Posts Tagged ‘tenants’

If you’ve been letting property for a while, then the chances are that you may have come across a situation where a tenant wants to paint or decorate a room. But would you let them loose with a paintbrush in your property? We explore the pros and cons of letting tenants decorate.

The pros of letting tenants decorate

If you’ve been letting the property for a while, and it’s a long time since it was decorated, then it may be worth considering it if you’ve got a tenant who wants to give it a go. Even better if they have decorating experience, or simply want to put a new coat of paint in one room.

However, be sure to make it clear what they’re allowed to do and not do, preferably in writing. This includes which rooms they can touch and what they’re allowed to do, in terms of painting or wallpapering. You may even want to vet the colours or ideas, just in case they’ve very outlandish.

The cons of letting tenants decorate

Mention the decorating issue to landlords and some will always have horror stories to share. Although it may seem like a tempting offer to have someone else do the hard work for you, do you really want to put your property in their hands?

Horror stories of decorating gone wrong involve garish colours, badly hung wallpaper, bad painting, paint in areas that shouldn’t have been painted and half done jobs that were abandoned.

Realistically, you can never be 100% certain that tenants will do a decorating job properly, so if you’ve got any doubts about their ability or commitment, it’s best to do it yourself, or pay an expert to come in and do it. It’s the only way to avoid unwanted decorating nightmares.

It helps to have this covered in your paperwork and contract, so they know they can’t just whip out a tin of paint and start decorating when they feel like it.

If there’s no major need to decorate just yet, then a good time is always between rentals – as one tenant moves out, and before another arrives.

When you’re getting a property ready for letting, it’s easy to concentrate on making the inside presentable. But don’t forget to tackle the outside too, whether it’s a house or a flat, as the area leading up to your property is equally important and can make or break first impressions.

If you’re getting your property ready for its first ever viewings, or will soon be looking for new tenants, here are 10 top tips for maximising the kerb appeal of your property.

1. Clear the path

If there’s a path, driveway or steps leading up to the front of your property, then it’s good to make sure that it’s clear and clutter free when new tenants arrive for viewings. Sweeping up any old leaves, picking up litter or cutting back overhanging hedges will all improve your kerb appeal.

2. Paint the front door

If the front door is looking a bit drab and faded, then why not give it a quick lick of paint? It doesn’t take long and can significantly transform the look of your property. If you’re feeling brave, choose a bright colour in a gloss finish to really make your door stand out.

3. Ensure the windows are clean and presentable

People walking up to your property will notice the windows on their approach, so make sure they’re clean, and not sporting dirty marks.

It’s also worth checking the state of the window frames. If they’re rotten, think about whether it’s time to replace them, or if there’s paint peeling off them, give them a fresh coat. First impressions count and if the property looks cared for, it could attract more interest.

4. Ensure the number or house name are easy to spot

There’s nothing worse than a tenant not being able to find your property, or being unsure which one it is. So ensure the number or name is clearly displayed and easy to spot – as well as making a good first impression, it will make life easier for them once they’ve moved in too.

5. Get planting

A well-kept, smart looking garden is great for kerb appeal, but even if you don’t have much space, you can still pep up the entrance with the help of a few pots of plants. Spring flowers, like daffodils or crocuses, add a lovely splash of colour, or in the summer you could have a hanging basket.

6. Mow the lawn

If the property has a lawn out front, however large or small, then ensure that you’ve mown it, swept up bits of grass and trimmed the edges. Treat any patches of moss in the spring, and keep the lawn watered during hot summer spells. A well kept lawn will look instantly better than an unruly one.

7. Hide the bins

When you have limited space available outside, wheelie bins often have to end up at the front of your property. Sadly, although useful for rubbish needs, they’re not the most attractive thing to see as you walk up to a property.

Where possible, do what you can to hide the bins to minimise their impact – a simple piece of trellis or fencing in front of them can work well, for example.

8. Make sure the entrance is well lit

Most potential renters probably won’t be visiting your property at night, but people do often go back at different times of the day to check out the area. Making sure the entrance is well lit can make a difference and reassure tenants that they won’t end up scrabbling around in the dark to let themselves in at night.

9. Check the doorbell works

Whether your front door has a doorbell or knocker, make sure it’s easy to spot and works. There’s nothing worse than a tenant arriving at the door, but being unable to attract your attention.

10. Ensure letterboxes are clearly marked

If you’re letting a flat, then make sure individual letterboxes are available and clearly marked, as tenants will want to be assured that they’ll be able to get their post efficiently.

When you’re renting out a property, one of the tasks you need to do before you get a tenant is to create an inventory of everything that is in the property.

