There are some things which every student landlord must know before letting out their property. If you’re thinking of becoming a student landlord or becoming a student landlord soon, you must check out these 5 quick tips to prepare you when letting out your property.
What's in this guide?
Do your research
Research, research, research. If you want to make the most out of your investment and ensure you’re competing with rental prices, in-depth research is a must. Take a look at Rightmove or Zoopla and find similar properties in the area to get an indication of the rental costs.
It’s also worth checking to see if you need to register your rental property for multiple-occupancy.
Inspect your property regularly
Popping into your property at least every quarter is a great way to keep track of the condition of it and record any damage or mess. Use this opportunity to get your tenants to clean or fix any problems, so come the end of the tenancy, there will be less of a rush.
If you notice any mould, it’s great to get on top of it. Bare in mind that mould is not always the tenant’s fault and can be related to the structure of the building so try to find the root cause of it. It’s important to communicate with your tenants and ensure rooms are being properly aired or heated.
Health and safety checks
1. Water is very important, also A gas safety check by a certified engineer to ensure your property aligns with gas safety regulations.
2. Eletricity connection, An EPC check is due every ten years, or earlier if you have made any energy saving changes. Find an accredited domestic energy assistant to undertake the check.
3. Smoke detectors on every floor of the property and must be wired into the mains.
Inventory checks
Inventory checks are the incredibly important when it comes to check in and check out days. Take photos of everything, any marks on the walls or carpet, the condition of the rooms and even the oven. Have a full inventory list of everything left in the property, including the number of spoons you have in the drawer. Give your tenants time to check everything over and agree to the inventory check so come the end of the tenancy, you have photographic proof and tenant signatures to back up your claims.
Improve efficiency
Having a “green” property is becoming more and more important to students and they look to save anywhere they can. Efficiency is must and here’s what you need to do to improve it:
1. Replace existing low-energy lighting with LEDs – a really simple and inexpensive change to introduce immediately.
2. Insulate the loft with decent insulation – it can save up to £160 on average each year.
3. Upgrade the boiler and central heating system – inefficient boilers can add more than £200 to your energy bills.
4. Double glazing windows – the initial investment is fairly high but will trap more heat indoors and save money in the long term.
Keep your tenants happy
Having a good relationship with your tenants is a must. If there are any problems, you want to have good communication with them. The best way to manage your relationship with them is being prepared to deal with complaints or problems immediately, sorting out repairs and chasing rents. Be respectful of your tenants but firmly enforce rules of the tenancy agreement and payment terms.
To reduce the hassle of chasing rents, we recommend making the rental due dates tie in with student loans or payment days for part-time jobs.
