned on your property
- Furnishings and furniture (if necessary)
- Any other expense necessary in bringing up the property to the necessary standards, in terms of the safety standards for the utility appliances and equipment
- Any form of monthly mortgage repayments the property has
- Insurance fees
- Management fees and letting agent fees
- Ad hoc repairs, contingency budget, and
Right after you find suitable tenants for your London property, you will have the option to manage or hire other agents to handle the records on your own. Usually, this depends on the circumstances you have. If you are the sort living in another country, you would want to work with agents to make sure that your property is in good hands.
Before finalising the deal with a new tenant, make sure you go through this guide and follow some of the tips we have for you.