Not only does this help give the tenants an idea as to what is included in their rental, and what isn’t, but it’s also useful to have at the end of a tenancy, so you can identify any missing items, items that have changed, any damage caused to items or any extra items left behind that don’t belong there.

Creating Your Inventory

It may seem a bit tedious having to create an inventory, but it’s a worthwhile task, especially if any disputes occur further down the line.

Go through the property room by room and make a note of everything that is included in the rental for your tenants – curtains, kitchen equipment, furniture etc.

Make a detailed list of all the items, including:

* Details of the manufacturer, model and serial numbers.
* A good description of the item.
* Details of any bumps, scraps or defects the item currently has.

Many landlords are now choosing to photograph the inventory items too, as photos can be used at a later date if any issues arise over what was included or what condition it was in.

If you are going to photograph items, it’s a good idea to date printed photos. If you have any items of particular value, or simply want to be extra careful, then you could even sign and date them and get them counter-signed by the tenant at the start of the tenancy.

In addition to photo, you could also video the property, highlighting which rooms certain items are in.

A copy of the completed inventory should be given to your tenant, as well as the original being kept by you or your letting agent. Hopefully problems won’t occur, but if there are any minor – or major – quibbles, then the inventory can be highly valuable to have.

First impressions are important, especially when you’re putting your property on the lettings market and want to attract tenants. Research suggests that potential tenants make their mind up about a property within 30 seconds of entering the property. To ensure your property makes a great first impression, here are 10 top tips on preparing your property for viewing.

1. Make sure the area around the front door, or entrance to the property, is clean and tidy, as this is what prospective tenants will see first.

2. Keep any garden area, hedges, shrubs or bushes well maintained. Having the grass cut and the hedges trimmed makes a good first impression.

3. If you’re redecorating your property, opt for neutral colours. Neutral colours are preferable for property lets, as it keeps things simple and streamlined. If tenants want more colour, it can be added easily by using furniture and furnishings.

4. If you’re furnishing or partly furnishing a property, then choose good quality, but affordable, items that will last well, but not be a major disaster if you have to replace them.

5. Choose flooring with ease of cleaning and durability in mind. Laminate flooring, for example, looks good and is easy to keep clean.

6. The kitchen is regarded as an important room by many tenants and you can never have enough storage, so make sure there are plenty of cupboards.

7. Give careful consideration to what appliances you put in the kitchen. Even if you’re letting it unfurnished, a cooker is a good staple to have.

8. Good lighting is important, especially when tenants are viewing. Pop in some well placed lamps if it’s a dark day.

9. Ensure the property is clean and tidy. When you’re letting it again after a tenancy has ended, don’t forget to get it thoroughly cleaned first.

10. If the property has a garage or shed, make sure these spaces are clear and free from clutter. But if you want to encourage your tenants to cut the lawns, then do leave a lawnmower to hand!

There are many benefits involved in purchasing tenanted property for investment purposes. If you’re debating this investment possibility, then here are five good reasons why you should consider buying tenanted property.  

1. You don’t have to worry about finding tenants as they come with the property sale.

 This is a major factor in purchasing tenanted properties and one of the big bonuses that buyers gain. As tenants are already firmly in place, you won’t have any void periods where the property is empty. From an investment point of view, this means you get guaranteed rent from day one and make money straight away.

2. You’ll gain useful information about the track-record of the tenanted property.

For investors, it’s very useful to be able to get a track record of the buy-to-let property. For example, you’ll be given information about how the current tenants look after the property, what their rent history is (any changes in how much rent they’ve paid over the years or if they’ve ever stalled on payments), their credit and employment details, as well as the property’s maintenance records.

 3. You don’t have to worry about furnishing or decorating a property.

Compared to purchasing an empty property, if you’re buying a tenanted property, you’re unlikely to need to initially worry about furnishing it or decorating it, which can save a lot of time and money.

 Of course, over time wear and tear may occur and you might want to do some decorating, but it’s not likely to be as high on your agenda as if you buy a non-tenanted property. 

 4. The price for a tenanted property may be lower than the usual market value.

 Another major benefit for property investors is that the price of tenanted properties is often below the market value. This means that you get a much better deal for an investment property, plus you get the benefit of ready made tenants too.

 5. It can be a quick and easy way of making a property investment.

 If you use an experienced specialist company, such as HBF Investments., purchasing a tenanted property can be a quick and easy way of making your property investment. Experts will help guide you through every stage of making your purchase and the deal can be clinched quickly and painlessly.

If you’re keen to get on with the process of being a landlord, and of earning money from your investment, then buying tenanted property is a great option to consider.

Source:  David Coughlin – HBF Investments