Tips For Renting Out a Property For The First Time

If you’ve recently acquired a property and want to rent it out, or you’ve been wanting to turn your house into a rented place and move somewhere else, what a great decision you’ve made. Becoming a landlord can be a fantastic way to give you a focus, as well as offer an additional (or a new) income stream. While this is true, you do want to do it properly. The last thing you want is for it to become a stress, to have unhappy tenants, and for it to drain your time and energy. In this article we take a look at some top tips for renting out a property for the first time. Keep on reading to find out more.

Prepare your property and finances

The first thing you need to do when you are going to rent out your property for the first time is to prepare your property and also get your finances sorted. You need to check that your mortgage agreement allows you to rent out the property, and if not, speak to a mortgage advisor and see if this can be changed. You need to obtain specialist landlord insurance to cover potential risks, and also assess your finances. You’ll need a budget to cover things like your mortgage payments, insurance, repairs, letting agent fees, and more. Once this is done, sort any repairs to the property, give it a thorough clean, and make it safe and presentable for people to view it. You don’t need to make it look like a luxury hotel, but you want it to be clean, functional and a nice space for them to make their home.

Get the legal bit sorted

Next, you need to get the legal side of things sorted. You will need to obtain safety certificates, for example it is legally required to have a valid Energy Performance Certificate (EPC) and a Gas Safety Certificate (for properties with gas). You’ll need to carry out electrical safety checks and install safety equipment such as working smoke and carbon monoxide alarms on all floors and in relevant rooms. You need to provide tenants with the “how to rent” guide, EPC and gas safety certificate before the tenancy begins. Having all this in place means you’re covered legally. 

Market your property

Once you’ve done the above, it’s time to get your property on the market. Determine the right price for your area and decide on its target demographic. You might be looking for a single occupant, a young couple, or perhaps it’s best for a family. Look into companies that offer rental property marketing that can help get your property seen and shown to those that will want to rent it out. This can really help get it off the market and have your rent money coming in as soon as possible.

Screen tenants carefully

Now you need some tenants! Getting the right tenants is imperative to how smooth your landlord experience will be. You want people you are going to trust will treat your property respectfully, pay their rent on time and not cause any issues. Carry out Right to Rent checks to make sure they are allowed to rent, and affordability checks to make sure they will be able to pay on time. You also should try and meet them in person so you can see if you gel with them and can get a sense of the sort of people they are and if you want them to be living in your property.

Protect the deposit

Once you’ve selected your tenants, you need to get a legally sound tenancy agreement in place. You are legally required to protect their deposit in a government-approved scheme, so get that sorted as soon as possible. This means you can’t unfairly charge them for things that aren’t their fault (or that fall under fair wear and tear) but also means they can’t argue about not wanting to pay anything for things that do need doing that you can take from their deposit. In short, it keeps everything professional and easier to deal with when the tenancy comes to an end.

Be prepared for maintenance

Even if you decide to self-manage your property, you’re still fully responsible for repairs and ongoing upkeep. Unexpected issues can and do happen, from boiler breakdowns in the middle of winter to urgent problems like leaks, electrical faults or a broken appliance. Set aside a maintenance budget, build relationships with reliable tradespeople and respond to tenant concerns promptly. Staying on top of repairs not only keeps your tenants safe and happy, but also protects the long-term value of your investment. A proactive approach to maintenance will make your life as a first-time landlord much smoother.

Keep good tenants 

One of the best things you can do as a first-time landlord is prioritize keeping reliable tenants, they’re worth their weight in gold! Good tenants pay on time, look after your property and communicate openly so it’s definitely worth making an effort to keep them! Respond quickly to any issues, carry out repairs asap and treat them with professionalism and respect. Consider small gestures, such as being flexible with renewal dates or updating worn-out fixtures, to show you value them. Maintaining a positive landlord–tenant relationship not only reduces the risk of void periods, but also saves you time, money and stress in the long run.

These are just a few bits of advice that can help when it comes to letting out a property to rent for the first time. From preparing your property to be let out, to getting all the legal elements sorted and vetting the right tenants in, there is a lot to think about. While it might feel overwhelming at first, you’ll soon find it’s easier than you initially thought and you can see the income rolling in.

If you have the finances to do so, (and the will) you might find you love being a landlord, and choose to purchase more properties to rent out. Many people make a very good living this way! What are some top tips you have for first time landlords to ensure renting out their property is as hassle-free as possible? Let us know in the comments below, we’d love to hear from you and to get inspired!

This is a contributed post.