If you want to let your home for the maximum rent, with a long tenancy, two things are vital: ensure the property is let legally and safely, and make it appeal to as many tenants as possible.
In our experience, tenants want to rent a home, and don’t see their accommodation as a ‘temporary’ place to stay, especially as they will typically rent for an average of four years.
Here are three things you need to consider when getting your property ready to let: –
There are over 400 rules and regulations, governed by over 160 laws, to protect tenants, landlords and letting agents. If a property doesn’t meet the legislative condition requirements, or repairs are required but not carried out, a tenant can complain to the local authority housing officer and can even take the landlord (and agent) to court.
A let property has to have an Energy Performance Certificate (this lasts ten years), an annual gas safety and, for new lets in England, an Electrical Installation Condition Report (every five years) too. Properties must be warm and free of damp, broken windows must be repaired, and fences and stairs or steps must be safe.
If the property is a House in Multiple Occupation, the rules are stricter and include meeting additional fire regulations
which cover any furnishings provided. A property may also require licensing with the local authority, each of which
is allowed to introduce its own bespoke rules. In some locations, even a studio let may need a licence.
Properties which are let to tenants need to be targeted at the most ideal tenants in order to ensure rent is maximised and voids (where the property lies empty) are minimised. Property type and location are essential criteria for target tenants such as students or professionals.
Alternatively, whether you’re renting to professionals, people on benefits, or senior executives on temporary international relocations, understanding the right location and property type is important. Equally important criteria are local schools, as well as access to local transport and, increasingly, easy availability of outdoor space and a good standard of décor
Letting a property successfully, especially if it is an investment, is about making sure you maximise income returns as well as potential gains from capital growth. Tenants like a property that is in good condition and well maintained, but they also want one that is ‘on trend’. Up until now this has been a new or like-new kitchen and bathroom, rooms refreshed or newly painted, and refreshed carpets. Since we have been in lockdown, the value of outdoor space
has appreciated
Talk to us. We can do a free check on your property to identify whether anything needs updating to comply with the
latest legal requirements, helping you to avoid any fines. If it helps, we can arrange for an EPC, gas and the newly required Electrical Installation Condition Report and deal with issues such as damp. By allowing us to advise you, we can ensure your property is let legally and safely to the right tenants, helping you maximise your rent.
