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A 27-year-old unemployed Tallahassee man wearing a black baseball cap approached a clerk at the counter at GameStop, 11069 Pines Blvd. in Pembroke Pines, at 11:05 a.m. May 13 and said he was interested in a Nintendo Wii gaming system.
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Transform your home into a rental property
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With the current slump in the housing market many homeowners looking to move are turning instead to the buoyant rental market.
Here, the experts at Belvoir take a look at what these ‘accidental landlords’ need to do in order to transform their family homes into desirable properties to let…
1. Getting the right tenant
Think about the kind of tenants you are looking for before marketing your property.
“We normally ask any potential landlord would they consider smokers, pets or children,” says Major Mahil, proprietor of Belvoir Birmingham Central. The more flexible you are about the type of tenant you’re looking for the more likely you are to find a tenant quickly.
However, the quality of the tenant is also very important and all prospective tenants should be referenced thoroughly and credit checked too.
“Quality of tenant is key in my opinion,” says the proprietor of Belvoir Cheadle, Darragh Lee. “If you put good quality tenants into a property, it results in a much happier existence for both agent and landlord. Also, I feel that if a property is well maintained and in a nice condition, you have more chance of attracting quality tenants who are happy to pay what is required in order to have a nice home.”
2. Make the house attractive for potential tenants
“In my experience properties which have been lived in by the landlord usually rent out extremely quickly as the quality of the fixtures and fittings are far superior to investment properties on the market,” says proprietor of Belvoir Hitchin Luke Mason.
“However, we would always advise that properties are freshly painted in a neutral colour scheme and carpets are professionally cleaned – this may seem obvious but in this economic climate landlords want to spend as little as possible and the expectations of tenants is high due to the choice of properties available to them.”
Donna Burrell, proprietor of Belvoir Boston, agrees. “Neutral decor colours are usually easier for letting as they will go with any style,” she says. “Make sure there’s a good impression when you walk into a room by cleaning carpets, eliminating stale odours and putting up curtains or blinds – bare light bulbs are a definite no no! Make sure the garden and outside space is tidy too.”
Adds Wayne Mearns of Belvoir Southend-on-Sea, “If the property is to be let unfurnished keeping decoration and carpets neutral will also help a potential tenant envisage where furniture will go and how it will look.”
3. Conduct a detailed inventory
“A detailed inventory should always be remembered,” says Darragh Lee of Belvoir Cheadle. “This should be carried out at the beginning of a tenancy and the tenant should agree that they are happy with it soon after moving in.”
Adds proprietor of Belvoir Stratford Zain Mahal, “Conduct a detailed photo inventory, too, as evidence of the property handed over to the tenants for you to check when they move out.”
4. Inform your mortgage lender
“All landlords must have permission from their mortgage lender prior to renting out the property,” says Luke Mason of Belvoir Hitchin. “This is something landlords often do not wish to do as it will usually incur extra charges from the bank.”
However, some banks will be more lenient than others…
“Your mortgage lender should be informed and permission gained,” says Darragh Lee of Belvoir Cheadle. “And, I’ve heard of a couple of instances recently where mortgage companies have been fairly lenient with ‘accidental landlords’ who are switching mortgages and have only charged them an admin fee but kept them on the same interest rate.”
5. Have you got the right certificates?
“Landlords should ensure they have a current gas safety certificate and electrical safety certificates to comply with the current legislation,” says Luke Mason of Belvoir Hitchin.
“Gas certificates are required by law,” adds Major Mahil of Belvoir Birmingham Central. “And you’ll need to have a Pat Test on all the appliances too.”
Landlords will also need to get an Energy Performance Certificate (EPC), which is now a legal requirement before a property can be marketed.
“Since October 2008 all properties in the social and private rented sector in England and Wales have been legally required to present an EPC to new tenants,” says proprietor of Belvoir Kettering Harpreet Garcha.
“An EPC provides the tenant with a clear indication of the energy efficiency of their accommodation which can only be a selling point for prospective tenants. An accredited DEA (Domestic Energy Assessor) will carry out an inspection of the property and produce a certificate, which is valid for 10 years.”
6. Distance yourself emotionally
“Try to distance yourself from it being your home,” says proprietor of Belvoir Peterborough, Corby and Cambridge Terry Lucking. “Emotional feelings can run high and distort logical decisions.”
Proprietor of Belvoir Oldham Lee Shuell agrees and adds, “Do not become emotionally attached to the house – remember, you cannot be knocking on doors for cups of tea! Also, do not leave anything that you value in the property – some tenants will not understand the sentimental value of items left behind.”
7. Organise your finances
“Open a separate bank account for rental income and expenses due to letting,” says the proprietor of Belvoir Paisley, Denise Rhodes.
“This will help with completion of your tax return.”
8. Make your property more energy efficient
“Environmental concern and the implementation of energy-saving measures are fast-growing in importance, especially in the property sector,” says Harpreet Garcha of Belvoir Kettering.
“There are, however, a few simple yet effective ways landlords can ensure their properties are energy efficient. These range from correctly insulating properties; using cavity wall and loft insulation which is a cost effective way of storing energy.
“Double glazing will also reduce noise pollution and lower overall heating costs, as will replacing a boiler of 15 years or older.”
