If you have an apartment that you want to rent out then you need to know what you have to do to get it ready. There are a number of steps that you should take to ensure that your apartment is ready for tenants.
Get A Good Agent
While it is possible to directly rent your home to your tenant, it is recommended that you get a letting agent. The agent will be able to help with the screening of applicants and will be able to complete viewings for you. A lot of letting agents will also take care of collecting the rent each month and will be the first port of call in case of any problems.
When looking for an agent you will need to ensure that they have experience in the apartment rental market. You should also find out what they charge for you to use them. If they are only going to handle the sourcing of tenants and the legal documents then you may be charged a one-off fee. However, if they are providing the full service to you then they are likely to take an amount off the rent each month.
Know The Tenants You Want
Before you rent out your apartment you need to consider what tenants you want. Are you going to be happy with small children in the apartment and are you going to be allowing pets? While some of the tenant restrictions could come from the terms of the apartment complex, you have to consider who you want in your apartment. You will need to provide the letting agent with this information to ensure that they screen the potential tenant correctly.
Know Your Legal Responsibilities
If you have a letting agency handle everything they will generally take care of the legal requirements. However, it is important that you know what they are to ensure that you are covered. The apartment will need to have an energy performance certification as well as a gas safety certification if gas is used. You may also be required to take out landlord insurance.
Think About Tenancy Terms
The letting agency will generally draw up the tenancy agreement, but you will need to be happy with the terms in place. You need to consider the period of the tenancy that you are happy with as well as the notice to leave that the tenant will need to give. You should also consider what the rental amounts are going to be for the term of the tenancy.