When you want to rent out your property to a new tenant, you may not be sure of what steps to take prior to searching for the right people. This can be especially difficult if you are new to renting out properties. By considering certain aspects of your house, you may be able to find ways to limit the number of repairs needed throughout the course of the tenancy, and even make your property more desirable than other, similar homes on the market.
Service the Boiler
The property you rent will require a working boiler to supply heating and hot water to your tenants. While you may have it serviced annually, it can be a good idea to have an interim service prior to selecting new tenants. This way, if there is a problem, it can be rectified prior to the move-in date. A new boiler cost can vary depending on the type you choose, and the urgency within which you need it fitted. Therefore, the earlier you check your current boiler is up to par, or opt for a replacement, the easier it may be upon your bank balance. From here, you may also want to make it clear to the tenant that boiler servicing is non-negotiable, and that they should allow access to technicians as and when required.
Furnishings
You may want to decide whether or not you furnish the bedrooms and living spaces within your property. This may potentially enable you to charge a higher base rent than if the space was barren, and be an option for tenants who do not have many belongings. Alternatively, you might opt to leave the space unfurnished. This can be a good strategy when finding tenants, as they might already have belongings of their own that they wish to use. Considering the size of your property could be a good idea here. A larger property may benefit from being unfurnished, especially if your tenants are families with young children, as they may be more likely to already own goods. Smaller studio or single-bedroom properties could be furnished, especially if you plan on letting to students.
Decoration
It could also be a good idea to freshly decorate the property prior to commencing the lease. This will make the home feel new. The choice will be yours regarding whether tenants are allowed to undertake their own decoration, as well as if pictures or other items may be hung on the walls. You may want to be clear about this within the tenancy agreement. Opting for a light colour can help to make rooms appear larger. It could also be beneficial to choose a wipe-clean paint, in case of any smudges or spills.
Renting out a property can be a great way to make a second income. By planning prior to accepting a new tenant, your property could become a wonderful home for someone, either long- or short-term.
