We have put some tips together that we think anyone who is looking into property should look into, we’ve complied these tips with the following in mind –
- Have a basic knowledge of relevant law, this means that you are less likely to break a law when renting out a property. This can be a big issue if you rent out a HMO, which is basically a multiple occupancy house, which has strict regulations that a lot of landlords don’t fully understand.
- Choose your tenants very carefully, this is a key tip when choosing who you want in your property. Although a lot of estate agents like ourselves have a referencing system in place which will help to narrow the tenants down, some can slip through and cause you problems, late rent, damage to the property and just general ignorance can be big issues for landlords who haven’t picked their tenants quite so carefully.
- If the property has gas appliances – make sure it has all necessary certificates. By law you should always have a gas certificate in place to show that everything is in working order, and that it is safe to be used by the tenants.
- Don’t over do the rent, this is a big problem for landlords as you may think it’s worth £100 or more over what the agency has valued it at. Even if you were to get an estate agents who were willing to put it on the market for as much as you want there might not be many people interested as they know its overpriced, which could mean you are being left with an empty property for a few months.
- Make sure the tenancy is legit, this means getting a contract put together that will cover you and outlines all the obligations of the tenants. It is also key to make sure all the tenants living in the house sign the contract, as without their signatures on the contract it doesn’t really mean anything.
- Make sure any referees are aware that you have completed an application, as this will stop any delays from occurring. A lot of applications can take longer because people are unaware of what they need to do, its best to inform your employers beforehand so the delays areminimised.
- The landlord should always give you a date and time of when he plans to visit; there should never be a time where a landlord invites himself in without prior consent from yourself.
- Always make sure you know all the prior fees that will need to be paid before you move in as this can catch a lot of people out, it is always wise to ask the agency you are going through about the fees that they charge so that you can work out if you will be able to afford everything before you move in.
- Always get the landlords permission before carrying out any decorating. This is always just a precautionary measure so that the landlord can’t say you did it without prior consent, unless stated in the contract it is best just to seek their permission for any changes you will be doing to the property.
- If signing the lease with other people be aware that you may be liable for any damages that they cause or if they are unable to pay their share of the rent you will have to pay the difference. If you are moving in with friends and you know they wont be able to pay their share of the monthly rent always be prepared to have to make up their share so your rent isn’t late every month.
- Always invite more than 1 agent to value the property. Each agent could have his or her own version of how much the property is worth but it should allow you to have a figure in mind of how much the property is worth.
- Complete any little jobs that you’ve been meaning to do for past few years. Everyone has little jobs that need to be done such as filling in some holes, fixing the loose floorboards or paste down the wallpaper that has fallen off. While we’re not saying to redecorate the property fixing the littlebits will help the house to look more appealing to potential buyers.
- Accommodate potential buyers, this means trying to work around their times for viewings rather than them working around you.
- Clear the outside of the property out, many potential buyers will drive past when they are looking to organise a viewing. Having a front garden full of rubbish will never help you to sell the house because the first thing a person will think is what condition is the actual house in.
- De clutter and clean the house before any potential buyers come round. A lot of buyers can be put off if there is a lot of rubbish spread around the house or if the house just isn’t clean. Its best to give the house a clean top to bottom in order to be able to impress any potential buyers that come round to view the house.
- Always set a budget. Set a reasonable budget that will enable you to be able to pay for the house and also all the other little bits that come when buying a house this can include, solicitors, removal costs and any work that the property may need doing to it. These can all mount up so make sure you set a budget, which can accommodate for it all.
- Always keep in mind what the original selling price is for the property your viewing, and try not to make low offers that are bound to be rejected. Ask the agents opinion on the offer you’re making, as they are more likely to have a better understanding of what the seller will and won’t accept.
- Check the area of the property you are viewing. Key things like public transport, school and shops can all make a big impact on where you move. If you have researched the property beforehand then you will know that the nearest school is only a 10 minutes walk rather than viewing the property and realising the nearest school is an hour bus trip away.
- Make sure you have all the legal documents ready and waiting to be used. If you have to spend a few days trying to find things it can slow down the sale and potentially you could loose the property if it is taking so long which is why it is best to have all the documents sorted and ready to go.
- Check the property you are viewing for any damages as once you’ve bought the property they will become your issue to sort out. Make sure you are having a good look around the property and behind anything that looks as if it could be hiding something as this way you are less likely to have any surprises waiting for you once you’ve bought the property.