Thinking about letting your home? As lucrative as it can be to find tenants and have money coming in from your property each month, the process can be long and complex for people who don’t know the system. There is a lot to do from preparing the house to finding tenants and knowing how to chase them up for rent. The easiest way to do this is through an agency like ours which not only finds tenants and does the paperwork for you, but collects their rent and deals with your tenants’ maintenance problems as they arise. If you want to do it yourself though, here are a few things to take into consideration.
There’s never a second shot at a first impression, and first impressions are everything. You need to make sure that your property looks the part – this means a freshly cut lawn which is free of weeds, no cracks or holes in the walls and windows, and a door which doesn’t look like a light breeze will blow it open. Make sure that your door has a door number and the bins are either clean or out of sight, though they should ideally be both. All in all, you need to make sure that your house is in good nick or finding the right tenants will be nigh on impossible.
The second impressions of your property are given by the interior of the house. Declutter the house as best you can, make sure that all of the plumbing works are complete and remove any cigarette or pet odours which may have built up over the years. If the rooms need repainting or redecorating, you have a decision on your hands – either do the job yourself or offer the job to your tenants as they arrive. Will you allow them to redecorate in the future? Because that’s a decision you will need to make at one point or another.
Who are you targeting?
Your ideal tenants may differ based on your preferences – some people don’t want students in their house, others see how lucrative student housing in Bristol can be, with two universities and very limited availability of student halls in the area.
How much do you want to charge?
The amount you can realistically charge for rent will vary based on a number of factors. How much is rent in the local area? How much will it cost to keep the property in good repair? How much are you going to pay in solicitors, fees and insurance? How much of a profit are you looking to make this year? Which letting agency are you going to choose and how much are they going to charge?
All in all there are a number of things to take into consideration when it comes to letting your first property. If you have any questions about how to go about letting out your first property in Bristol feel free to get in contact with Lets Rent Bristol today.