At Pink Property, we can assist and advise you on those integral changes that make all the difference to finding the best tenant, and achieving the greatest rental prices.
What else do I need to consider?
The monthly income achieved from a rental property may entice you into becoming a landlord, but it’s vital to plan ahead for any additional costs you may face when letting your property, these include:
- Mortgage repayments
- Any expenses involved in bringing the property up to the required standards, both physically and in terms of the regulatory safety standards of furniture, utility equipment and appliances (we can advise you of these)
- Solicitor’s fees
- Letting agent/management fees
- Insurance costs
- Inland Revenue
- Contingency budget for ad hoc repairs and maintenance.
Planning in advance would be wise and perhaps creating an emergency fund separately, just in case you need to pay for any work or repairs.
Why should I use a letting agent?
At Pink Property, our job is to make your status as landlord a fulfilling and stress-free one, through ensuring that you feel valued and your property remains a profitable investment, whether you have just one property or a substantial portfolio.
A good letting agent will provide the following services:
- Making your property more visible to potential new tenants
- Advising you on the best rental rate for your property
- Managing day-to-day problems
- Preparing your property for tenants’ arrival
- Ensuring legal obligations are met
- Carrying out relevant safety inspections
- Managing deposits
- Keeping an inventory of your contents
- Advise you on compliance
Landlords can rely on Pink Property for advice and reassurance, particularly if you lack confidence or experience and require advice on the legal pitfalls and latest legislation. We will provide all the paperwork for notices, and for court action for possession if necessary. This will guarantee that you are fully compliant and will ease any potential worries.
Who is responsible for what?
As a landlord, generally, you are responsible for exterior and interior maintenance. You are also accountable for buildings and contents insurance and any other outgoings. The tenant's role is to show a duty of care to the property and contents and is wholly responsible for any council tax, gas, water and electric accounts.
What if I have Mortgage on my Property?
You should make your Building Society or Bank aware if you have a mortgage on your property and you wish to start letting it out. A condition of your mortgage (usually) is that you apply for permission to let the property.
If you currently have a residential mortgage, your mortgage lender might apply a wide range of parameters before providing their consent. In many cases the following will apply:
- You may be charged a higher rate of interest
- You may have to pay an administration charge
- You may need to show references and tenancies before being granted permission
- Your managing agent may need to be an approved member of a recognised body, such as the Royal Institution of Chartered Surveyors (RICS). Lenders may also set the length of time the property can be let for, and permission will usually only be given if the mortgage account has been managed to the lender’s satisfaction.
What if my property is Leasehold?
If the property is leasehold, you could potentially need the head Leaseholder or Freeholder’s permission to begin a Tenancy. We strongly advise Landlords check with the Freeholder that there are no restrictions or conditions which prevent you from letting the property and that the Tenants must adhere to during the Tenancy period.
What happens about insurance?
Landlords are responsible for making sure that buildings and contents (if applicable) are appropriately insured. Unfortunately, a standard household policy will not be adequate, and we would wholly recommend that you contact your Insurers prior to letting, to obtain the relevant consent(s). The details of specialist Landlord insurers are available upon request.
How will the value of my property be assessed?
Pink Property’s lettings experts will complete a full and thorough evaluation of your property. This consists of reviewing the decorative condition and how it compares to other properties, as well as considering local market conditions. We will then feedback to you on your property’s potential monthly rental value. We will discuss different ways in which you could maximise your rent so that you are able to make the best of your property, as it is very important to us (as well as you) that such a valuable asset gives you the best possible outcome.
Should I let my property furnished or unfurnished?
This really depends on where your property is located, the clientele for a certain area or category of tenant will mean your property would be most suitable or preferred furnished or unfurnished. For example, a student house or home for a young professional may be more appealing if the property comes with some of the essentials to ‘get started’. On the other hand, an established couple or family may have been living independently for some time and built up their own household furnishings which are to their taste and comfort. Before you make a decision, it is worth speaking to someone at Pink Property about demand levels for each type of tenancy in your specific area and then work out which is going to be the best option for you.
Can I trust the tenants to take good care of my property?
This is something that Pink Property holds with the highest importance, unfortunately it is never a guarantee that a tenant will look after your property to the same level you have previously or as you do your own home (everyone has different standards), but with our thorough and focused selection process we can hopefully eliminate any potential issues. We pride ourselves on selecting quality tenants, who will demonstrate consideration and care for our landlord’s properties and essentially treat the property with respect and 'as their own'. Although this process may be more time consuming, we truly believe that analysing prospective tenants in this way will generate far fewer tenant problems down the line.