Whether you're moving in with a partner and want to rent out your existing home or have always planned to become a landlord, there are a number of key things to be aware of before putting your house on the rental market.
Both landlords and tenants can only hope for a safe and legal household and, in this case, the first step to a strong tenant-landlord relationship starts with you.
To help make the process as simple as possible, we’ve created the following guide on everything you need to know before renting out your residential home.
1. Check you can
Quite simply, review your contract with your lender and check that you are eligible to switch to a buy-to-let mortgage. This is often a simple process but you may be required to pay additional fees or provide extra information.
2. Get to grips with policies and licenses
-
Insurance alterations, they will most likely need to be updated to reflect who will be living at the property
-
Does your local authority require you to have a license? (Better check this one right away)
3. Get your house in tip-top condition
From head to toe, the space you’re renting needs to comply with regulations from health and safety to “does it smell okay?”. Okay the scent of the place might not make it into the contract, but it’s these small details that are going to put a smile on your tenant’s face. Spruce up for them.
-
Complete any repairs and put together an inventory
-
Gas and electrical appliances must be inspected every 12 months
-
Get the firemen round to test your smoke alarms and ensure you comply with carbon monoxide regulations
-
Make sure your property is energy efficient
-
Now you can give it a good hoover.
4. A few other important steps
-
Choosing a letting agent
-
Setting up deposit schemes
-
Declaring rental income.
5. Find your tenants
-
Advertise and spread the word about your new property to let
-
Arrange viewings and be prepared for holding them at unsociable times
-
Carry out the relevant checks to ensure your tenants will be able to pay the rent each month
-
Ask your new tenants to sign on the dotted line and be sure to make their stay a comfortable one.
6. The most important thing to remember
Once your new tenant has settled in, don’t think that your work is done. You are responsible for their stay and your job has only just begun.
-
Any major and structural repairs are your responsibility
-
Anything that requires immediate attention such as a leak is your responsibility too, unless you have a letting agent.
To conclude, becoming a landlord is a big responsibility and there are many steps to take before you can do so. From the legal side to advertising and hosting viewings. It’s a process which requires care and attention but is well worth the work in the long run.
If you skip steps and cut corners, you could land yourself with some hefty fines, so it really isn’t worth the risk. If you’re planning to become a landlord in Warrington, head here to the council’s portal where you’ll find all the requirements and details you’ll need.
We hope this list helps with and if you’d like any further advice on renting out your residential home or finding a letting agent in Warrington, we’d be happy to help. Call us on 01925 499599 or pop in for a chat.
