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Thursday, 21 June 2018
ARE you thinking of letting out your property this year? If so, now is the time to get organised says Henley’s lettings agents, including Savills’ head of Henley lettings, Adrian Moody.
Adrian said: “Allow yourself enough time to get everything in order prior to full marketing. The lettings industry is fast-paced, so be prepared to act quickly.”
Adrian offers the following tips to consider, and also points out that Savills can offer a free market appraisal to potential landlords.
l First and foremost, check your mortgage will actually allow you to let your property out — some have clauses which don’t allow you to let.
l Choose your letting agent carefully. As members of the Association of Residential Letting Agents (ARLA), Savills’ clients are safe in the knowledge that we have Client Money Protection.
l Think about how long you want to let your property out for. Keep in mind that most corporate tenants want to rent for a minimum of two to three years.
l If you are only thinking of letting out for six to 12 months, you may want to price your property more competitively to secure a tenant quickly and thus avoid lengthy void periods.
l Think about your tax position as it is important to understand how much tax you are going to have to pay and whether letting the property out makes financial sense — this is particularly relevant for those accidental landlords who may only be letting in the short term.
l Look at your property objectively and think what work may need to be done. Rooms are likely to need to be de-cluttered and repainted as a minimum.
l There are a number of safety tests including a portable appliance test and electrical installation condition report (electrical safety tests) and gas safety test which will need to be undertaken and there may be a requirement for further work if these fail. In addition, there will be a requirement for a professional clean and for an independent inventory to be undertaken.
l Investigate options for specialist landlord insurance.
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