5 tips for first time landlords
As we continue to experience low interest rates in the UK, increasing numbers of individuals are investing in property as a sensible way to provide an additional income in later life.
If you’re thinking about renting out a property for the first time, Pace Lettings Manager Marcus James offers these 5 useful tips as you get started:
1: Make sure your property is in excellent condition
Potential tenants looking for houses to rent in Southend expect certain standards. A well-maintained and clean home will not only increase the likelihood of finding a tenant quickly, but it will also allow you to charge a higher rental price. Make sure all rooms are freshly painted in neutral colours. Have the electrics and plumbing checked by a professional tradesman; fix any leaks and make sure light bulbs work. Install smoke detectors, fire extinguishers and install a carbon monoxide detector if the house does not already have one. Tidy the garden or any outside space you have, including sheds or garages.
2: Notify your accountant
Call your accountant or financial advisor to let them know you are planning to rent out a property. They will be able to offer you helpful tax advice and could save you time and money at a later date.
3: Organise insurance
Before any tenants move in to your property, you must have specific insurance for a rental home. Research the options and consider additional liability cover if necessary.
4: Determine who is going to manage the property
Many letting agents also manage rental properties on behalf of landlords. Companies either charge a percentage of the monthly rent for their services or a fixed fee, but they are then responsible for everything from collecting rent to managing repairs. Many will also help find tenants for an additional cost.
5: Decide on the rent
There are multiple websites and online tools that could help you determine a rough rental value for your property. However, nothing will beat the advice offered by a professional lettings agent who will know the local market around the Southend area. Choose an agent who is a member of a professional trade association such ARLA (The Association of Residential Lettings Agents) which will ensure they abide by specific rules of conduct and should give you practical and accurate advice.
Becoming a landlord can be both challenging and exciting. If you are considering becoming a private landlord in Southend-on-Sea or the surrounding areas, visit our Southend Landlords Guide page, email [email protected] or call 01702 445 600 for a free, no obligation chat.
Posted by Marcus James; Lettings Manager at Pace Properties, family-owned independent Estate Agents in Southend-on Sea.
Marcus James is Lettings Manager at Pace, an independent Southend on Sea Letting Agent. He deals with every aspect of the property letting process, providing expert and candid advice together with tailor-made marketing plans for each property he lists for rental.
Marcus prides himself on ensuring our landlord clients get the best return in the right timeframe for their investments by conducting rental appraisals, letting viewings and oversees the running of the lettings department.
