Think You Are Ready to Become a Landlord? Make Sure You Read Our Checklist

Letting property nowadays can be a complicated process, but when you work with professionals like Caledonia Bureau who manage hundreds of let properties in the West of Scotland, you know you will have expert advice on all aspects of letting procedure, legal obligation and maximising returns through pro-active management and superior customer service.

We have put together a quick checklist to help you get ready to put your first rental property on the market, as there are a few essential steps to ensure you are legally compliant but also that your property is ready for its first tenants. The more prepared you are, the easier and less stressful finding and keeping a good tenant will be.

1.     Is the property ready? You might need to un-clutter and do some maintenance job to make sure the property looks appealing to potential tenants. The easiest way to figure how much you should invest in that home is – would you live there? If the answer is yes then you are most likely on the right track.

2.     Does the property comply with all rules and regulations? There are many laws around health and safety for letting property, like the regulations around Smoke alarms and carbon monoxide alarms. Also, all residential properties which are rented out must now have a risk assessment undertaken to determine the risk of Legionella, and must comply to the Gas Safety Regulations 1998, as well as the Furniture and Furnishings (Fire) (Safety) (Amendment) Regulation 1993. While all this might look daunting, we have gone through the entire process with many landlords and will know exactly what needs to be done.

3.     Mortgage and insurance. When you decide to rent out property, you have to let your lender know as mortgage conditions differ for second homes and buy to let. The next step will be looking into specialist landlord insurance. Many companies offer now specialist policies that will cover risks that are specific to renting out property like Buildings insurance, including accidental damage and subsidence, Contents cover, including accidental damage or Loss of rent, with an indemnity period of 12, 24 or 36 months.

4.     Your letting plan. An important step in getting your property ready to let is defining your target market. Is your home suitable for families or for young professionals? Is it ideal for commuting? When taking property photos and marketing it we will keep all that in mind and bring the best

5.     Keep up to date. At Caledonia Bureau we will be with you every step of the way through all the process of getting your property ready to letting it in the best possible conditions. Our eProperty system allows you to keep up to date with viewers, feedback and track our progress across the entire letting contract.

With an experienced letting agent like Caledonia Bureau, we make sure we do the hardest parts for you, so becoming a landlord can be a very easy process. If you would like to find out more about becoming a landlord or how much your property would rent out for, why not give your local Caledonia branch a call today?!

As one of the West of Scotland’s longest-standing estate agents, we have had lots of experience managing the ups and downs of the housing market in recent times, so you can be confident you’ll be in safe hands when working with us. With an expert team by your side and a variety of properties on offer, including both property to let and homes for sale, Caledonia Bureau are confident that we can match you with the right home. Give our friendly team a call today, choosing from our offices in Clydebank, Helensburgh, Dumbarton and Paisley.

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