There has been a sudden increase in the number of larger properties available to rent from accidental landlords in the UK because of the downturn in the sales market, it is claimed.
While it’s not been unusual for the rental market to be flooded with two bedroomed houses available to let, the current market has many larger homes and country residences, according to researcy from lettings agency Belvoir.
‘People still have to relocate, move or downsize and upsize despite having a large property therefore they have to make it work for them rather than leave it empty, thus renting is often the only option,’ explained Craig Walker of Belvoir Camberley.
The good news for landlords with larger properties to let that there is increased tenant awareness that larger homes are often cheaper to rent than buy. But with more large houses available to rent than ever before, competition for the right tenants is stiff.
‘There are too many larger properties and simply not enough tenants. Tenants can easily be put off by larger fuel bills, running costs and council tax,’ said Walker.
Many accidental landlords do not believe a tenant should enjoy the property in better condition than they lived in and need to think about sprucing it up to get the best tenant, the letting agency also says.
‘You need to be realistic with your rental figure, be open-minded to the tenants’ position such as pets and have a flexible attitude, wherever possible, to long term renting,’ said Garry Legge, proprietor of Belvoir Bourne.
The agency points out that most larger properties are not buy to let so are often very personal and many are dated when compared to purpose purchased modern or new BTL properties.
It advises accidental landlords to invest and make the property neutral and bright, to replace old fashioned light fittings, to fit plain curtains, decorate in soft beige/magnolia emulsion and fill in all the holes left by your family prints as well as removing large large trees and hedges that obscure vision and block natural light.
They also need to do some research and look at what else is available in the area and make sure your property is more attractive to look at from the road, more attractive when you walk in and the price is attractive or lower than the others.
‘Meet the viewers with the agents and talk to them about schooling and the neighbours. Demonstrate a helpful attitude now and it will help win them over. Ensure the house communicates a message you care about it and no obvious maintenance issues are left outstanding too,’ said Terry Lucking of Belvoir Peterborough, Corby and Cambridge.
‘If you set the standards right from the start and make the rent level realistic but also high enough as a barrier to those below a certain income you should attract company lets, job re-locators getting to know the area, and professional types, such as doctors and engineers,’ suggested Legge.