You have a property you rent – but is it ready to be rented?
You have a property and renting it out gives you an income. Your property is your biggest asset, it’s an investment for you and your family. But beyond all of that, most importantly it is a ‘business’.
One of the most important factors in becoming a successful landlord is to always keep a ‘business’ head on when making decisions. As making a success of your property rental can depend on whether your head is ruling your heart.
Let’s start with the important bit – compliance – there are no excuses here, and the following always applies to any property you are renting out:
1. EICR Electrical Certificates
Even though we were mid pandemic and under lockdown, this legislation came into force earlier this year. It applies to all NEW tenancies and from April 2021 it will apply to ALL tenancies. Certificates are valid for 5 years and give you total piece of mind in your property.
So, if you haven’t already make sure that EICR Electrical Certificate is completed well in advance of renting your property, or indeed well before April if you already have tenants in.
2. Gas Safety Certificates
These obviously only apply if you have gas to your property. But if your rental property is one of the millions of homes using gas you need to ensure these safety certificates are done on an annual basis, without fail. And while your at it get that boiler serviced at the same time, it will save you time and money in the long run.
3. Energy Performance Certificate
Minimum Energy Efficiency Standards require a rental property to be a Band E or above. Properties that fall below this rating will need improvements to bring up to standard, this does not need to be costly but needs to be done effectively. At bright star we are always happy to advise and support our landlords when looking to make improvements.
So, continuing the theme, now you need to consider any health and safety issues in the property. Loose slabs outside, worn carpets, trip hazards etc. Make sure all of those are taken care of before anyone moves in.
4. Fireplaces
Does your property have an open fireplace or wood burner?
These are great features, but you need to make sure they come with a HETAS certificate. If you don’t want to go through the effort of getting the chimney lined so that it is space for use, then make sure you block off the chimney. It is simply safer than just telling them not to use it. If you do go ahead then get the chimney swept at the start of tenancy, responsibility for subsequent cleaning normally passes to the tenant. But it is always worth making sure this is clearly stated and covered in the tenancy agreement as well as explaining this to the tenant directly.
5. Decoration
Personally, I hate magnolia! I know it is the standard rental property decoration, but it shows marks the same as any other paint colour, often when ‘touched up’ it doesn’t blend invisibly (not all magnolias are the same), and if anything, it cheapens the look of a property. Neutral colours, white (yes white!) and even a tasteful feature wall can really boost the property.
Just because you didn’t choose magnolia doesn’t mean you need to use a garish orange, there is a middle ground.
6. Flooring
Again, the norm for rental properties would be cheap hardwearing beige tight looped carpets. The perception that they are hardwearing is true until they get ‘pulls’ or ‘snags’ which can leave bald patches if trimmed, it’s the magnolia paint of the floor!
Laminate or Karndean style flooring is hard wearing, attractive, easy clean but not ideal if you are in a flat where soundproofing is not great.
7. Kitchens
Keep it functional and easy to keep clean. If you are installing/renovating the kitchen keep the sensible head on, so easy to let you heart run away with your budget.
No, granite worktops aren’t necessary in a 3-bed terraced house. Think about the type of tenant you are expecting to attract with your property and renovate it accordingly.
8. Kitchen Appliances
This is always a little contentious. As a rule of thumb, if the appliance is built it then the responsibility of maintaining it falls on the Landlord. If it is freestanding, possibly an appliance that just came with the property, then it tends to be down to the Landlord unless a very clear agreement is made with the tenants at the beginning of the tenancy.
Keep this in mind when renovating kitchens, filling it full of appliances may make it look amazing but maintenance is still down to you as the Landlord.
9. Bathrooms
Think clean and water tight. Keep an eye on the silicon seals around baths and showers, replace them before they stop being effective and leaks start happening. It will save you time, money and stress in the long run.
If you are providing a shower make sure it is a decent one, with a bit of pressure, this doesn’t need to be expensive but it does make a difference when showing potential tenants around the property.
Grouting needs to be clean (pet hate of mine). And please no carpet in the bathroom!
10. Outside spaces
Gardens, patios, decking, these are always great features for a property and outside space is in higher demand than ever before following COVID. But before the tenancy starts make sure that patios have no loose slabs, that decks are pressure washed, steps are clear and safe.
Handing the tenants, a property with a tidy well maintained outside space should mean it is returned in a similar condition.
11. Cleaning
If at the end of a tenancy you want your property back ‘professionally’ cleaned then you need to give it to your tenant ‘professionally’ cleaned, provide a receipt for cleaning.
Otherwise accept that the property will be ‘domestically’ cleaned and being honest one person’s idea of clean can be very different from another person’s idea of clean.
12.Be Realistic
Make the property look nice, make it attractive this will help to increase viewings of the property. An attractive property can also improve the rental value but be realistic. The location and size of your property are the main things that will dictate the rental value. A good, tidy, and clean condition gives it the edge, but whatever you do the property there is always a maximum rent value it can achieve no matter what!
Take a look at your rental property, think of all the things I have listed above, does it tick those boxes? If you can answer yes then you are well on the way to being a successful Landlord