Five Things to Do Before Renting a Property to Tenants
Investing in property and becoming a landlord is a great way to earn some extra money alongside your current job, or as a prospective career change if you want to slow down your lifestyle.
However, becoming a landlord is a big responsibility and shouldn’t be taken lightly. It is no secret that almost every person has had a bad experience with a landlord – whether this was at university, their first rental property, or even when they have a family.
Once you have chosen the property that you want to buy and then lease, there are a range of things you should do first to ensure a great service to your tenants.
Though you may be tentative about spending lots of money revamping a property that you won’t live in, it can actually be worth it in the long run. Refurbishing a property, giving it a quick lick of paint, changing the floors and installing the latest appliances can help you in a variety of ways.
One of the main reasons is that a refurbished property is more likely to attract tenants. Simply put, no one will want to pay in a property that they think is unsightly, out modish or on the brink of falling apart. Clean and modern spaces are a great way to get attract tenants and also, it allows you to increase your prices – the refurb can virtually pay for itself!
Another reason why you should invest in a refurbishment is that new and high-quality appliances are less likely to break. This means that you can avoid constantly calling out the plumber, electrician or heating engineer and having to fit the bill.
Sign up for a deposit protection scheme
A legal requirement, a deposit protection scheme is where the tenants’ deposits are protected until the tenancy is over. After this, the deposit will either be paid back to the tenant or the landlord as discussed between them.
Check that your gas safety certificate is up to date
If your rental has a gas supply, then you need to make sure that the gas safety certificate for the property is up to date. This needs to be performed by a registered Gas Safe contractor, and must be done by law every year.
Check properties EPC is up to date
Similarly to gas safety certificates, your property’s up to date and valid EPC is required by law to rent out a property. This will indicate the energy efficiency of the property, giving valuable information to the tenants about typical energy costs, and will give tips to tenants to reduce energy costs and maintain an eco-friendly lifestyle.
Portable Appliance Testing is a routine process where all electrical appliances on the property are checked for safety. From ovens to showers, fire and carbon monoxide alarms, it is extremely important that you get these performed as it ensures the safety of your tenants.
Here at Interlink Lighting and Electrical we can perform routine PAT testing for landlords in Glasgow – a must have for student residences. We provide a comprehensive report outlining everything that is safe, or not safe, giving you peace of mind. To find out more, simply contact us today.