Looking to let your property in York? Our top 5 tips


Letting a property- as a buy-to-let landlord or similar- is a highly rewarding activity! But for a stress-free and successful letting experience, take a moment to put a plan of action together.

Here are our top 5 tips for letting property in York.

1. Get the Property Ready

paint pot and roller

Whether you’re letting an entire house or just one room, you want your property to be in prime condition. That’s why we recommend getting your property ship-shape before finishing the letting process.

April is actually National Decorating Month in the UK, so now is a great time to revitalise your property. You don’t have to do anything too complicated; repainting walls with crisp, neutral tones is a simple way to refresh a space. Carpets are subject to plenty of wear and tear, too, so another ideal project for redecorating. Low-cost ways to add some character to your property are placing some potted plants and accessories like colourful accent cushions around the room.

Alternatively, get some inspiration from the latest home decor trends. There are several different popular trends that we’ve collected for your convenience in our 2018 colour trends article.

Looks aren’t all though, as testing appliances is part of the get your property ready checklist. Remember, you can visit the Health and Safety Executive website for tips on maintaining electrical equipment plus the Gas Safe Register website to find a qualified gas engineer- a must if your boiler isn’t working properly.

2. Plan your Finances

coins and bank notes

Money is always a tricky topic, but don’t leave the finance plan to the last minute. This refers not only to working out what type of tenancy you want to let out your property in York for, but also to the overall asking price. We’ll go into more detail of the later in the next point, but in summary you’ll need to plan the overall costs of the property, which includes the mortgage and any ongoing costs.

Tenancy types to consider:

– An excluded tenancy means you let one room in your house to a lodger. You will share other rooms of the house- like the kitchen and bathroom- with the lodger, but the overall rent is lower.

– An assured shorthand tenancy is when you let an entire property- like a house or flat- to someone. You don’t share any part of the property with the tenant, and the tenancy runs for a fixed term of at least 6 months.

Mortgage

If you’re buying a property to let it out, you’ll need a special kind of mortgage called a buy to let mortgage. To qualify for one you will need to own your home, have a good credit record and earn at least 25,000 a year. You’ll also need to show the rent you earn from tenants can cover the mortgage payments. You can read more about buy to let mortgages here.

Potential ongoing costs:

There are other ongoing costs to think about. You’ll need to account for general upkeep of the property, repairs, and potential ‘void periods’- when you have no tenants or lodgers in your property. You also need to pay for an Energy Performance Certificate (though you only need to renew it every 10 years), smoke and carbon monoxide alarms, and furniture if you’re advertising a furnished property.

3. Make Your Property Attractive

laptop and hot drink

Setting the price

Once you’ve found a property to let in York, you need to make sure it’s priced properly. Having rent that’s too high can price most tenants out of the market. Having it too low means you may struggle to cover your mortgage payments and other expenses.

The best way to work out the right price for your property in York is to speak to a local property expert like Quantum. Price is dependent on several factors such as location, size of the property and whether it’s furnished or unfurnished. While it’s good to do some of your own research to have an idea of what monthly rent to set, our team at Quantum offers expert advise you on rent prices for York and can support you to find what’s most effective for your property.

Marketing your property

At Quantum we support our landlords by advertising properties across the biggest property search sites such as Rightmove, Zoopla and PrimeLocation.

We’ll also help your property shine through expert and top quality photography. Have a closer look at how our let it shine process can help you.

4. Avoid Common Mistakes

stop sign in countryside

If you’re letting for the first time, there are some common pitfalls to avoid. Or if you’ve been a landlord for many years, it’s nevertheless a good idea to keep an eye on common mistakes.

Landlord admin errors

Tax

One of the most important admin tasks as a landlord is paying tax on the rent you receive from tenants. Landlords pay income tax on their rental income, minus their day-to-day running expenses.

According to the government, you also need to pay Class 2 national insurance if you make profits of £5,965 a year and your letting counts as a business. You’re running a business in the government’s eyes if being a landlord is your main job, you rent out multiple properties and you plan to buy new ones in the future.

Insurance

Another thing you need to do is get the right insurance for the property. If someone living in your property has an accident or their property is damaged, they may want to claim compensation from you. Landlord liability insurance protects you against legal fees and compensation costs, which can be extremely high in some cases. Depending on where you live, local authorities may require landlords to have a certain level of cover. Speak to Quantum to find out what York authorities expect from landlords.

Tenant deposits

Make sure you put your tenant’s deposit in a government-approved deposit scheme. You need to put the money in the scheme within 30 days of receiving it, and return it to the tenant within 10 days of agreeing what they’re owed. Mistakes when handling tenant deposits can result in you having to repay the deposit three times over to your tenant.

Advertising mistakes

When advertising a property make sure you don’t use exclude specific groups or us any discriminatory language.

Last year the Independent reported that one of the UK’s biggest landlords had instructed his agents not to let his properties out to certain groups of people like single parents, victims of domestic abuse and even plumbers.

While banning people you believe can’t afford the property from renting isn’t a criminal offence, banning people for reasons that fall under the ‘protected characteristics’ is.

5. Manage Your Property

plug and socket

Landlords have ongoing responsibilities, even after a property is let. Responsibilities include checking a tenant applicant has the right documentation to rent, ongoing property maintenance, collecting rent and managing the tenant’s deposit. You can find the full list of responsibilities in our landlord responsibilities guide.

However, not every landlord wants to take on all of these responsibilities alone and prefers a property expert to manage the let property on their behalf.

At Quantum we offer a managed let service where we:

–    Complete Right to Rent checks on tenants to ensure they can rent property legally in the UK.

–    Collect rent from tenants on your behalf, chase any late payments should these arise and send these directly to your bank account.

–    Visit your property and discuss maintenance issues with you and your tenants.

–    Handle any post-tenancy issues like dirty or untidy houses.

All this is available for a percentage of the property income, with no hidden commissions or fees.

Take the hard work out of being a landlord; give us a call on 01904 631631.

Or have a closer look at our managed service information here.

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Letting a property- as a buy-to-let landlord or similar- is a highly rewarding activity! But for a stress-free and successful letting experience, take a moment to put a plan of action together. Here are our top 5 tips for letting property in York. 1. Get the Property Ready Whether you’re letting an entire house or […]

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Letting a property- as a buy-to-let landlord or similar- is a highly rewarding activity! But for a stress-free and successful letting experience, take a moment to put a plan of action together. Here are our top 5 tips for letting property in York. 1. Get the Property Ready Whether you’re letting an entire house or […]

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