How do I rent out my property?

How Do I Rent Out My Property?

One of the first steps in renting out your property is to check whether you need a license – you can do this by consulting your local council prior to placing your property on the market for rent. If your local authority has introduced landlord licensing then it will be illegal to operate without one.

Why Rent Your Property?

Renting your property is a great way of gaining additional income and kickstarting a potential portfolio of other properties. Renting out your home can provide you with a steady income stream alongside any other work commitments you may have.

If you are looking to get into the world of property professionally, renting property is a great way to start. It allows you to experiment with renovating, buying and marketing the property without running the risk of not getting the money that you require straight away. The housing market is constantly fluctuating, so buying and selling can be a risk – a risk that renting avoids.

How Much Does it Cost to Rent a Property?

Renting out a property is an increasingly popular way to earn a comfortable income. However, as a new landlord, it is important to take into account the expenses and fees that come with renting. The cost of renting a property depends on various factors, including the property type, the length of your contracts and the nature of your rentals.

We recommend contacting a local agent to arrange a valuation of your property: make sure to ask about any upfront costs, management fees, or tenant-find fees depending on the level of involvement you wish to have.

Steps to Rent Your Property

Whilst there is no set way to rent out a property (the process can vary widely depending on your property, background and set up etc) – there are some key steps that should be taken to prepare.

• Research the most acclaimed agencies in your area: finding an estate agency with ARLA qualification and a good knowledge of your local neighbourhood is particularly helpful
• Arrange a valuation: request a market appraisal to see how much rent you could ask for, and ask if there is anything that could increase the value of the property. Can you include parking? Will you accept pets? Will the property be offered with furnishings?
• Prepare certificates: keep scrolling for our comprehensive list of necessary certificates you’ll need!
• Get it listed: ask your estate agent to take some photos, agree on a rental price, and put your property out on portals
• Choose a tenant: with the rental market being so competitive at the moment, expect to see more than one tenancy application being sent for your consideration! Think about the number of occupants that would best suit your property, if tenants have a good track record with their previous landlords, and if they have a stable income to pay your rent

What Certificates Do You Need to Rent Out a Property?

Some of the certificates required to rent out a property include:

• Energy Performance Certificate (EPC)
• Electrical Safety Certificate (EICR)
• Gas Safety Certificate
• Legionella risk assessment
• Fire safety risk assessment
• Deposit Protection Paperwork
• Governments ‘How to Rent’ checklist
• For the most part, these are essential certifications and you will not be able to rent out your property without them.

Types of Property Rentals

If you own a property, it is likely that you will be able to rent it out, no matter what type it is. However, some of the most common types of property rental include:

• House
• Apartment
• Maisonette
• Mobile home
• Holiday home

The regulations in place for renting vary depending on the property type, and are changed regularly: consult a member of our letting team for our latest update

Get in Touch With Centrick

Centrick is here to help you with renting out your property. Our experienced lettings team has an in-depth understanding of the market. They will work to achieve maximum rental value and always know how important it is to deliver a friendly and efficient service, from the first contact to letting and beyond.