Things to look for when buying a rental property

We often work with newbie or want-to-be landlords who have got themselves into complex situations through a lack of knowledge. We like to think of ourselves as property problem solvers, so dealing with complex cases and helping landlords to resolve them is the type of challenge we love. But it would be even better for the landlord if they avoided the pitfalls altogether. So, this blog focuses on some of the things that get overlooked by newbie landlords when buying a new rental property. We hope this blog saves you from making the same mistakes.

Assessing the kitchen set-up

Kitchens are a funny thing in rental properties or any property, to be honest. Often there are things you expect to be there which aren’t, for whatever reason, or there are surprises to be found in cupboards or under counters.

The first thing you need to check is if there is a stove and oven. This might seem obvious, but we have come across a couple of properties recently where the landlord didn’t check this before purchasing the property and then found their ‘’ready to move in’’ rental property was not, in fact, ready to move in. At this stage it is also worth making a note of the type of stove/oven and if they are set up correctly. Consider whether the current position of the stove is practical? What fuel does it run on and is this appropriate for the property? Will you need to replace either or both the stove and oven before a tenant moves in?

Beyond the stove/oven set-up, your next issue comes in the form of white goods. White goods are an odd element in a rental property: sometimes they are included, sometimes not, sometimes some are and some aren’t. The honest truth is you can’t assume anything when it comes to white goods. Instead, the best idea is to make a rough inventory when viewing a potential buy-to-let property and then raise any queries about what items are staying or going with the seller or estate agent.

When completing your rough inventory, also make note of what is missing and make sure you can reasonably work out where those items would practically fit within the kitchen or, if there isn’t space, whether those items can go elsewhere in the house or aren’t needed. For example, you will always need a fridge, but you may feel there is not enough space for a dishwasher.

Some properties will have spaces ready for white goods to be inserted into. In that case, it may be worth taking measurements and checking what services are accessible from that space. Too often we come across rental properties where there is a space for white goods such as a washing machine but it is positioned where access to services like wastewater drainage is non-existent.

At the end of the day, if you can’t work out how the washing machine is going to fit in the kitchen and be plumbed in then how will your tenants be able to work it out.

It is worth noting that none of the issues outlined above are in and of themselves a deal-breaker in buying a rental property. But they are worth being aware of as they often end up costing time and money to put right which you will need to account for when planning your cash flow for the rental property.

Reviewing the living room of your potential rental property

When looking at the living room of a possible buy-to-let, make sure you can work out how the room will come together. Think about where the TV will go, where the internet and phone line come into the room will be easy to put a TV into the space without extra wiring or needing extension cables. Once you know that, work out where the sofa will go in relation to the TV. Are there sockets positioned so that they are easily accessible and practical for use while sitting on the sofa or for plugging in consoles, etc.?

You want to avoid tenants having to daisy chain extension leads as this is a serious hazard both from the possibility of damaging sockets and the fire risk. Even if you are intending to rent out the property unfurnished, you want to ensure that you can work out the most likely way that tenants will position their furniture and how this relates to the provision of space, room flow and sockets.

If there are not enough sockets then adding more or moving sockets is normally a relatively cheap task, but it will be far easier to do before the tenants move in. It may also end up being a tie-breaker when looking at two similar properties that are otherwise equally matched.

Things to consider in the bedrooms of the rental property

Much like in the living room, you need to consider where the furniture is most likely to fit into a room and how the services will work within that space. Are there sockets next to the bed for lamps and phone chargers? Are the light switches in a reasonable position?

You will also need to look at the size of the rooms and compare this to your expectations of the type of tenants you want to rent to. If you want to rent your property to a family, then having some rooms which are singles or even a smaller ‘’nursery’’ room isn’t a huge issue.

However, if you are looking to rent to a group of friends as a house share or similar, then you need to be very clear about what is practical within the room. Will that room fit a double bed and remain practical? Just because you can get a double bed into the room doesn’t mean it is a practical use of the space if you can’t move once the bed is in there.

You are far more likely to attract the right tenants for your rental property and to ensure that tenants are happy if you are upfront and honest about the size and use of rooms.

Make sure the bathroom is ready to go

When reviewing the bathroom/s in a potential rental property, it is worth looking at the space as you did the kitchen. What type of bathroom is it? Is there a bath, a shower or both? Will you need to put up a shower curtain?

These questions will help to ensure you have properly considered the use of the property, how appropriate it is for the type of tenant you want to attract and what small things you may need to do to ensure it is ready for use.

Silicone and grout are the next big things in a bathroom. Often silicone hasn’t been properly checked when preparing a rental property for tenants and it is somewhat deteriorating. Tenants don’t always notice this and once missed it can lead to bigger issues such as leaks and mould. By checking it at the time of purchase you can schedule small maintenance works prior to tenants moving in, like resealing a bathroom. This makes it easier to arrange and means you can be safe in the knowledge that the job has been done properly before any damage has been done.

Be proactive with your rental property

Most of the things mentioned in this blog are relatively low cost to fix and tend to be easy to resolve. However, solving them is made much harder if they are left longer or are not completed until after a tenant has moved in. So, our top tip for newbie landlords is to be proactive in assessing any rental property.

If you are proactive about planning works and making small improvements to your rental property then it will often save you money and, most of all, save you hassle with your tenants,           making that moving-in process as smooth as possible with a new tenant. These are the types of things that can niggle at a tenant and by solving them early, or ideally beforehand, tenants will likely be appreciative and happier which makes for a more enjoyable experience as a landlord.

If you are looking to buy a rental property we recommend speaking to a letting agent, like us, early so they can assist and advise you on choosing the right rental property for your goals and how best to avoid any common pitfalls. Get in touch with us today for a friendly chat.