Letting your property puts you under many responsibilities as a landlord. If you think just breaking into the UK property market is a piece of cake, think again. Letting your property requires a great deal of knowledge about the entire process.
Property owners should ensure that they have thoroughly researched all regulations that they are obligated to follow once they step in the property market business. In addition, maintaining and managing properties after going through the initial process of letting, is also a big responsibility that property owners often fail to fulfil. The easiest way to follow these obligations is to avail the online letting services that are much easier and economical today.
Damages and Repairs
Unarguably, it is the landlord’s responsibility to provide the tenants with all structural repairs of the property, may it be related to the exterior, sanitary installations or any other minor damages. Until the agreement takes effect, all damages and their subsequent repairs are the property owner’s duty.
Safety from all potentially dangerous areas and appliances are the landlord’s responsibility. This also includes the necessary fire safety equipments in the property. A good supply of basic requirements of heating, electricity and gas is also the job of landlords. When it comes to electricity, proper insulation of wirings is necessary. Furthermore, their location should be such that it cannot be harmful for prospective tenants.
Most importantly, your advertised property will be openly available to the UK property market. It will not only be visible to prospective tenants but also various legal agencies. Therefore, it is your foremost duty, as a landlord, that your property design meets the necessary health and safety regulations. All legalities, in this regard, should be maintained and ready to be presented whenever questioned.
The experience of becoming a new landlord is a daunting one. You really need some good support to be able to understand the way UK property market works. Here are a few more tips for property owners looking for letting their property in the UK.
1. Letting agent
While it is not necessary to hire a letting agent, it is always worth having a strong support if you are new to the property market. Most property owners avoid using agents because of additional costs. However, with the popularity of online letting agents services, costs are not a matter of concern anymore! Online letting services provide you complete assistance in affordable rates and it is a great start for the newbie, to make sure they are doing it right!
When it comes to asking for rental deposits, it is completely the landlord’s decision. If you are letting your property to students, the rental deposit is usually waived. However, if you choose to take a rental deposit, it cannot be self-designed. Property owners are obliged to follow one of the approved Government tenancy deposit schemes; otherwise, there may be strict compensatory fines.
3. End of tenancy agreement
At the end of the tenancy agreement, there are a variety of choices for the landlord. Firstly, it is the landlord’s decision to continue the contract or not. If the relationship is continued, you are not bound to follow any of the statements in the previous agreements. You may want to continue the relationship with the tenant after modifications in the monthly rental amount.
4. More the better
Keeping tabs on the latest requirements and obligations of property owners that fall under the category of property letting, is always a smart idea. The more you know about how the property market works the better for you.
Perfect tenants do not exist! However, the key to attract the finest ones out there is obviously to be the best landlord! The types of tenants you get for your property depend on the ways you choose to advertise yourself!
Online letting agents are taking over the UK property market. However, to avail their best services, your most enthusiastic input is equally important. Here are a few tips on how you can attract the best tenants using online letting services.
How well can you present your property?
Using online letting agents gives you an advantage of maximum number of viewers for your advertisement. However, these advertisements are worth nothing if your property is not well presented or you do not provide enough attractive information to the online letting service. It is important to think from a tenant’s perspective.
You should make sure to support your advertisement with pictures and detailed information about yourself and your property. For example, mentioning the nearest restaurants or famous places is always an advantage. If possible, include a section of list of things that you dislike in your prospective tenants. This will give your advertisement completeness and an overall appeal of a responsible landlord. The more comprehensive your advertisement, the more genuine tenants are likely to contact you!
Demand the right price!
The price you demand is actually the deciding factor for most tenants in order to choose a property. Although prices of the UK property market have gone extremely high, landlords should strictly consider the standards of their property before they decide on the price. Demanding a huge price for a property that is not worth the amount will leave a bad impression on a large number of people who are viewing your advertisement.
While the ‘let to buy’ scheme can be risky at times, the ‘buy to let’ phenomenon, in property letting, has become increasingly popular in the UK property market. Buy to let is an investment on a residential property with the aim of letting it out for profit and securing a permanent source of income.
The property prices across UK have climbed up drastically in recent times. Therefore, it has now become a common practice of investors to purchase property in the UK and later let them for a steady source of income. However, just like any other investment, it requires thorough knowledge of the marketplace.
It is useless to invest in properties that are not in demand or are not worth the amount it is purchased for. Similarly, investors should have an understanding of insurance options and mortgage products that are available in the market, to be able to enjoy the benefits of these schemes.
The buy to let phenomenon also has its downsides, just like any other schemes available in the property market. There is no guarantee of immediately letting out the property after you purchase it.
You may not have a tenant for several months, while still bearing the monthly mortgage amount and other related bills of the property. Furthermore, your investment has to be very smart before taking a final decision. Before you decide to purchase a property, you should pay attention to factors such as the future of your desired property, which can only be analysed if you have a good knowledge of how the property market works.
Other factors, although, might seem quite trivial; can be crucial in your decision of purchasing a property. These include the location of your property, furnishing standards and suitability to the types of tenants you are looking for.