Tag: steps to renting out a house

How to Renovate Your House Before Renting It Out

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Selective focus of african american woman working with jigsaw

Renting out a property is a smart investment strategy if you’re looking to beat high inflation rates. with rental prices rising by around 5% per yearnow is a great time to start earning passive income.

But just having a property to rent isn’t enough. To make money, you’ll need to be able to attract potential tenants, which is no mean feat. For that reason, renovating a house before you rent it out can be a smart move if you’re looking to attract tenants and increase your rental income.

Here’s what you need to know before you carry out renovations on your rental property.

budget

Firstly, it’s important to budget when looking at your renovations. If you overspend and get yourself into serious debt, there’s no guarantee that your rental property will bring in enough to cover this!

So, the first step is always looking at how much you can afford to spend on the renovations, so they don’t eat into your profit.

If you know that you’ll need to take out a loan, it’s a good idea to improve your credit score to get the money you need.

Decide on the type of tenant you want to attract

Not

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Shropshire Farming Talk: Vital information for those who rent out properties

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Eve Shrimpton
Eve Shrimpton

The biggest change to housing law in Wales for decades came in on December 1, 2022, affecting the relationship between landlord and tenant.

Existing obligations such as registering with Rent Smart Wales and deposit protection still apply, but ASTs and AAOs no longer exist, and have been converted into new ‘Occupation Contracts’.

If you have a contract that existed before December 1 2022 this is automatically converted to an Occupation Contract on that date, and you must issue the contract holder with a new written statement of terms by May 31, 2023.

If you have new contract holders (the new word for tenants) moving in you need to make sure that certain requirements, such as installing integrated and interconnected smoke alarms, carbon monoxide detectors and an carrying out an electrical safety test have been done before the date that they move in. You must give them a written statement within 14 days of them moving in.

The contracts themselves are changing, and the new documents have three types of terms:

1 Fundamental terms cover the key terms of the contract and are always included, using prescribed wording. Some of these terms can be changed, but only if that

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