Master The Basics Of Renting Out Your Essex Home

As an owner, you have the right to rent out your home. This entitlement comes with responsibilities. The producer of the home must be licensed to operate under the Residential Tenancies Act. Rules and regulations exist to ensure tenants are being adequately cared for and that landlords are being fair in their rent charges. In this article you'll find a list of things you need to know about renting out your Essex home.

A full breakdown can be found on the gov.uk website for Landlord and tenant rights: https://www.gov.uk/government/publications/landlord-and-tenant-rights-and-responsibilities-in-the-private-rented-sector/landlord-and-tenant-rights-and-responsibilities-in-the-private-rented-sector

Consider Your Personal Finances

Before you rent out your home consider your personal finances. There are many factors that can be considered when renting out your home such as finding the right tenant, maintenance and legal procedures.

Budget For Future Repairs And Renovations

What, specifically, should a prospective landlord ask prospective tenants to budget for after damaging their property? I think this varies from tenant to tenant but mostly it depends on how serious the damage is. It's your materials, craftsmanship and time. If you are trying to fix up a house, unfortunately, it's likely not going to be low-level repairs like replacing lightbulbs. It may be major renovations like redecorating the whole house, remodelling baths/there are new cabinets in the kitchen (which may be a one-off cost) etc. In other words, make sure you prioritize the repair work over everything else for initial inspections.

Set Up A Proper Agreement With Your Tenant

Landlords and tenants have a few things in common. Understanding these commonalities will help your tenant in running their rented property well.

For instance, if you fail to provide proper paperwork for renting out your property to tenants, then you may land in trouble with the government and be fined heavily. Landlords but also tenants should maintain proper documentation in their possession. This will reduce issues and increase the chances of getting a good tenant. Is this a difficult proposition? If yes, then you are most likely among the few that find paperwork to be very daunting. The pressure to get things done quickly and cheaply can be overwhelming, but it’s necessary if we want our country’s prosperity.

If you are unsure what agreement you need to have in place then contact Lawrence Antony Homes on

01268 778333
or email info@lawrenceantonyhomes.co.uk

Get it Fully-Managed by an Estate Agent in Essex

If you’re looking to rent out your Essex home one of the most important things to consider is what your future tenants will do to the property once they move in. Either they will love it, or be indifferent toward it. Either way, working with a professional property manager can help you determine what repairs/renovations to do before or after the tenants move in.

Find The Appropriate Insurance Carrier

Rent guarantee insurance, also known as tenant default insurance, is a common type of cover you can add on to your landlord policy. It can protect you from the serious financial implications if tenants don’t pay their rent as buying a property is the biggest financial commitment that most of us ever make.

In the current economic climate, with banks becoming increasingly fussy about who they will lend to, it’s more important than ever to get professional, impartial advice on what mortgage is best for your circumstances.

Our financial advisor is totally independent and will check the whole mortgage marketplace to find you the best rate in the comfort of your own home at a time to suit you.

Thinking about Property Management for your Essex Property?

Our Comprehensive Management Package:

This invaluable part of our letting package includes the following:

• Rent Collection paid direct into your bank within 24 hours.
• Tenancy agreements.
• Initial Inspection after 30 days of moving in.
• Quarterly property inspections.
• All inspection report are detailed with photographs.
• Rental Arrears Management.
• Tenant emergency phone lines 24/7.
• Trusted professional contractors for maintenance and repair.

Comprehensive Management Legal Expenses & Rent Guarantee:

• Includes our standard management services.
• Professional free inventory & check out.
• Rent guarantee insurance.
• Malicious damage cover.
• Available on a 6 or 12 month basis.

Other Requirements:

In order to comply with the current requirements for letting your property in the UK, we require the following to be carried out on the property prior to marketing:

Energy Performance Certificate (EPC) - valid for 10 years with a rating of 'E' or above. Landlords Gas Safety Certificate - valid for 1 year. Electrical condition report - valid for 5 years.