Renting out a property
Have you thought about this?
Who are we?
We are Independent Surveyors and Structural Engineers. We pride ourselves on our high standards of work on many different types of properties such as terraced houses, bungalows, and semi-detached houses. We carry out mainly building and structural surveys but where there are problems with such things as cracking we can carry out engineer's reports. If you want to know what the property is really worth we carry out independent valuations. We also carry out specific defects reports. This specific article relates to rental properties but we have a wealth of knowledge on just about anything property related. Please do not hesitate to call us on our Freephone number 0800 298 5424 .
Many years of experience of managing rented properties
Over the years we have both managed rented properties for large institutes and for individuals but probably more importantly we have rented properties ourselves.
Free phone 0800 298 5424
Before you commit to purchasing a property
Before you commit to purchasing a property we would recommend:
1. You should put tester adverts in local newspapers to see the demand for rented property and also the sort of rent that a property can command.
This will in turn identify the type of price / value that you can pay for a property.
2. When dealing with estate agents they should be aware that you are an investor and that this is a business decision. We have found in the past that it is often best to be bidding on two or more properties at once. This way the best deal is the one that you purchase and the estate agents are well aware that you have an option to go to another property regardless of whether the market is high or low.
3. Have a building survey carried out and we assume as you are reading this it has crossed your mind and you have had a survey carried out. We would always recommend you meet the surveyor at the property and chat thoroughly with the surveyor about the report. We would go so far as recommending not using a surveyor that's not prepared to meet you at the property.
4. Before you purchase you should join the National Landlords Association (NLA) as there is lots of great advice on the website: landlords.org.uk , and on their forum including articles and also legal advice and documentation that can help you.
When you have purchased the property
1. Generally you have a legal obligation to let the property in a safe manner and carry out regular checks on various items. Usually this means carrying out a gas safe check of the boiler system every year and to make sure the electrics are safe. To this end we would recommend an Institute of Electrical Engineers (IEE) test and report and usually a change of fuse boards.
2. We would lock any cellars and roof space to stop tenants storing items in these areas. We recently had to empty a property that had a cellar and a roof space and it required two ten yard skips and cost nearly £1,000 (one thousand pounds) in total.
3. Any glazed doors or windows you should consider replacing, particularly if they do not have safety glass in them.
4. You should have an inspection of the property considering any health and safety hazards. This could range from loose handrails on staircases, to asbestos in the property, to old electrics.
5. Make sure the bathroom and the kitchen are well presented. If at all possible, and where the house is appropriate, we would add wash basins and vanity units to other rooms where drainage allows.
6. You need to seal the letter box; you would be amazed at how much post can come through a letter box. Sealing it has two effects:
6.1 Letters are returned to the sender.
6.2 It means you don't end up with a pile of letters so large that you can't open the door and this literally happened to us once.
To let the property
We hope you have enjoyed reading this article on rental properties by a Surveyor. Other building related articles on our 1stassociated website that maybe of interest to you are:
1. We would always let the properties empty of furniture and fixtures and fittings as this means you have no liability for them. In addition to this anyone moving into a property with their own furniture will also think long and hard before they leave the property.
2. It's illegal to take a deposit unless it's put into the government's shared deposit scheme. There are various versions of this about including one from the NLA at the time of writing.
3. We would always use air fresheners as it is always important what a property smells like when being viewed.
4. If you can only afford to paint or decorate two rooms then it should be the kitchen and the bathroom. The property should also be cleaned thoroughly.
5. Remember kerb side appeal is the three seconds rule as someone approaches the property. Also today it is the look of the property when advertised on Rightmove, Zoopla, or an equivalent major lettings website.
6. When advertising on the internet via Rightmove, Zoopla, or an equivalent lettings website some agents have a deal where you can have the property on the market for as long as you wish without incurring any extra costs.
With regards to photographs for the internet and any other advertising where at all possible make sure they are taken on a sunny day.
Buying property at an auction
Can you trust a Valuation?
Do all houses have condensation?
Can you trust an Estate Agent?
If you truly do want an independent expert opinion from a surveyor with regard to valuations, mortgages, mortgage companies, surveys, building surveys, structural reports/engineers reports, specific defects report, structural surveys, home buyers reports or any other property matters please contact 0800 298 5424 for a surveyor to give you a call back.
If you have a commercial property, whether it is freehold or leasehold then sooner or later you may get involved with dilapidation claims. You may wish to look at our Dilapidations Website at www.DilapsHelp.com and for Disputes go to our Disputes Help site www.DisputesHelp.com .
We hope you found the article of use and if you have any experiences that you feel should be added to this article that would benefit others, or you feel that some of the information that we have put is wrong then please do not hesitate to contact us (we are only human).
The contents of the web site are for general information only and are not intended to be relied upon for specific or general decisions. Appropriate independent professional advice should be paid for before making such a decision.
All rights are reserved the contents of the web site is not to be reproduced or transmitted in any form in whole or part without the express written permission of www.1stAssociated.co.uk .