There are many reasons why home owners become buy to let landlords. Most people choose to do it as part of an investment plan as it can pay well and sometimes provides a good pension. Some people need to rent their homes out for other reasons, they need to move home for work or family reasons or they go abroad for a long period.
Whatever the reasons, there are an increasing number of buy to let homes coming on the market which means that competition for tenants can be fierce. So, what can you do to make sure your property doesn't stand empty for a long time? How do you appeal to tenants and rent it out fast?
The first thing to consider is what the professionals call "kerb appeal". How does your building look from the road? Is it neat and appealing or dirty and unappealing? Most people make judgements before they set foot inside a property so tidying up the outside of your house is the first step to making it appealing to tenants.
Secondly, what's the first impression like when you open the door? How does it smell? Is the paintwork clean and tidy? What are the carpets like? These are small things that don't cost a lot of money to correct but are often disregarded. A quick lick of paint and a clean carpet can make the difference between a house that stays on the market and one that lets out quickly.
If you are letting the property with furniture then it might be worth investing in some new furnishings. Nothing is more likely to put off a possible tenant than a dirty, uncomfortable bed so it might pay in the long run to get a new one. Don't forget, it doesn't have to be new, good quality second hand items are available.
Once you've managed to find a tenant, the next step is to ensure that you have the right Buy to let insurance.
If you are a first time landlord, getting the right insurance can be quite complex. You've possibly arranged home insurance for the house you live in but insuring a buy to let property is quite different. So what are the crucial things you need to know?
Well you will need buildings insurance, that's crucial. If the home falls down you will need to be covered and, as with a standard mortgage, it's almost certain that your buy let mortgage provider will insist on a certain level of buildings cover. But what about contents insurance? That depends on a couple of things. Firstly, are you renting the property furnished or unfurnished? If it's furnished then you will need satisfactory cover to replace every item in the home if it gets damaged or stolen. You'll need an inventory to detail these items and you'll need to gauge the level of cover that you require.
If it's not furnished you may still need a lower level of contents insurance to cover other items from damage. Things like doors, cupboards and fittings may benefit from this. Ultimately, as a new landlord, it's your decision to weigh the costs of insurance against the risk of damage.
Normal home insurance doesn't cover you for the wear and tear of being a landlord. That's why insurance companies have devised Landlords insurance specifically for buy to let properties.
Author Resource:-
Doug Walker Dip CII is General Manager of Academy Insurance Services Ltd. Academy is an independent insurance broker specialising in niche insurance markets such as buy to let property insurance and unoccupied property insurance.
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