Property is a good investment, not only because it often gains in value over the years, but also because it can be converted into sources of revenue in the short run. Turning your property into a rental is a great way to develop a new source of revenue, especially with the demand for rental properties on the rise like it is right now.
Before you go ahead and start renting out spare rooms, apartments or houses, however, there are several preparations to make first. Here are the top tips to help you turn your property into a rental. Let’s have a look, shall we?
If you take a look at the official guide from the government, you will notice that the first thing to do is complete a safety check. Safety needs to come first, which is why you have to make sure that the property is safe and free from any kind of hazards.
You can start by checking electrical equipment, wiring, and smoke alarms. Any issue needs to be addressed immediately before it can turn into a big problem. Besides, you are taking sufficient steps to protect your investment.
You also want to inspect the house or property for other hazards. Adding safety measures like a smoke and carbon monoxide alarm is highly recommended. At the end of the process, ask for The Housing Health and Safety Rating System (HHSRS) inspection.
Permits and Insurance
The HHSRS inspection is one of the documents needed to get a permit to rent your property out. A permit, however, isn’t the only thing you need. You also want to insure the property using the correct type of insurance.
Cheap landlord insurance is usually a good start, and you can now find a good deal using Quotezone.co.uk. The site lets you access deals from the top landlord insurance companies and it makes the process of finding a good but affordable landlord insurance policy easy.
You can pick up additional insurance policies to protect other assets you have. Basic home insurance is still a must. Business insurance or general liability insurance will further protect you against financial risks associated with renting your property out.
Upgrades Are Welcomed
Lastly, you need to think about how to boost the value of your property as a rental. The amount you can charge tenants depends highly on the value of your property; in other words, adding more amenities and creating a comfy ambiance will boost rent.
You don’t have to invest a fortune to make your property more appealing. In fact, DIY home improvement projects are among the best to execute, especially if you have the time and the tools to complete them.
To top it all off, add amenities that will pamper tenants to the max, such as suitable window treatments and improved energy efficiency. These are the kind of features and amenities that will attract modern tenants the most.
With these top tips in mind, you can go ahead with converting your property into a rental without worrying about potential problems. It will not be long before you get a tenant and start generating revenue from your property.