1)    Contact a local agent

Before you market your property, you’ll want to know how much rent you can get. While it’s handy to check similar properties in the area on Rightmove or other sites, the most accurate estimate will come from an agent. They’ll tell you how much you can get per month, advise on how to make the property more tenant friendly, and who it may appeal to. 

2)    Check with your lender

Most landlords take advantage of buy-to-let mortgages when renting out properties. If you’re buying a property with the specific aim of renting it out, speak to a mortgage broker to get the best terms. 

However, if you’re only renting out a property on a temporary basis and plan to move back in, you may be able to continue with a normal residential mortgage. You will need to get ‘consent to let’ from your lender. Don’t move tenants in without speaking to your lender first. 

3)    Prepare your property

Whether it needs a coat of paint or full renovation, you want a rental property to look fresh and clean to attract tenants. Keep the décor neutral and the rooms clutter-free. If you’re renting out a furnished property, make sure the furniture is in good condition. 

Most importantly, ensure all gas and electrical appliances are safely installed. Small electrical appliances need to be PAT tested if you’re leaving them in the property. You will also need to supply an Energy Performance Certificate. 

4)    Health and safety

You have legal obligations to keep your tenants safe. These include: 

-         Installing and testing smoke alarms and carbon monoxide detectors

-         Annual gas safety certificate

-         Following fire regulations for your property (this is very important for flats or houses that have been converted into flats)

-         Check your property for potential hazards, such as uneven stairs, broken windows, fire risks, and so on 

Speak to a letting agent to make sure you’ve covered all the legal requirements before renting your property.

5)    Insurance

As a landlord, you’re responsible for maintaining the property and taking care of any repairs. Buildings insurance is essential to protect you and your finances. You may also find  landlord insurance useful. 

If you’re a first-time landlord, get in touch with Cooke & Co’s lettings team. We can find you tenants and take care of matters such as references, credit checks, and the tenancy deposit protection scheme.

Please Click Here to link seamlessly to hundreds of interesting community and property-related articles, videos, and pictures on our local blog/property insights page, Thanet coastal interactive tour, Up to date latest properties for sale and to rent, and much, much more.

Before you go we would love you to comment or like this article. Please feel to give your thoughts, helpful comments or even suggestions of articles you would like us to write about.