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Are You Thinking Of Letting? Top Tips For New Landlords

Are You Thinking Of Letting? Top Tips For New Landlords

1. Take Advice From A Dedicated Letting Agent And Try To Avoid Letting Departments In Estate Agents.  Ask Simply 'What Type Of Properties Are You Always Short Of?'

2. Invest In Kitchens And Bathrooms. It Costs Relatively Little To Tile A Bathroom (it's cheaper to over-tile than to strip off and replace the existing tiles). Provide Clean And Hygienic New Worktops In Kitchens. A Bathroom With Both Bath And Shower Is The Most Popular.

3. Install A Hardwearing-Plain Decor. Keep Practical And Functional. Neutral Colour Schemes Are Most Favourable.

4. Provide An Allocated Parking Space If Possible. An Apartment Will Usually Let Sooner Than Others If In The Block And Could Achieve A 10% Price Premium.

5. Review Your Rent Regularly. Especially So If A Tenant Stays In The Property For A Long Time. Allowing Rent Levels To Fall Behind The Market Can Significantly Impact On Your Yield.

6. Do Not Instruct Too Many Agents To Get The Property To Let. One Or Two Is Best At Most And You Should Expect Weekly Progress Reports.

7. Ensure Identity And Independent Credit Checks Are Carried Out On Tenants. The Most Credible Looking Tenant May Have CCJ's And A Record Of Exploiting The Unwary Landlord.

8. Take Out Rent Guarantee And Legal Costs Insurance. In The Current Market This Is Vital.

9. Keep On Top Of Tenancy Expiry Dates. Ask Tenants In Ample Time Whether They Wish To Stay. This Helps To Eliminate Void Periods If You Are To Market For New Tenants.

10. Ensure Tenancies Do Not End Just Before Christmas. It Will Be Hard To Find Another Tenant At This Time. Set Tenancies In June To Last 7 Or 8 Months Ending In Late January/February When There Is Generally A Shortage Of Properties Available.