Are you considering entering the property market? Whilst it may seem as though it's the next best step for you, there are lots of things you consider before you rent your first evert property out to tenants.
To help you get started and to put your mind at ease, here are 6 things you need to consider before renting your property:
– Have You Carried Out All Of The Repairs That Need Doing?
When renting a property out to someone else it is important you do everything you can to ensure it is safe to live in. This means having a professional come in a survey the house, looking at everything that may or may not need to be fixed in order to make the house safe. Whilst this can be quite costly and take up a lot of your time, it is important that you are fixing absolutely everything you can. Not only will it mean you're more likely to find someone who will want to rent the house, but it also means they're going to experience fewer issues when they move in.
– Is The House Clean And Ready To Move In?
Once you have fixed all of the issues, you need to ensure the house is clean and tidy. A clean and tidy house will definitely help when it comes to viewings, but it will also mean your new tenants can move in when they're ready. The best way to ensure your house is as clean as it possibly can be is to hire a cleaner. Whilst this may cost quite a bit, you can be sure that they will have cleaned the house from top to bottom. For more information about hiring a cleaner, you can visit this site here.
– Have You Checked For Pests And Infestations?
If the house you're going to be renting out has been left empty for a long period of time, there is a chance it may have developed an infestation. Whilst it is very inconvenient, it's nothing an expert can't control. If you're making regular visits to the house, the best thing to do is make sure you're reporting any issues as soon as you see them. The sooner you sort an infestation, the better. For more information, you can visit ABC Pest Control.
– Does The Garden Need Any Work Doing To It?
Another important thing to consider when putting your first house up for rent is whether or not the garden needs any work doing to it. Within your contract you will be stating that the new tenants need to maintain the quality of the garden, however, if this was poor, to begin with, the likelihood is it's only going to get worse. Make sure you're doing everything you can to renovate the garden before you open it up to viewings, as this is often what people look for when they're looking to move into a new home. For tips and tricks when it comes to maintaining a garden, you can visit this site here.
– What Kind Of Estate Agents Do You Want To Work With? Or Will You Go Private?
When renting out your house, a lot of the correspondence you have with your tenant will b through an estate agent. They will do all of the hard work for you, ensuring you have suitable tenants that are happy each and every month. They'll chase late payments, arrange for maintenance work and ensure that everything runs smoothly. Whilst they do cost to work with, they take all of the stress out of renting.
Alternatively, to cut down on your costs, you can go private and rent the house yourself.
– How Much Monthly Rent Do You Want To Charge?
Finally, one of the most important things you need to decide is how much rent you're going to charge each month. You need to think of a suitable amount that will cover all of your costs of running the property, as well as an amount that will ensure you're making a profit. Think of the average prices for the area, and base it off of that.
Are you considering renting out your property? What do you need to prepare beforehand to ensure it's safe and ready to go to market. Let me know in the comments section below.