There are all sorts of ways people come to let out properties. Most landlords decide to make an investment in property with the aim of letting it out, but there are a lot of landlords out there as well, who have found themselves with an empty home as they move up the property ladder, live with a partner or change city for work.
However you’ve ended up renting out your property, there are steps to consider before you can let it out to a tenant. To help you get ready, here’s our guide to the steps you’ll need to take.Check with your mortgage lender
If you’re planning on renting out a property that you previously lived in, you won’t have a buy to let mortgage, so you’ll need to speak to your lender to get their permission before you let the property. If you don’t get their permission, you could be breaking the conditions of your mortgage. If you do get permission, remember that your lender may increase the interest rate on your loan, so make sure this is affordable before you proceed.Check your lease
If the property you’re planning on letting is a leasehold apartment, then there might be restrictions in your leasehold agreement that prevent you from renting out the apartment. Check to make sure the leasehold doesn’t bar you from letting the apartment.Inform the utilities
You don’t want to be left paying for the utilities in a house you’re not living in, so don’t forget to tell the gas, electric, broadband and telephone providers that you’re moving out so you can get your final bills paid and transfer them to your tenants.
Speak to your insurer
It’s important to make sure that you have all the necessary insurance arranged before you let out your property. This can include public liability insurance in case one of your tenants, a guest, or a maintenance worker is injured inside your property. Additionally, some landlords take out insurance to cover their costs in case there is a void period when no one is renting the home, or to cover the cost of eviction should that be necessary.Get enough keys cut
Each tenant you rent to will need to have their own set of keys, so you’ll need to get enough cut. Make sure you get extra sets made so you have a copy for yourself and if you’re using a letting agent, they’ll need a copy as well to carry out viewings on the property. Make sure the property is safe
If you’re renting out a property you have a legal responsibility to make sure that tenants can live there safely. Get a qualified electrician to inspect the electrics and have a gas safety engineer check any gas appliances and provide a gas safety certificate. Smoke detectors and carbon monoxide alarms are a legal requirement for rental properties. You will have a public liability responsibility to your tenants, so to make sure you’re not vulnerable to claims if someone is injured in the property it’s a good idea to make sure any maintenance is carry out, for example ensuring that carpets are properly fitted and not loose.Contact us
At Aria Residential, we are property management experts and can guide you through the process of letting out your home. We make sure to not only run credit checks on prospective tenants but their guarantors as well to make sure your property will be well looked after and lived in. We conduct inspections through out the tenancy and handle all reported repairs so you never have to worry.
If you’re ready to make your first buy to let investment, get in touch and make the most of our expertise.
Take a look at our website or visit us in one of our branches on Belfast’s Lisburn Road or in Templepatrick.