Are you an accidental landlord?
Many of our landlords didn’t plan to rent their property but overseas jobs, moving in with a partner or moving house and keeping their property as an investment are common reasons to start as a landlord.
Where do I start?
A conversation with us in the property you plan to rent is a great starting point. We can look around, give you an idea of everything you’ll need to do to get ready to rent and how much the property will rent for.
The kind of things we’ll discuss are:
Do I need to do anything to my home?
The best way to prepare your home is to think what you would do if you were planning to sell. To get the best rental price, and the best tenants, you want your property to look well presented. Maybe it’s time for a fresh coat of paint or perhaps there are a few small things that need fixing, such as that dripping tap or re-sealing around the bath? We can help spot anything that might need doing.
Furnished or unfurnished?
Most of the demand for rental properties in our area is for unfurnished properties. Most tenants already have their own furniture and white goods so will only expect and a cooker in the kitchen. It’s also sensible to leave curtains/blinds (or at least curtain poles) and a lawnmower if one is needed.
What about legal requirements?
We’ll go through this with you, as rental legislation has been very regularly updated in recent years, but as a starting point you should be aware that you’ll need:
• An annual gas safety check if you have gas – every year
• An EICR – Electrical Installation Condition Report – every 5 years
• An EPC – Energy Performance Certificate – this must be at least an E rating in order to rent the property – every 10 years
• Smoke and Carbon monoxide detectors (with expiry dates)
Which rental service do I need?
Every landlord is different, but if you’re new to renting property than you’ll need either our Guaranteed Rent or Fully Managed service.
We’ll ensure you stay compliant with rental legislation and be the point of contact for tenants. We can go through what’s included in the appointment so you can decide which is the best fit for you.
Help when you need it
Northwood can provide a one stop shop of services from the very beginning of your investment journey and all the way through. We can provide help in the following areas: –
• Viewings of properties on behalf of out of town or overseas landlords
• Advice on specific properties on the market
• Sales Negotiation to get a property at the right price.
• Obtaining finance including mortgage, insurance and protection needs
• Conveyancing solutions from forward thinking solicitors!
• Collections of keys on completion
• Organising quotes and carrying out maintenance work including full scale refurbishment and renovations
• Advertising the property for rental
• Managing the tenancy through the property’s life cycle
• Selling the property on when the time is right (maybe to another investor!)
