The Ultimate Property Rental Bible For New Landlords
Let's set the scene. You have just embarked on the purchase of your first property. And you want to rent it out as soon as possible so that you can start growing your property portfolio. As a new landlord, you will no doubt be quite excited at the prospect!
Of course, because you've not done this sort of thing before, you aren't a seasoned landlord. There are plenty of things that you need to bear in mind before you start renting out your property. This handy guide I've written will show you how to avoid making common mistakes.
By following the information in this new landlord's bible, you'll be successful. Here's how to get started as a savvy property landlord:
Renovate your house
The first thing you need to do is make your house an attractive proposition to tenants. It doesn't matter whether you've bought a well-maintained home or repossession. What does matter is that your house is fit for habitation.
It's likely that you'll have to make some changes to make it as appealing as possible to your target market. Here are some ideas on how you can renovate your property and get it ready to rent out:
Painting. Put a couple of coats of white paint on the walls. White is both a cheap and neutral color to use. Plus, it makes the rooms in any small properties appear bigger than they are;
Electrics. Have a qualified electrician check that the wiring in your house is safe and functional. Replace any broken lights switches or electrical sockets;
Plumbing. Do a check of all the plumbing in the house. Make sure that the mains water runs freely in all faucets, toilets and baths. And check that the sanitation systems are in good working order;
Landscaping. Does it look like a forest in your new property's back garden? If so, spend a day or so clearing it and making it more appealing for new tenants. If you don't want to tackle the work, hire a landscaper.
Use a professional management company
The last thing you want to do is rent your house out to the wrong kind of tenants. That's why you need to use a property management firm. They will vet all interested tenants and make sure they pay the rent on time.
Their job is to advertise your house in the best possible ways and deal with interested parties. They will also handle things like credit and background checks, and deal with deposits.
That way, you can concentrate on building your portfolio without worrying about future tenants.
Carry out annual inspections
The last thing you need to bear in mind is that you should carry out annual inspections. During those times, you should also have engineers check heating systems and gas appliances. You will need to arrange a mutually agreeable date and time to visit your tenant.
You could have your property management company sort this out for you. Either way, it needs to get done. That way, you can ensure your property is still in good condition.
Thanks for reading today's blog post!