Becoming a landlord and renting out your property can be a highly rewarding and financially sound decision.
Not only does it offer the potential for a steady stream of cash flow, it is also an excellent long-term investment.
However, renting out your property comes with a number of responsibilities, issues and challenges. It’s not as simple as handing over the keys to a tenant and collecting rent.
Here, Lang Town & Country looks at the key steps and considerations for renting out your property.
Why should I rent out my property?
There are a number of reasons for renting out your property. The most common being that it offers a consistent source of income, providing financial stability and potential for profit.
Additionally, renting out your property allows you to leverage your most valuable asset, turning it into an investment that can appreciate over time while generating rental income.
It can also help cover your property’s expenses, such as mortgage payments, taxes, and maintenance costs, effectively reducing your financial burden.
Read our expert review of the Plymouth Lettings Market in 2023.
How do I rent out my property?
There is a lot to consider when renting out a property, from complex new legislation, to property maintenance and tenancy issues. Here at Lang Town & Country, we can help you cut out that unnecessary stress and leave you to focus on what really matters – money in your bank.
Whether you’re just starting out as a landlord, or you’re looking to add to your portfolio, find out why you should consider using a letting agent to manage your rental property.
We’ve even put together a handy Landlord’s Checklist which features everything you need to know to be compliant with new and existing legislation when renting out your property.
Talk to your mortgage lender
Before renting out your property, it’s crucial to have a conversation with your mortgage lender. Inform them of your intention to rent your property and ask about the specific terms and conditions of your mortgage agreement.
Lenders will often have policies regarding rental properties, and they may require you to meet certain criteria or even obtain their approval for the rental arrangement.
Understanding your lender’s requirements will help you avoid any potential breach of contract and ensure that you are compliant with their terms while pursuing your goal of renting out your property.
Understand your local rental market
Before renting out your property, it’s crucial to understand your local rental market. Research the current rental rates for similar properties in your area. This will give you a good idea of what you can expect as income.
Lang Town & Country’s experts can help you set a competitive rent price that attracts tenants while ensuring you’re getting a fair return on your investment.
Prepare your property
To attract quality tenants, your property should be in good condition. Start by making any necessary repairs and improvements.
Ensure that your property is clean, well-maintained, and complies with local housing codes and safety regulations. Consider painting the walls, updating fixtures, and landscaping the yard if needed.
A well-prepared property will not only fetch a higher rent but also reduce the likelihood of tenant complaints and maintenance issues.
Your legal requirements as a landlord
As a landlord, it’s crucial that you ensure the safety of your tenants and their guests when renting out your property. Some requirements are mandatory, such as the Landlords Gas Safety and Electrical Safety Certificates. Both of these need to be conducted by a Gas Safe-registered contractor and a qualified electrician respectively.
Smoke detectors are now mandatory on every floor in rental properties. CO2 detectors are currently only required where there is a solid fuel burner. However, it is advisable that these are installed as per the manufacturer’s instructions in any room where there is a gas appliance.
All smoke detectors and CO detectors must be tested and in working order upon the commencement of any tenancy and throughout. We also offer advice on the Government’s guidance to Legionella testing.
Rental and legal protection
A growing list of rules and regulations means rental and legal protection is more important than ever for landlords.
As one of Plymouth’s top-performing agents for four years in a row, Lang Town & Country is qualified in the crucial legal components that must be completed to rent out your property. Here’s why rental and legal protection is crucial.
Finding the right tenant
Choosing the right tenant is crucial to a successful rental experience. Lang Town & Country can reach potential tenants right across the world on your behalf.
While your property is on the market, our dedicated team will also keep you informed of interest shown, viewings booked and feedback from potential clients.
This includes meeting and selecting future tenants, preparing the property for move-in, regular routine inspections, and maintenance and repairs, through to move-out inspections and deposit returns.
Find out more about Lang Town & Country
Lang Town & Country Lettings offers four different management services for renting out your property: Tenant Find, Rent Collection, Managed, and Managed +.
If you would like to know more or have any other queries, contact our team on 01752 201010 or via email at enquiries@langtownandcountry.com
We also have a dedicated expert in Hugo Oliveira, who specialises in legal areas that often catch sellers and landlords out. Hugo is qualified in three crucial legal components that must be completed to rent or sell your home: Energy Performance Certificate (EPC), Legionella Risk Assessment, and PAT Testing.
Meet Hugo and find out more about what we can offer.
