Are you considering letting your property in Oundle? If so, you’re likely to find a tenant fairly swiftly. The town is becoming increasingly popular with renters, thanks to its proximity to Peterborough, Corby and Northampton, not to mention its charming town centre and strong cultural scene.
However, to generate good income from letting your property, it’s important to prepare for success. With that in mind, here’s a step-by-step guide to letting your Oundle house or apartment.
It’s possible to manage the letting yourself, but this approach comes with an element of risk, not to mention a far larger workload. A local letting agent can help with most aspects of the process, from finding prime tenants to maintaining and checking the property on your behalf.
If you’re planning to rent out your property, it’s important to inform your mortgage lender, as it may affect the terms of your loan. You’ll also need to let your insurance company know, otherwise your property won’t be properly covered if the worst should happen.
Properties in Oundle generate excellent returns. However, be aware that you may need to spend some money to bring your house to the required standard! Factor in the costs of home improvement, furniture (if you’re planning to rent it as part- or fully furnished), letting agent fees, insurance and mortgage repayments. It’s also advisable to set aside some ‘emergency’ money, in case anything goes wrong with the house in the future.
In Oundle, most tenants are families with children, and your property should be tailored to reflect this. For example, if you have outdoor space, consider making it family-friendly, with a lawn and dining area. Families tend to prefer practical décor rather than anything too ‘trendy’, so avoid painting the walls in any colour that shows the dirt quickly, and make sure all soft furnishings have removable, washable covers!
If you want to generate a good rental yield, your house should be in the best condition possible. Repair any obvious signs of wear and tear (for example, cracks in the plaster, cracked tiles in the bathroom, ripped wallpaper), and if possible, brighten the entire home with a lick of paint. Even cleaning the windows can make a big difference, letting natural light flood through the rooms.
Your property should be fully checked according to the Housing, Health and Safety Rating System (HHSRS). This ensures that the house is as safe as possible for tenants, and involves a series of checks and improvements; such as assessing electrics and gas connections, verifying the safety of open ponds, and ensuring all glass doors comply with the relevant standards. A good letting agent can assist with this; or alternatively, you can read more about it here.
To attract the right tenants, you’ll need to market the property to the appropriate audience. In today’s digital world, it’s expected that your house will be advertised on Rightmove, Prime Location and Zoopla at the very least. However, it’s a good idea to also market the property in local publications, such as the Peterborough Telegraph portal.