Welcome to 2let2U’s Definitive Guide to Lettings for Property Owners
Property letting has undergone something of a turbulent time in recent years. The economic woes of the property market have made property investment a riskier endeavour, but with a comprehensive action plan, some careful research of the market and a realistic financial proposal, there is no reason why property letting can’t be a profitable activity. There are 8 major factors involved in a successful property letting, and addressing them all in advance – with or without the expert help of a letting agency – should result in a profitable arrangement with your tenants.
Setting a Rent Figure for a Profitable Let
Before approaching a letting agent, you should have at least a rough idea of a realistic and achievable rental charge. This is the gross income that will be generated from your property, so it will need to cover all your costs, including mortgage repayments, maintenance and management costs. However, you are not on your own, as a chartered surveyor accredited by the RICS or Barnsley letting agents can provide expert guidance on setting a suitable rental rate.
Ensuring Your Property Letting is Legal
Letting a home comes with both a legal and moral responsibility, so you should avail yourself of those responsibilities before you let your property. Safety inspections, certificates and insurance are all issues you will need to address, as well as liaising with your finance provider regarding your plans. Barnsley estate agents or rental agents will be able to guide you in the right direction – ensuring you stay on the right side of the regulations.
Marketing Your Property for Letting
Marketing your property involves taking photos, writing engaging and informative descriptions, knowledge of local media outlets and the collation pertinent documentation for inspection by prospective tenants. There are hundreds of houses for rent in Barnsley at any given time, so having the expert help and advice of letting agents in Barnsley could give your property the edge over others in the area.
Preparing Your Rental Property for Viewings
Before you agree to show prospective tenants around your property, it is always a good idea to have a strict vetting system in place. Your tenants should be able to demonstrate that they are trustworthy and have the means to pay their rent. When viewings have been arranged, ‘staging’ the property to appeal to the target tenant is crucial to achieving your target rental income. Enlisting the expert guidance of a property specialist will help you to navigate the process more easily.
Fulfilling Your Health and Safety Responsibilities When Letting Property
The law states that, as a landlord with paying tenants living in your property, you have a responsibility towards their health and safety. Your property’s fixtures and fittings should be in a good state of repair, and any electrical and gas installations should be regularly inspected and have the necessary certification. Once again, you can access expert help on these issues from a letting specialist.
Checking Tenants in and Out of Your Property
Letting a property involves a series of essential tasks, including a demonstration of the property’s appliances, the taking of meter readings, the collection of a security deposit and the compilation of an accurate and mutually agreeable inventory. These processes usually need to be repeated when a tenant leaves. Having a checklist in place will ensure that nothing is forgotten – to the benefit of both you and your tenant.
Dealing with Nuisance Tenants
Despite having acquired references, a satisfactory credit check and a deposit, some tenants are forced to deal with the issue of nuisance tenants. However, there are several ways in which you can manage the issue before the matter becomes serious, including regular property inspections, communication with neighbours and the formulation of a detailed inventory. However, if eviction becomes your only option, the expert legal advice of estate agents in Barnsley or a lettings specialist could prove invaluable.
The Tax Implications of Letting a Property
Property taxes, capital gains tax and income tax are all potential liabilities for landlords. Whilst deductions are allowed for management and maintenance expenses, negotiating complex tax issues can be tricky. However, with extensive experience in property taxes, a lettings specialist can help you to manage your affairs effectively.
With some thorough checks, careful preparation and the expert help of a lettings specialist such as 2let2u.com, there is no reason why your foray into the property rental sector shouldn’t be a complete success!