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If you are considering investing in a rental property, you need to remember that your job is not done the moment your new tenant moves in. Whether you are a lettings agent or a landlord, you need to be aware of the work that goes into this. First of all, you should choose the house or flat that has the best chance of attracting the type of tenant you want and then ensure it's decorated in a way that will provide a good standard of living. Even once this has been done, there are essential maintenance jobs that will need to be kept on top of. Check out our guide to finding and owning a rental property. Choosing Going to house auctions can be exciting and this is a great way to snap up a bargain. However, before you do so, you must decide what sort of customer you would like to attract. Once you have considered this, think about the type of property they would be most drawn to and the locations that would be popular with them, so you can narrow down your list of prospects accordingly. Once you have thought about the kind of tenant you would like to have and found the ideal location, you should begin looking for suitable properties. Again, the customers you are after will determine what you buy. Commuters and professionals are likely to be searching for a flat, while students often prefer to share in large numbers. This means that a property that can be easily converted into a house in multiple occupation will be ideal. Check the basics While purchasing a house or flat at auction can see you getting a bargain, you might find that a lot of work needs doing to get the building into the state a tenant expects. Before you get carried away thinking about decor, check out the essentials like heating and electrics, as these will need dealing with before anyone moves in. It's worth getting a service of the boiler, gas fires and oven if your property has them. Contact a member of the Gas Safe Register with the necessary qualifications to check all the appliances and let you know which need to be replaced. Even if they are working safely, you might still like to update to something new, as it will be less likely to break down and require fixing in the near future. Contact an electrician as well to inspect the electrics and tell you if the house needs rewiring. This is something that should be done before anyone moves in, and the same goes for any damp proofing or replastering that is required. Renovation Once the basics have been addressed, you might need to do some renovation. If you're planning to market the property as a house in multiple occupation - which is popular with students - you will need to ensure the bedrooms are all roughly the same size. If this is not possible, you might have to put a different rate on each room to reflect the size. If you are planning to rent a house to more than four non-related people, a second bathroom is a worthwhile investment, as one is probably not adequate. You don't need to get the most stylish appliances, but select something that will work efficiently. Apply the same thinking to your kitchen. Think about the amount of rent you are charging and base the amount you spend on appliances on that. For instance, students and commuters will be content with something basic providing it works, while young professionals might want something a little more luxurious. Decorating In terms of decor, again it pays to keep things simple. White, creams, beiges and magnolias are all popular options for rented properties as they are easy to freshen up. You might be tempted to make your house stand out from the crowd by painting the walls a bright colour or getting a stylish carpet, but this can be counterproductive. Your taste will not appeal to everyone and tenants might also be put off if they can't put their own stamp on a place. An alternative idea is to allow your tenants to decorate the house themselves. While this can save you time and effort, keep in mind they will not be there forever and you might need to change the decor once they have left. Maintenance Once your new tenants have moved in, you will still need to visit the property once in a while for essential maintenance to be carried out. You may wish to include in the tenant's contract that you will pay a visit once every 12 months to see if anything needs to be mended or replaced. You can also expect to receive a report every now and again from your tenants complaining that something isn't working. For this reason, it's worth establishing a good relationship with tradespeople in your area so that you know you can get any problem rectified in as short amount of time as possible. Remember, if your tenants are happy with both the property and the service you offer, they are more likely to stay put and extend their contract. Rated People is a good service for landlords to use as it allows them to locate qualified tradespeople in their area. Whether you need the boiler servicing or the interiors redecorated, post the job you have available and wait for the quotes to come in.
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