If you own your own property, what do you do with it if it’s going to be left empty for a while? There are many reasons why you might not need your property to live in for some time, whether you’ve decided to embark on the trip of a lifetime around the world or are moving in with a family member for a while to help them out. But, whatever you’re doing, you’ll still need to pay the mortgage on your property and make sure that it’s safe. Getting a short-term tenant in might be the best option, since you can leave them to look after your property and pay the bills, and depending on how much you pay for your mortgage, you might even be able to make a profit from it. So, what do you need to do before you rent your house out to a tenant?
Safety Checks
First of all, you will need to make sure that your property is safe for tenants to move into. If you live in a relatively new build property, this shouldn’t be too much of an issue compared to an older house. You will need to ensure that the boiler is working correctly and passes all Gas Safe tests; this will need to be kept up annually along with annual servicing for the duration of the tenancy or tenancies. You’ll also need to check that the electrical wiring is safe and make sure that smoke alarms and carbon monoxide alarms are installed in the property. Check for any slip and trip hazards, too, particularly around stairs or on tiled or wooden floors.
Insurance
Landlord insurance is an absolute essential before you rent your home out to a tenant. Even if you’re fairly sure that you can trust your tenant to look after your property, you don’t want to take any chances because accidental damage can happen at any time, no matter how careful your tenant is. Get landlord insurance that will also make sure that you’re covered for anything that could go wrong with the property as a result of general wear and tear, too.
Decor and Furniture
You’ll also need to decide whether or not you are going to provide furniture for your tenants and if so, how much. If you already have white goods and household furniture in your property like a washing machine, fridge and freezer, a sofa, bed and wardrobes that you’re not going to be using while you’re renting your property out, then it might be an ideal option to leave these for the tenant to use. Furnished properties also tend to attract higher rent since there’s no need for the tenant to spend extra money on getting their own stuff. Finally, give the property a fresh lick of paint and touch up the decor to make sure it’s pleasant to move into.
If your property is going to be left empty for a while, renting it out to a tenant is an ideal way to make some money to cover your mortgage payments and keep your house safe while you’re away.
