Being a landlord in the UK is a lucrative way to earn an income, especially if you develop an extensive property portfolio. However, if you are new to UK property investment for rental purposes, you might be unsure how to proceed. It’s one thing to search for buy-to-let property for sale, but quite another to generate a successful rental income!
If you’ve recently invested in UK property and want to rent it out, here’s some tips to help you get started.
Property Investment Seminar Tips: Getting Ready to Rent
- Cater to your ideal tenant. Firstly, work out who you’ll be renting to. For example, if renting to students, you might want offer the property partially furnished, as it’s unlikely students will want to invest in their own furniture. By contrast, families are likely to prefer an unfurnished property with neutral décor, so they can put their own stamp on their home.
- Keep it a blank canvas. Generally speaking, tenants like to have some creative freedom when it comes to their property. Decorating your living room in bright red might appeal to some renters, but it’s also likely to put a lot of prospective tenants off!
- Make cosmetic improvements. It isn’t too difficult to make your property look cosmetically appealing. A fresh coat of paint on the walls and ceiling can make a world of difference, as can replacing any carpets that are worn or dated. Remember, it’s about the details too. If your skirting boards are scuffed, give them a lick of paint, and if your windows are looking dirty, it doesn’t take much to clean them!
- Make sure you’re legally compliant. As a landlord, you have certain legal responsibilities towards your tenants. By law, you require both a Gas Safety Certificate and an Energy Performance Certificate. You’re also responsible for giving your tenants a copy of the government’s How to Rent booklet, and you’ll need to conduct a Right to Rent check on all tenants too.
- Work out the costs. Being a landlord is a great way to generate additional income, but it involves expenditure too. Your earnings are, of course, taxed; and you’ll also need to pay out for insurance, plus costs of maintaining the property.
- Hire a letting agent. You don’t necessarily need a letting agent, but it certainly makes life easier. A good letting agent will take care of most of the rental process; from sourcing tenants to collecting monthly rent. It’s worthwhile shopping around, as letting agent fees (and quality of service) can vary considerably.
The Buy2Let Shop
If you’re looking for buy-to-let property for sale, or you’d like further advice on renting your property to tenants, get in touch with The Buy2Let Shop. We’re a team of specialist property investment agents in London, and we offer a wide range of services, including locating competitively priced investment properties in the UK, help with buying a house at auction, and regular property seminars.
To find out more about how we can help you, simply visit The Buy2Let Shop website today.