Make sure your property is competitively priced for the area, be prepared to lower your asking rent if the current financial climate calls for it. Some landlords for example, offer the first two weeks free in order to secure a tenant quickly.
Just like buying a house, location is everything. People will always prefer to rent in low crime areas with good transportation links. If you are looking to create a buy to let, remember that areas around the universities, hospitals, and major industries will always be in high demand for people interested in temporary accommodation.
Tenants will be put off by properties in poor condition, you may be far better off investing in a small face lift, such as repainting walls or cleaning carpets. Remember, leaky gutters, leaning walls, cracks or signs of damp wont help you fill your property!
4. Appliances in Good Order
Tenants are looking at everything you provide, not just the building itself.
Consider the following:
- Are there enough telephone points?
- Are there enough kitchen utensils?
- Does the bath and shower work well enough?
- Is there a dishwasher and microwave?
- Do the toilets flush easily?
- Are the fridge and freezer big enough?
Tenants will always be looking for a good central heating system, and they will want to know that the radiators work. Insulation is also a selling point as it will cut down on tenants’ bills.
6. Storage space
Is there enough wardrobe space? How about the kitchen units and work surfaces? A tenant will want to live comfortably, and storage space is always a good thing to offer.
Safety is obviously important. Things to bare in mind are: making sure that all soft furnishings are fire resistant, and that burglar and smoke alarms are fitted and working. Make sure five lever mortice locks and window locks are fitted wherever possible. Check that you have provided a safety blanket and fire extinguisher. Ensure all electrics are PAT tested. Also, remember to keep copies of gas and electric safety certificates for the tenant.
8. Be available
Make sure your tenants have a simple way to contact you, and know that you are happy to fix problems on your property. Its not in anyone’s interest to let a problem go un-addressed!