Can I rent out my home?
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Can I rent out my home?

Published 25th June By Jennie Fundell
minute read

Considering renting out your property? It can be a fantastic way to generate income, but navigating the process requires careful planning. Here are some key steps to ensure a smooth and professional experience:

1. Preparation is Paramount:

  • Research: Understand your local rental market. What are similar properties achieving in rent? This will help you determine a competitive yet profitable asking price. In the UK there are clear guidelines on what you can charge a tenant for and how much – Check the Tenant Fee Act. 
  • Legal Considerations: Familiarize yourself with landlord and tenant legislation in the UK. Resources like the National Landlords Association offer valuable guidance.
  • Safety Requirements: Ensure all safety certificates (e.g., Gas Safety Certificate) are up to date. Research landlord responsibilities and consider professional property management if needed.
  • Financial Obligations: Does your current mortgage allow you to rent your property out, you do need consent from your mortgage company before you can proceed. 
  • Presentation Matters: Deep clean and declutter your property. High-quality photographs showcasing the space will alleviate questions and give prospective tenants a clear idea of what is on offer. 

Further reading on this subject can be found on our website.

2. Finding the Right Tenant:

  • Clear Advertising: Create detailed listings on reputable letting websites. Outline key features, rent price, and any specific tenant requirements. Follow the Trading Standards Guidance on marketing rental properties on what “material information” should be provided.
  • Thorough Referencing: Always conduct thorough reference checks on prospective tenants, including credit checks and previous landlord references.
  • Credit Checks: Verify financial stability through credit checks and references.
  • Upfront Communication: Clearly outline expectations regarding rent payments, deposit returns, maintenance responsibilities and tenancy agreements. Pay particular attention to what is included and equally what isn't.  . 

3. Professional Management (Optional):

For added peace of mind, consider using a letting agent. They can handle tasks like property marketing, tenant referencing, rent collection, property maintenance concerns/issues, holding of deposits and the deposit return process for a nominal fee. Alternatively, we offer a Health Check service

By following these steps and presenting your property professionally, you'll increase your chances of finding a reliable tenant and enjoying a successful rental experience. Remember, due diligence, clear communication, professional presentation, and responsible tenant selection are vital for a smooth and rewarding venture.

 

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