In recent years we have experienced an unprecedented increase in demand for properties to let in the Harrow area. The key to a successful return on your investment lies in factors such as its location, tenant demand, rent levels and property type.
Preparing a property for letting
One of the first things to consider when planning to let a property is whether it is subject to a mortgage. The mortgagee must provide permission, if this is not possible you may be able to re-mortgage with an appropriate buy-to-let specialist.
You should also arrange the appropriate lettings insurance to cover both the property and its contents. Buildings and contents insurance will protect your investment, while the tenant’s own insurance will cover their own personal contents.
Designing the ideal decor
The decor is something which can make your property stand out from others in the area. We recommend choosing fresh neutral colours and investing in high-quality finishes. A well-presented interior will attract quality tenants which are likely to care for your investment.
Unfurnished or furnished?
The majority of tenant’s search for unfurnished properties, which usually include curtains, carpets and a cooker. If your property is furnished, it is worth considering the level of demand in the area for that specific property type.
Any domestic appliances included in the property should be in good condition and regularly serviced. By leaving complete instructions in the property, future tenants will be able to easily operate any appliances which will reduce the need for any call outs. In addition, all appliances which use gas or electricity should meet the various legal safety requirements.
Legal Aspects which every landlord needs to perform or consider
The legal requirement for renting out a properties can be daunting and complex. The following bullet point list will give you some guidance. It is my no means comprehensive list as laws are constantly being implemented. Landlords should take independent legal guidance and at no point Albert Grace Property will be liable.
A landlords needs consider and have in place:
- Energy Performance Certificate (EPC)
- Gas Safety Certificate
- Electric Safety Certificate (although it's not mandatory at the moment but always its best practice to have one in place)
- Tenant Deposit Protection
- Local authorities have implemented robust licensing such as selective license, additional licenses, and HMO. To find out more call your local council.
- Assured Shorthold Tenancy contracts
The most basic service we offer is our let only offering, which is charged at 5% + VAT off rent achieved. We will discuss the various marketing strategies and advertise your property through popular online portals and our own website. Our team will quickly identify quality tenants and carry out full references of the applicants. Once we have let the property, we will arrange the necessary tenancy agreement and a comprehensive inventory.
In addition to finding you a tenant we can also provide a convenient rent collection service, which is charged at 8% + VAT off rent achieved. Each month we will collect the rent and if required chase any arrears. Once the let comes to an end our team will arrange a thorough inspection of the property, a report and the release of the deposit.
Our most comprehensive offering is our fully managed service, which is charged at a competitive 10% + VAT off rent achieved. In addition to the above services, you will benefit from the assistance of a dedicated property manager. We will carry out regular inspections throughout the tenancy and process all maintenance issues whenever they arise. The team will also organised all compliance reports and certificates.
It is our goal to help you achieve high yields and complete peace of mind, which is why we are known for our methodical, reliable and honest approach. To find out more, please contact our team.