The steadily increasing cost of living makes it nearly impossible for many people who only have a single source of income to stay afloat. For instance, Expatistan explains that the cost of living for a single person in London can go up to as much as £2,865 per month. This sad reality has led many individuals to work two jobs and explore creative ways to generate income. One way to increase the amount of money coming into your household is by letting your property. Letting your home, although a very viable source of earnings, can be a substantial challenge, especially for those who are trying it out for the first time. That being said, here are some of the most important considerations you should make to ensure a hassle-free letting.
Work on your presentation
Based on how your house looks, you’ll probably have an idea about what kind of residents your property will appeal to. For instance, if your home is a better fit for small families, it’s worth considering a design that is child-friendly and has little to no fixtures that are at a high risk of getting stained like cream carpets and white sofas. On a more general note, to make your property more appealing, you have to make sure that every nook and cranny is clean and that all repairs and modernisation projects are done. You should also think about repainting your walls with neutral colours, as these can make any room look more spacious.
Explore the legal requirements
Across the UK, there are over 150 laws landlords must abide by when letting a property. Landlord News outlines multiple checks and regulations that concern the safety of your tenant such as gas and electrical checks, as well as mandatory smoke alarms on every floor and carbon monoxide detectors in places where it is necessary. In line with the country’s aim to reduce net carbon emissions to zero by 2050, your property should also have an Energy Performance Certificate (EPC) that is rated E or above. Otherwise, you won’t be able to legally market your property, so get this one sorted out as early as possible.
Sort out your insurance
In the event of an accident or emergency in your rental property, it’s good to be prepared ahead of time by having an insurance policy in place. Landlord coverage is described by HomeServe as being designed for incidents and emergencies that happen at rental properties. Taking out additional coverage against physical damage to your property can also give you peace of mind. As there is no specific landlord insurance required by the government, your best bet in finding the insurance that works for you is calling several insurance specialists for a quote and carefully going through the details of your policy.
Don’t forget your security deposit
It’s a common practice for landlords to ask tenants for a security deposit once they’ve signed the rental agreement. While the exact amount varies for every city, The London Economic wrote that for properties in the capital, the standard for a house or an apartment is a month and a half’s worth of rent in addition to the payment for the first month’s rent. Once you receive the security deposit, remember to register the tenant’s deposit with one of the three government-approved Tenancy Deposit Protection schemes.
Due to the overwhelming number of rules and regulations in place for landlords, letting your place may seem to be too much of a hassle. However, these very rules will be the same ones that will see to it that neither you or your tenant will be at a disadvantage. To foster a better relationship with your tenant, check out our previous post ‘Moving to London Tips’ so you can give them concrete advice about making that big change.
Article written by Alyson Trent
If you are looking to let your property, speak to our estate agent London today. Contact our Soho office on 020 7734 4062, fill in the form below or pop in to our office on Broadwick Street and we can point you in the right direction.