With more than 2 million landlords in the UK, how do you stand out? If you want to rent your property, stop what you’re doing and take a look at our essential advice for getting ahead of the game in 2019.
It’s estimated that there are now more renters than homeowners in the UK. Yet with more than two million landlords thought to be letting their property in the country, just how do you stand out? As experts in the rental sector in Leeds, we’ve rounded up our top tips on how you can make the most of 2019 and get ahead of the game when it comes to renting your property.
Prepare, prepare, prepare
As the old saying goes, fail to prepare or prepare to fail. From redecorating and legal fees to insurance and empty periods, being a landlord has a number of costs associated with it. To prepare for any surprises, why not draw up a list of your current expenses and income, in order to help set a budget and manage cash flow? It’s also important to get in touch with your mortgage provider as you may have to change your current deal to a buy-to-let mortgage.
With thousands of properties on the market, you need to make sure that your property stands out. Sprucing up each room and giving the walls a fresh lick of paint is one of the easiest ways of breathing new life into your property. There’s no need to carry out huge refurbishment tasks but making sure that any DIY odd jobs are completed will help to make your home feel homelier. Remember, neutral shades work best as it allows potential tenants to envision themselves in the property.
Ask yourself some questions
Will you allow pets at the property? Are you going to let your property as furnished or unfurnished? Will you allow tenants to decorate the property? What is your ideal tenant? These important questions will steer how you will market your property.
Get regulation ready
As a landlord, you have a duty to make your tenants feel safe. Your property must have a functioning water supply, sewage network, and heating system as well as lights, an equipped bathroom and be free of damp. It’s also crucial to comply with gas, electric and fire safety regulations as well as provide an EPC. Why not wander around your property and cast a critical eye over every room? You could even ask a good friend to be honest about the condition and whether they would choose to live there.
Do your homework
Start by researching the local rental market to get a feel for the types of tenants you’ll be targeting. If your property is within walking distance of a major university, you may find that your options are limited to students. But, a property within easy reach of a bustling city centre can appeal to various different groups. Once you’ve decided who your target market is, it’s important to style your home to meet their needs. While a spare room may be more useful if turned into a utility room for a growing family, students often prefer multiple bathrooms and a large number of bedrooms.
Remember that first impressions count
First impressions count. Cast a critical eye over your property, starting from the outside. What would potential buyers think as they drive up to your property for the first time? Mow the lawn, tidy the drive and de-clutter exterior porches. Add potted plants, an outside light and revamp the door. Remember you need to encourage buyers to come through the door and your home should at least look better than next doors.
Choose a reputable agent
The sooner you get in touch with a letting agent, the quicker your property will be on the market. There are a number of agents to use so search around and find the right one for you.
If you have any questions or want to put your property up for rent in 2019, get in touch today and we’d be more than happy to help.