9. Furnished or unfurnished?
Proprietor of Belvoir Glasgow Sharon Walker says before trying to find a tenant you should ask yourself, “Do I want to rent my property out furnished or unfurnished? And, if so does my furniture comply to rental standards?”
Denise Rhodes of Belvoir Paisley adds, “Check furnishings comply with the latest regulations and carry the appropriate labeling. Non-compliant soft furnishings cannot be allowed to be left with the property in any circumstances.”
And, Darragh Lee of Belvoir Cheadle says, “Furniture must comply with fire safety regs and have the relevant labels on to prove this.”
Although leaving the house furnished may save you putting your own furniture into storage it may not necessarily adds pounds to your rental income.
“Make a decision whether to rent the property furnished or unfurnished,” says Zain Mahal of Belvoir Stratford. “There is definitely a demand for unfurnished properties as well as furnished one and they tend to get similar rents.”
10. Help the tenant to maintain your home
Making the maintenance of the house as straightforward as possible for the tenant means you’re more likely to get your property back in a good condition at the end of the tenancy.
“Leave instructions and copies of any guarantees and service numbers for appliances remaining in the property, such as the cooker and central heating etc,” says Denise Rhodes of Belvoir Paisley.
“And, if the garden requires any specific attention, leave full and concise guidelines or look into arranging a regular gardening service for the duration of the tenancy.
“Ensure sufficient keys are provided for tenants too,” continues Denise. “At Belvoir Paisley we recommend three full sets which we can have cut if necessary and landlords will be charged accordingly.”
Wayne Mearns of Belvoir Southend-on-Sea adds, “Check interior doors to ensure safety glass is fitted. Plus, check pipes are lagged well and the stopcock is accessible.” Labeling the stopcock and other isolation switches would also be beneficial.
11. Take out proper insurance
“Before renting out your property a specific landlord’s insurance policy is required,” says Darragh Lee of Belvoir Cheadle.
“Belvoir offer a bespoke policy for our landlords that is competitively priced but, more importantly, has extensive cover including malicious damage as well as accidental. Don’t scrimp and save so much on your cover that you end up having the cheapest policy that hardly covers anything!
“Rent and legal insurance can also be purchased which covers the landlord in the event that a tenant stops paying rent,” continues Darragh. “It also covers the landlord for any legal fees resulting from going through the process of legally removing a non-paying tenant from the property.”
Lee Shuell of Belvoir Oldham agrees. “It is important that you have your property fully covered,” he says. “And, it may be an idea to cover the contents (curtains, carpets etc) for the minimum amount too, just incase the tenant does not take out their own cover.”
Also, think about insuring the services connected to the property. “Think about investing in home care plans for your boiler, central heating and emergency plumbing etc which will help to save costs for property maintenance,” says Zain Mahal of Bevloir Stratford.
Concludes Terry Lucking of Belvoir Peterborough, Corby and Cambridge, “Most of all insure properly and take advice from the agent as to what insurance to use.”
12. Choose a good agent to manage the property for you
“I would strongly recommend landlords use a reputable agent to ensure that they are given the best possible advice for finding a tenant and protecting their long-term interests,” says Luke Mason of Belvoir Hitchin.
Terry Lucking of Belvoir Peterborough, Corby and Cambridge agrees. “Chose an agent that is a member of NALS or ARLA and check online they are members before instructing them,” he says.
“Ask the agent to give you advice before spending any money on your home – if you are unsure have two or three agents around. Also, check the agents inventory and look at how they record damages at the check out – will the agent be a good representative for you when it comes to handling disputes with tenants at the end of a tenancy over damages? Will the agent have sufficient evidence to win?
“Ask your agent to advise you on your legal responsibilities too,” continues Terry. “Such as gas, electricity, repairing obligations, fire regulations, EPCs, HMO planning requirements and more.
“Selecting the best agent – not necessarily the cheapest – will work out best value in the long term.”
<<BOX OUT>>
Thinking of letting your home?
Remember to do the following before the ‘to let’ sign goes up…
√ Obtain permission to let from your mortgage lender
√ Get the correct insurances
√ Arrange for gas and electric safety checks
√ Label stopcocks and isolation switches
√ Carry out any routine maintenance work and repair the property to appeal to your local market, including minor cosmetic improvements and decoration
√ Get an EPC
√ Have Pat Tests on all appliances
√ Decide on the type of tenant you want and how long you want to let the property for
√ Ensure all furnishings are fireproof with fire tags visible
√ Take promotional photographs
√ Reference prospective tenants thoroughly
√ A detailed inventory should be taken, with pictures if possible
√ Have all your personal mail redirected by the post office
√ Leave instructions and copies of any guarantees and service numbers
√ Ensure sufficient keys are provided for tenants
√ Think about if you need to employ a regular gardening service
√ Open a separate bank account for rental income
√ Try and emotionally distance yourself from the property
√ Do not leave anything that you value in the property, including items of sentimental value
√ Choose a good property management agent, such as Belvoir, to manage the property for you.
• Belvoir Lettings now have more than 140 offices nationwide. To find your nearest Belvoir office, visit their website at www.belvoirlettings.com
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