What you need to know before renting out a premium property
There are countless reasons that you may have decided to rent out a property rather than sell up. More and more large high-end properties are coming to the rental market, and more high-calibre people are looking to rent rather than buy.
But what do you need to know before renting out your exceptional property?
There are countless reasons that you may have decided to rent out a property rather than sell up. Even if the property itself is not your average rental property, but something a little more unique.
Perhaps you are relocating but want to keep hold of your old property? Or maybe you are two families coming together and are not ready to sell one of your homes? Or perhaps you are going travelling for a year to explore the world, and of course, will still want your family home to live in when you return from your far-flung adventures.
Either way, more and more large high-end properties are coming to the rental market, and more high-calibre people are looking to rent rather than buy.
But what do you need to know before renting out your exceptional property?
Who will live there? A high-end tenant is more likely to want high-end fittings. Finishing the property to a high standard throughout will allow the quality to shine through and could mean that you secure an excellent tenant.
Built to last. As the old saying goes, buy cheap, buy twice. Either you fit the property out cheaply(-ish), intending to renew everything before you move back in, or you fit good quality fittings and know they will stand the test of time. If you fit the property out with cheap kitchen units and low-quality carpet, it would stand to reason that they probably won't last awfully well, and you may need to replace them quite frequently. Good quality lasts, so you have to choose.
Insurance. Boring but a fact. You need landlord-specific insurance for the property to ensure that you are covered for any eventuality.
Mortgage. If you still have a mortgage on the property, you will need to inform the lender of your need to let the property and either obtain consent to let or remortgage the property onto a buy-to-let mortgage deal.
Deep clean. Arrange for a cleaner to do a thorough deep clean of the entire property before the tenancy starts, and the tenant will likely do the same when they vacate. The cleaner a property is before a tenancy begins, the better it will be when you get it back.
Management. Renting out a property is a big task and is even more challenging if it is a large, unique home. Employ a professional management agent to look after the legal elements of the tenancy and maintenance during the contract.
Consider what you are leaving. It is probably wise not to leave anything sentimental, such as a family heirloom, in the property. Likewise, remove any valuable artwork or antiques. You can never guarantee that accidents won't happen; it is simply not worth the risk.
If you have a property you are not going to be living in but were not aware that it could be rented out, get in touch with our By Design property experts for advice. You might be surprised at the potential rent you could earn, and the property will be lived in and maintained whilst you are not there.
