My ten tips for renting out your London property will help you maximise the potential of your apartment or house. The list includes practical advice, such as purchasing the right landlord insurance and enjoyable tasks, like styling your property for marketing photos. I like to be super organised, so I don’t forget anything important. I hope that my tips are helpful if you want to become a private landlord.
My Ten Tips For Renting Out Your London Property
1. First, do your research. You need to be sure that you want to rent your property and, more importantly if you are allowed to rent it. If you have a buy-to-let mortgage, you’ll be okay with that. If not, check with your mortgage lender, and if you live in an apartment, clarify the lease for restrictions. Investigate the rental fees for similar properties so you can prepare a budget of incoming rent against outgoings (landlord insurance, repairs, tax, agent’s fees, void periods, etc.). Be aware of government rental classifications and changes. For example, renting to more than three people from different households is classified as a House of Multiple Occupation (HMO), and you may need a licence.
2. Safeguard your investment with specialist landlord insurance. The market is competitive, so it’s wise to compare landlord insurance (sponsored link) before selecting. Insurance will give you peace of mind, so it should be a priority.
3. Keeping your tenants safe is essential. You’ll need a gas safety certificate to install a gas boiler and meet electrical safety standards. Smoke detectors and a carbon monoxide alarm are also vital. Check the government website for information about the housing health and safety rating system (HHSRS).
4. Repair any broken items in the property, such as cupboard doors that don’t close properly and dripping taps.
5. Before you decorate, furnish, and style the property, you must clearly understand your tenants. This will help you allocate your budget accordingly and cater to their tastes.
6. Decorate if necessary. Neutral colours such as white walls and ceilings are the best option.
7. Give the property a thorough clean, which can make all the difference to your tenants.
8. Make your property memorable with the right furniture and clever staging and styling. If it’s a renter’s market, you must ensure that your flat or house stands out. Style the property with your renter in mind. For example, if you want to attract a professional couple, hang contemporary wall art. Add decorative accessories, including on-trend cushions, fresh flowers and fluffy towels. Pay attention to dressing the beds even if you rent at the market’s low end.
9. When the property looks pristine, it’s time to invite a letting agent to view it and take photographs. Choosing an agent is a personal choice. Ask friends and neighbours for recommendations and check online reviews. If you’re on a budget, you can always become the agent! Download a tenancy agreement and host the viewings yourself.
10. Go the extra mile by providing your new tenants with information about the local London area, including restaurants, takeaways, favourite pubs, and other amenities they can enjoy. If you feel generous, you can welcome them with a gift basket.
More Property Staging and Styling Tips
If you want more information about property staging and styling, please read these articles I wrote. Good luck with your property rental!
Finding inspiration for house staging
House staging on a budget
Ten tips for staging your living room
Ten tips for staging your hallway
Ten tips for staging your bathroom
Ten tips for staging your home office
Author: Homegirl London. Photographs: Homegirl London. This is a Sponsored Collaboration /Advertising.
