Renting out property to tenants can be an excellent way to boost your income and pay off a mortgage, so it’s easy to see why many people choose to become landlords. Whether it’s as a main source of income or something on the side, this can be a very rewarding venture for the right person. However, while this can be a lucrative path to follow, you will have some important responsibilities as a landlord that you need to be prepared for. Below are some quick tips to help you rent out a property and be a good landlord.
- Security and Safety Features
You must make sure that the property is safe and secure for your tenants, so investing in these measures before you lease the house or apartment is key. Always carry out essential maintenance checks on your house, especially for things like gas, water, and electricity. You should also have fire doors as additional safety features and smoke alarms and gas detectors installed throughout the property. Security measures are also important, so think about installing a smart security system to give your tenants better peace of mind.
- Keep it Neutral
You want to ensure that your property is attractive to potential tenants, so taking time to enhance the décor is worth the investment. However, remember that everyone has different tastes in interior design, so what you love might be someone else’s style nightmare. Keep the décor neutral in design to appeal to a variety of people and allow them to visualize themselves in that space more effectively.
- Use Services to Help You with Property Maintenance
It’s worth looking for a local tradesman who can help you with property maintenance, particularly if you’re not specialized in this area or you don’t live close by to deal with these issues in person. You might also find that hiring a gardener to maintain exterior spaces could be worthwhile. When it comes to cleaning the house between tenants, hire a professional cleaning company such as Loos and More for the best results.
- Use a Letting Agency
Some people may prefer to deal with their tenants directly, but there are benefits to using a letting agency to take care of this admin for you. Yes, there will be fees attached to this, but the investment is worthwhile if you’re too busy to handle these important issues yourself. An agency can help to advertise your property to prospective tenants, show them around the house for viewings, and deal with the necessary paperwork on your behalf.
- Consider Attractive Features
Finally, think about any upgrades you can do to the property that will offer attractive features to potential tenants. You may also find that you can charge higher rents for a better-equipped home. For example, having an en-suite in the main bedroom, or a stylish kitchen suite. While it might cost you money initially, you’re likely to see a return on your investment through these rent payments.
If you are interested in leasing a property for profit, consider the tips above to ensure you’re doing it right.