Considering renting out your home in London but not quite sure where to get started? You’re in the right place. With years of experience in matching landlords with tenants, we’ve got the lowdown on all the essential steps you need to take to rent out your home. The team at Ashmore Residential have put together our top tips for homeowners who are now thinking of renting out their home:
First things first: research, research, research
As with most things, renting out your home in London should start with lots of research!
Start by checking out other properties being let in your area to see what’s on the market. What kind of features do they have? How much rent are they being advertised for?
We can help you greatly in this regard, allowing you to get a good idea of the local rental market and help you feel prepared.
Find yourself a great letting agent (Hint: we can help!)
This is an essential step that can make or break how smoothly the letting process goes.
If you’d like expert help with the letting process, take the time to find yourself a capable local letting agent. Do your research online and check out customer testimonials and online reviews.
We recommend getting quotes from at least three local letting agents and having a face-to-face meeting or video call with them all before you decide to entrust them with your property.
We would love you to choose Ashmore Residential to help you let your property, but we also understand that it’s essential you get a good fit. We are happy to discuss your requirements, and you can book an appointment with us on 020 8366 9777 for an informal chat!
Not quite sure why you might need a letting agent? Here’s how we can help:
- Advise you on how much rent to charge
- Market the property for you
- Hold viewings and show prospective tenants around
- Draw up tenancy agreements
- Deal with any property maintenance and repairs directly with the tenant on your behalf
- Guide you through the maze of legislation which is complex and often layered with challenges
- Demonstrating commercial awareness, as lettings agents working with high value assets, it is essential to work closely with landlords long-term to advise how to grow your investments
Most letting agents will charge around 10% of your rental income for a lettings service. Which brings us on to our next point…
Do the maths
Before you commit to renting out your home, take some time to weigh up the costs to see whether it will be worth it financially. You can do this once you’ve researched the market and spoken to us to get a better understanding of how much rent you should charge. Factor in tax, agent fees and any other costs involved in maintenance and management to figure out how much you’ll actually be left with. Ask yourself: will this figure cover your mortgage payments and leave you with a little extra to justify the time and effort spent letting your property? You should also be left a little extra for any ‘in case of emergency’ funds.
Inform your mortgage lender
Once you’re sure it makes financial sense to rent out your property, follow the terms of your mortgage contract and let your mortgage provider know.
It’s easily done, just discuss a ‘consent for lease’ with them and once approved you’re free to start letting.
Arrange your landlord insurance
If you already have an insurer for your house, inform them of your decision to rent out your property. They may need to change your existing insurance policy to reflect that there will now be tenants living there.
Protect your property and your investment further by sorting out landlord insurance. Some landlord insurance policies will cover you in case of missed rental payments. Please ask us for recommendations if you’re not sure where to find the best policy.
Prepare your property
Once you’ve done all your research, worked out your numbers and hired a reputable letting agent, it’s time to shift your focus back to the property itself. Before any tenants move into your house, there are a few vital preparation steps to take. These include the following:
- Deciding whether you’ll be including furniture or renting out an unfurnished home. This is important to clarify early on in the process as some tenants are only looking for furnished homes.
- Making sure any required maintenance checks and repairs are carried out before your tenants move in to avoid inconveniencing them.
- Removing any items or pieces of furniture that could easily be damaged – there’s no point putting yourself through the stress of leaving them there!
- Checking that all appliances are working and investing in any essentials that could sweeten the deal for potential tenants.
- Giving your property a little spruce up and a fresh lick of paint if needed. Staging your house with appealing decor can make a huge difference in how quickly it comes off the market.
Interested in letting your property? For expert rental advice, please contact our team of professionals at Ashmore Residential on 020 8366 9777 or [email protected]