Tips for First-Time Landlords: What You Should Know
If you are starting out in the rental market, understanding what you need to know to get started can feel daunting. At Leafy Estates, we have worked with countless property professionals and those who are entirely new to the business over the years, building a wealth of knowledge about what you need to know to rent your house. Whether you are looking to invest in a property, or you have acquired one, we can help guide you on what you need to know to get started.
Understanding Your Responsibilities
Firstly, it’s crucial that you take into account all the responsibilities that being a landlord will entail. If you are going to be juggling the role alongside full-time or even part-time employment, you will need to be able to set aside time to ensure the property, and your tenants, are looked after. As we will get into later, this is where a property management company like Leafy Estates can be an asset.
You should always get agreement from your current mortgage lender if you are still living in the property. Some mortgage agreements will explicitly require prior permission to rent the property, if not having a covenant ruling it out entirely.
Research: Understanding the Market
Perhaps the biggest part of your first steps is doing your research into the local market. Every area is different, and understanding both your market and your property contextualised within that market is key. Informed by this research, you can set the right price for your property. We have worked in Harrow for decades, informing every customer we assist in bringing a property to market–read more about the Harrow rental market here.
Getting your Property Ready
Another universal factor in what you can get for your rental property is how well you prepare it for market. This could look like updates to the decor or furniture, or maintenance needs like a new boiler. This initial investment will mean you can set a higher value and attract a greater number of tenants.
Working With Property Managers
One of the best ways you can smooth the entire process and checklist for renting your house is to partner with an expert property management service. At Leafy Estates, we can help you with everything from tenant sourcing, to rent collection and managing maintenance requests. We help landlords not just to navigate these often complex questions, but ultimately to really get the most value out of their rental property.
Contact Us to Find Out More
If you are a homeowner in Harrow deciding on renting your house vs selling, or you are a seasoned buy-to-let investor ready to get the true value from your property, we can help. Back by combined decades of experience in the industry, Leafy Estates is ready to help you transform your life.
