There are a number of aspects that will impact on the potential rental value of your property, these include the location, the appearance and condition of your property. You will also need to consider the current level of the property market so that the rental value you look for is realistic and achievable. At Galaxy Lettings, we can help value your property and provide you with a rental income – contact us for more information.
Before you embark on letting your property yourself you may want to consider using the services of a professional property management company. An experienced property management group can help with every aspect of the letting process and can take care of everything to ensure that you are well protected from any potential financial and legal predicaments. If you would like to talk to someone at Galaxy Lettings about our property management services, with the advantage of receiving rental income in London, contact us for more information.
You will need to ensure that your property works perfectly and is decorated in neutral colours. It is imperative that your property is not dangerous and complies with a number of regulations (regarding gas safety, electrical safety and furnishing safety) otherwise you could find yourself liable to pay a serious fine or penalty. You will need permission from your lender if your property is mortgaged and that you are paying the correct tax and insurance, but don't worry we can check all that for you and explain anything you don't understand.
Before you rent your home, you will need to decide whether you will provide it furnished or unfurnished. Furnished properties are easier to move into for tenants and this is something that you should take into account. You may even be able to charge higher rent because of this. Naturally, furnishings will increase your costs, and some of these may need replacing when the tenant moves out of the property. Even if the property is being marketed unfurnished, it is generally a good idea to provide white goods as a minimum – these include fridge freezer, cooking appliances and a washing machine.
Marketing your property can take a number of forms but will normally include property portals such as Rightmove, Zoopla and Prime Location. If you are using an estate agent, they will normally market your property on their premises. Ensuring that your property is seen by as many people as possible is key.
If you need help finding a tenant and are looking for rental income on your properties in London or South East, please contact our friendly team of professionals today.
When you have settled on a potential tenant or have decided to allow a lettings agency to find suitable tenants, they will need to provide relevant identification documents and a holding fee so that your property is taken off the market and cannot be viewed by anyone else. Your lettings agent will then begin the referencing process.
All applicants will undergo substantial checks to assess how appropriate they are to renting your home. Independent third-party referencing companies should be used to carry out all background checks and to ensure that the applicant has no outstanding bankruptcies or county court judgements to their name.
In addition to assessing their financial circumstances, it is vital that the tenant is legally allowed to live and work in the United Kingdom. If they have rented properties in the past, it is important to see if the tenant paid their rent on time and left the property in good condition when vacating the property. It is only by undertaking a number of checks that you can feel confident should you choose the applicant to rent your property.
Once referencing is complete and both tenant and landlord are happy to proceed, the tenant will need to pay the first months’ rent and a security deposit, in addition to letting agent fees. Once these funds are cleared, the landlord or property manager will need to place the security deposit into a protected scheme, otherwise, the landlord will be liable to pay a penalty and or fine.
When it comes to moving day, it is normally a good idea to take a photograph and take note of all relevant information in your property, so that when the tenant moves out, the state of the property can be compared to your photographs and notes.
If you need assistance letting your property and require more information about an excellent property manager to assist you, please contact us today.
The peace of mind knowing that they are available 24/7 for both the tenant and my property is enough for me to recommend Galaxy Lettings if you’re considering to let out your property.
MS. L FRASER