Letting a property

TO HELP ACHIEVE THE OPTIMUM RENT

The Rental Market is the Strongest it's been for Years, and it's likely to become increasingly competitive in the foreseeable future. As a landlord, you can get ahead of the game by taking a few simple steps to increase the value of your property in the eyes of potential tenants.

Invest some time and money now and you are likely to see your rental income increase, or at the very least you will ensure that your property attracts many more quality tenants.

Below are some tips to help you achieve the best rental value for your property:

1. SEEK ADVICE FROM YOUR ESTATE AGENT

   1. The first point of contact any tenant has, is when registering with their agent. All their requirements are listed and can be made readily available to the Landlord. You can increase the rent your property will achieve by taking a few small steps to raise its perceived value
   2. Making Cosmetic changes and fitting new appliances are often cost-effective ways of doing this
   3. Light and Space are both characteristics of luxury properties and are features you should aim to accentuate in your own rental as much as possible
   4. Freshen up paintwork with neutral colours and choose blinds or curtains that will let in as much light as possible. Light-coloured fittings will also add to the effect
   5. Wood flooring is also considered a high-value addition to a property. Consider replacing carpets with wood if budget permits, or alternatively good quality laminate flooring is worth considering. Laminate can be acquired very cheaply and it will still attract a higher rent than carpet. Hard flooring is also significantly easier to clean than carpet so you will need to replace it far less frequently

2. MAKE A GOOD FIRST IMPRESSION

   1. In the rental market, First Impressions really do count. Many landlords plough all of their resources into their property's interior and completely ignore the importance of the exterior & communal hallways. While it is true that the bulk of your time should be spent on the inside, you should always consider the importance of the outside as you can improve this incredibly easily. For example, if the property has a gate, make sure it is well oiled and properly on its hinges. If there is a front garden, make sure it is neat and presentable. Peeling paint on your property's exterior isn't very appealing and a fresh coat of paint will work wonders. In some instances it may be difficult to work on the exterior of your property, if it's in a block for example. Even so, first impressions still count, and the front door and hallway should be the main focus for these types of property

3. IMPROVE OR UPGRADE THE BATHROOM

   1. In our experience, the Bathroom is a 'Deal Breaker' for many tenants, and understandably so. While you are unlikely to be able to increase the size of your bathroom without undertaking major structural work, you can take some relatively cheap steps to improve its quality & perceived value
   2. The colour scheme is of paramount importance in a rental bathroom. Don't be lured into bold design statements here; stick with functional white. Make sure there is enough storage space and above all, ensure that it is spotlessly clean for viewings
   3. If the bathroom is relatively old, think about ways that you can bring it up to scratch. Fitting a new showerhead is often a good idea; this can often make the water pressure appear much more powerful at very little cost. Larger showerheads often look more impressive and luxurious so it may be worth investing in an item like this
   4. Smaller things to take care of include making sure that the washers on all of the taps are properly fitted in order to prevent drips
   5. That the waterproof sealant is new around the edges of the sink and bath or shower
   6. Finally - That the tiles are mould-free

4. GO GREEN & ENERGY EFFICIENT

   1. Energy Efficiency plays a key part in the rental decision for the 'Green Generation' due to environmental concerns and soaring energy costs. So what can you do to make your rental property as green as possible? An old house is never going to be terribly energy efficient, and most tenants looking to rent a period property will know this. However, moving green initiatives higher up your 'to do' list of as part of a range of improvements is an advisable investment. Additional insulation, fitting radiators with thermostatic valves, ensuring windows are double-glazed and even installing a water-conserving shower head, are just some of the measures you could consider depending on your budget. When tenants come to view your property, ensure that your agent pushes your property's green points, just as they would promote its generous room sizes or good views

5. KEEP ON TOP OF THE MAINTENANCE

   1. Once you have upgraded or improved your property, keeping costs down is a long-term job. The more regularly you are able to address small issues, the less you will need to spend on an overhaul after each tenancy. At the moment, it's a landlord's market, and a little can go a long way to help ensure you achieve and maintain the best possible rental price for your property

We are happy to provide details of cost-effective Electricians and Experienced Handy Men who we use regularly for our properties. Please follow links below…………………*

TENANCY DEPOSIT PROTECTION SCHEMES

If you're intending to let your property, you'll need to ensure that you protect your tenant's deposit.

In fact, from 6th April 2007, when a landlord or letting agent takes a deposit from a tenant, it's a Legal Requirement for the deposit to be protected in a Government-authorised tenancy deposit scheme.

This rule applies if the tenancy is an Assured Shorthold Tenancy (AST). The Government wants to make sure tenants' deposits are protected so that:

• tenants are guaranteed to receive all or part of their deposit back, assuming they are entitled to it
• any disputes between tenants and landlords or agents will be easier to resolve
• tenants are encouraged to look after the property they are renting

WHAT TYPES OF SCHEMES ARE AVAILABLE

There are Two Types of Scheme to choose from:

1. A Custodial Scheme – Where the money is held by the scheme until the end of the tenancy. This scheme is free to use and the landlord simply pays the tenant's deposit into the scheme at the beginning of the tenancy, but within 14 Days of the commencement thereof. *
2. Insurance-based Schemes – Where the landlord keeps the tenants' deposit and pays a fee to the scheme to insure against their failure to repay the money due to the tenant at the end of the tenancy. There are two insurance-based schemes to choose between:

   WHAT HAPPENS WHEN MY TENANT MOVES OUT

   1. At the end of a tenancy, the condition and contents of the property should be checked against the tenancy agreement and the Inventory that was conducted at the start of the tenancy. The landlord should then agree with the tenant how much of the deposit will be returned. The agreed amount should be received by the tenant within 10 days
   2. Exemptions Some types of tenancy are exempt from the Tenancy Deposit Scheme including: • instances where the landlord lives at the property • tenancies yielding more than £100,000 rent per annum • company lets • student accommodation (e.g. halls of residence) let directly by universities or colleges Scheme providers There are three government-authorised tenancy deposit schemes offering tenancy deposit protection. You will have to find the scheme that is most appropriate for you **

* The Deposit Protection Service www.depositprotection.com t: (0844) 472 7000

** The Tenancy Deposit Scheme www.tds.gb.com t: (0845) 226 7837 AND Tenancy Deposit Solutions Limited www.mydeposits.co.uk t: (0844) 980 0290