There are many reasons to consider letting your apartment. You may be looking to make some extra cash, temporarily leaving the area, be too worried about the housing market to make a sale, or even buying solely with the intention of letting. Whatever the case, letting your property can be a great way to make money but there is a lot to prepare. Here is a guide to help you.
Consider the Cost
While the money you will make from letting your property could far outweigh the costs involved, it is important to be aware of them. You’ll need to pay extra taxes if you are buying to let, take out landlord’s insurance, have money set aside to make any repairs needed and pay for advertising at the very least.
Prepare the Legalities
When drafting a contract for your prospective tenants, it is best to seek the help of a solicitor or the in-house law team working with your realtor’s office. It’s important that any legal documentation is correctly prepared to protect yourself and your property.
Price it Right
While you want to make a good profit, setting your rent too high will mean you get less interest in your property. Do some research. Look at house prices in the area, your target market and rental prices. Have your property valued and seek advice from your realtor before committing to a figure.
Make Sure It’s Safe
Once you are sure you’re ready to let, and all the legal paperwork is sorted, it is time to look at the property itself. Start by doing a thorough walk around making notes. Assess first the safety of your property, then any aesthetic changes that need making.
Repair
Next, start making repairs. Start with the structure, then move on the appliances and furniture if you are letting it as a furnished property. In some cases, you might be better off removing furniture especially if your target market is families or young professionals who may have their own.
Clean and Tidy
Once repairs have been made and the property is safe, start cleaning. If it’s in a bad condition you may want to hire a professional cleaner to help. If not, get stuck in yourself. Work one room at a time, top to bottom making sure it is spotless. Then consider giving it a coat of paint. Stick to neutral colours so your prospective tenants can easily imagine their own décor when they come to view.
When you think it’s ready, ask a friend to walk around with fresh eyes and give you their honest opinion.
Advertise
Once your house or apartment is ready to let, start work on drafting an advertisement. You could either do this independently or through an estate agent. Either way, be sure to highlight the property’s best features, its price and location.
If you are looking to make a buy to let investment, something like these condos in Toronto could make you a lot of money with very little work needed on your part. Buy to let or letting an existing property is a fantastic way to earn a steady passive income, so get started today.
