Property Saviour logo
Call Me Back, Please

How To Rent Out A Property?

Property Saviour » Landlord » How To Rent Out A Property?

The housing market is worth millions today, making it an ideal period to gain knowledge about how to let your properties! Private renting is a popular trend in modern London and there is no better time than now to discover how to tap into this profitable business.

Becoming a landlord for the first time by renting out a house privately is a great way to make money. Here are some helpful tips to get you started as a new private landlord and help you make plenty of money!

Table of Contents

The Responsibilities of Private Landlords

As a private landlord with private rentals, you have to take care of your tenants. Ensure all electrical systems, gas lines and other household systems are up-to-date. Schedule a gas safety check if necessary, so you can provide a gas safety certificate to potential renters.

Make sure your tenants are eligible to rent in England and Wales and protect their money through Tenant Deposit Protection schemes. Ensure all smoke detectors, fire alarms and other safety equipment are working when the tenants move in.

You are also obligated to pay income tax on the property and carry out regular home inspections to keep it habitable.

Keeping Private Houses For Rent in Good Working Order

As a private landlord, you must make sure that the property you rent is kept in good working order and that all repairs are done promptly.

You must schedule at least 24 hours in advance before you enter a rented house, and the tenants have the legal right to be present during any of your inspections. You are responsible for repairs to the property’s structure, plumbing, heating, hot water, and any damage that may occur during repairs.

All other repairs, such as sheetrock, roofing, and major appliances, are the tenants’ responsibility.

If multiple dwellings are sharing a common area, like a stairwell or hallway, you are responsible for repairs in these areas too. If you do not make repairs, tenants can take you to court. To avoid this, it is best to simply fix and maintain the property.

Depending on how disruptive the repairs are, tenants may be able to claim a rent abatement as compensation for the problems they are facing.

This is like a discount on their rent, as they are not getting the same quality that they usually pay for.

How To Rent Out A Property
Ensure all electrical systems, gas lines and other household systems are up-to-date. Schedule a gas safety check if necessary, so you can provide a gas safety certificate to potential renters.

What Makes A Property an HMO?

If you are renting room in a house, then you will need to apply for a HMO licence.

But, what is an HMO? It is a property where a group of people live, who are not related to each other, and share common areas, such as the kitchen or bathroom.

If the property has three or more tenants who are not related, then it needs to be licensed as an HMO. If there are five or more tenants who are not related, then the property must be registered with the local council. If this is not done, legal action may be taken against the landlord.

Before any changes are made to the property or the living situation of the tenants, both the landlord and the council must be informed.

Tenancy Agreements and Rent

When listing private houses for rent, it is important to understand that tenant agreements and rent amounts can be tricky.

If you’re looking to make more money, you can only increase rent once a year, and only by a ‘fair and realistic’ margin. You and your tenants must agree to a written contract that details the new rent amount, and you must fill out Form 4: Landlord’s Notice for the new rent to take effect.

Your tenants must be given at least one month’s notice before you make any rent increase, and they must agree to the previous terms and procedures.

If they feel that the rent is too high or unfair in some other way, they can take it up with the First Tier Property Tribunal, which hears disputes between tenants and landlords.

If Your Tenants Have Issues With Their Accommodations

Private landlords can be hard to come by, but tenants often end up satisfied with the homes they have rented. If you and your tenant find yourselves in a disagreement, there are a few ways to avoid a court battle.

Talking face-to-face and trying to reach an understanding is the best option. Additionally, if the tenant’s appliance is part of the building’s structure, plumbing, or common areas, you must repair it.

If this doesn’t work, writing letters, using a mediation service, or taking it to small claims court are viable options.

However, court should be the absolute last resort and not taken lightly. If tenants feel you have been unfair to them, they may tell their friends not to rent from you, so it is important to treat them well.

How To Rent Your Property
As a landlord, you must be prepared to deal with disputes, power outages, and other issues to ensure that your tenants get what they are paying for.

Learning How To Rent Your Property

Renting out private properties can be a challenge if you are unfamiliar with the real estate industry. As a landlord, you must be prepared to deal with disputes, power outages, and other issues to ensure that your tenants get what they are paying for.  Learn how to be a good landlord.

Private rentals can be beneficial for tenants and a source of income for you. If you are thinking of investing in private property for rent, then it could be a very profitable venture provided you follow these useful tips.

Any thoughts about selling your home?

Are you looking to sell your house? We buy houses in any condition. Get in touch if you are thinking of selling.

auction hammer

Property Saviour Price Promise

  • The price we’ll offer is the price that you will receive with no hidden deductions.
  • Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
  • These valuations or surveys result in delays and price reductions later on.
  • We are cash buyers.  There are no surveys.
  • We always provide proof of funds with every formal offer issued.
calculator

We'll Pay £1,500 Towards Your Legal Fees

  • No long exclusivity agreement to sign because we are the buyers.
  • You are welcome to use your own solicitor. 
  • If you don’t have one, we can ask our solicitors for recommendations.
  • We share our solicitor’s details and issue a Memorandum of Sale. 
Sell

Sell With Certainty & Speed

  • Our approach is transparent and ethical, which is why sellers trust us.
  • 100% Discretion guaranteed. 
  • If you have another buyer, you can put us in a contracts race to see who completes first.
  • Complete in 10 days or at a timescale that works for you.  You are in control.

Sell with certainty & speed

Share This Article:

Related Articles

Skip to content