The Ultimate Checklist For Renting Out Your Property – Landlord Edition
How do you provide a successful stay for your tenants and learn more from the tenants' perspective and experience? This list combines simple ways to keep both sides happy.
Permission To Rent Out The Property
If you have a standard residential mortgage on the property, you will need consent from your lender. If you're renting out your property temporarily, your mortgage company may give you consent to rent. So before you go ahead and decide to be a landlord, make sure you get this sorted before you let any tenants move in.
Get to know your tenants
References will come in handy in this process, such as employment information, previous landlord references, etc. Most importantly, go with your instincts. Both parties should be sure and comfortable before the agreement is made.
Be Aware of the Risks
From the tenancy agreement to making sure your tenants clearly understand their responsibilities. The customary would include deposit, paying the rent on time, no noise, and any other house rules. The smart way to do this is asking for insurance, as you never know what could happen.
Things could go wrong, repairs may need to be made, or matters outside of the landlord’s control could occur (i.e. inevitable accidents, like flooding), and that's why it's important to always consider the insurance you have in place.
Safe Rental Space
This means the functionality of appliances, electrical systems, and gas equipment. All of these items should have regular safety checks. Landlords are required to install a smoke alarm on every floor where there's a room being used for living space, while a carbon monoxide detector must be installed in every room where there's a solid fuel-burning appliance. You also must make sure:
- the electrical system is safe, for example, sockets and light fittings.
- all appliances you supply are safe, for example, cookers and kettles.
Safety is vital. Landlords must keep their tenants safe, and a failure to do so could lead to more problems down the lane.
Inventory List
Carrying out an inventory check before and after means you can make sure everything is accounted for. It also lessens the chances of a deposit dispute further down the line.
Take time to make an inventory list. Not just for the furnishing and amenities, but the overall condition of the place. Adding pictures of the items to your inventory list will end up helping you out a lot.
Your place should be Renter-Ready
Make sure your place is clean, properly furnished, and equipped. Most importantly, it is safe to move in. Wi-Fi, Internet, and cable should work properly. The kitchen is equipped with functional and practical appliances and doesn't forget to leave instructions for all appliances with each appliance. Make sure all relevant equipment is labeled correctly. Lastly, don’t forget to make a copy of the key for both your tenants and for yourself!
There you have it, some of the things you need to take into consideration before renting out your property. It is wise to get in touch with a professional rental property consultant before making any decisions.
Contact us today to speak to an experienced team of rental property consultants or if there’s anything you’re not sure about, let our experienced property consultant do the work for you!
