What to do before Renting your Property in London

With housing prices in London always on the rise, renting out a property is a great way to earn extra cash. This is why many people are buying apartments which allow them to have a secure return on their investment.

However, in the ever-changing and super-fast rental industry in London, there is much more than putting a “For Rent” sign outside. Preparing your property to welcome new tenants can make a massive difference both to the appeal of the apartment as well as on the price you can charge.

If this is your first time renting out a property, what kinds of things can you do as a landlord to prepare your house to welcome new tenants? Contact us to find out a brief checklist with all the different places you can advertise your property

1. Fix It Up

Think about what you looked for when you were last looking for a new home.
If you are thinking about a major renovation, you can use your own taste and judgment to create an accommodation almost from scratch. If you are only thinking about fixing things up, then do a close inspection of the entire property and fix anything that is broken and substitute anything that is clearly no longer working. Make sure the windows open and close properly and that the water and electrical systems are in a good state.

Check the impression made by kitchen and bathroom also – if they are old and ugly, you can think about a minor renovation which can make a great difference both on the value (rent) and desirability of your home. In the bathroom, for example, a glass shower gives a bathroom a sense of modernity and cleanliness.

If you are thinking about painting the house, a good tip to keep in mind is that bright colours make rooms look larger while dark colours make them seem smaller.
Remember that it is much easier to fix minor issues before the tenants move in instead of waiting until they find out about an issue.

2. Clean it

You’ll need your tenants to leave your home super clean once their rental agreement is over. In order to do so, you need to set high standards by giving them a sparkling clean home on day one.

If you don’t have time to do it, you can always hire some professional cleaners. Make sure they steam-clean the carpets, wash the floorboards and walls, clean the windows inside and out as well as doing all the usual taks.

3. Buy the basics…

If you aim for higher rent, you should think about investing in some basic items. These may include some white goods like a dishwasher and a washing machine. You can also consider a microwave and a vacuum cleaner if you want to make it even nicer. If you want to go the extra mile, you can also leave some necessary items in the property like dishes, sheets and a drying rack.

4. Know Your Responsibilities

In the UK (and many other countries), landlords must guarantee the safety of any rental property, ensuring that no injury could be caused by your property to tenants, neighbours or the general public. Basic responsibilities include ensuring that electricity, gas and heating are in good working order and that there are no health-threatening issues in the apartment. Additionally, there must be working fire alarms. In any case, you may consider contracting landlord insurance to protect you against some of the risks associated with renting that aren’t covered by home insurance.

 

Good luck with renting out your property and making extra money from it!

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