Wondering how to make the most out of a vacant property?
There are many reasons why you might find yourself in possession of a vacant house or flat. Perhaps it’s an inherited property, a second home or even a property that has been left unoccupied whilst you travel.
Leaving a property unoccupied for even a short amount of time can lead to problems, such as frozen pipes, damp or even break-ins, which will be costly to fix in the long term and potentially reduce the value of your asset.
Even if you’re already a landlord, it can quickly become overwhelming to balance the work of maintaining a home occupied with tenants and managing an empty property. Though there are many options available, it can often feel like there are piles of paperwork, hundreds of checks and too many costs involved when it comes to renting out a vacant property.
With Marsh & Parsons, letting your home is no longer a daunting process, and an easy way to make the most of your property. Our property and tenancy management team is here to help turn your vacant property into something that will not only be a source of income, but a home that will stay well cared for should you choose to sell it or move back in. We’ve put together some key considerations for making the most of a vacant property.
Get a lettings valuation
The first step in your process should be finding out what your property is worth. Our lettings valuation process is seamless and can be done in no time at all, allowing you to book an appointment with one of our agents to come and see your property at a time that suits you.
If you are a first-time landlord, there are plenty of resources available for you to find out about how to bring your property up to a liveable standard, the types of checks and certificates you will need and the process for finding your first tenant.
We also have a step by step guide if you are unsure about the process. However, it may be slightly different if your property has been left vacant for a long time, so we would recommend speaking to a member of our team to start you on the right path, whether that’s with repairs, certificates or tenants.
Use our property management services
There are a few options to choose from when it comes to property management. You can take a hands-on approach and deal with a few things yourself, or leave the entire process to us. Whichever option you choose, we can give you the relevant information on fees and regulations, property upkeep and tenants, so you won’t have to do the research yourself.
If you are starting with a derelict property, our managed and premium service can help you find contractors to bring your property up to standard, as well as organise a pre-tenancy clean before anyone moves in. With these services, you will also have an assigned property manager, meaning we’ll act as the primary communication with your tenants and as keyholders, and arrange all maintenance and repairs as required.
Many people worry about the unforeseen costs of letting a property, but at Marsh & Parsons we make sure all costs are shown to you upfront, so you are never hit with an unexpected fee. We also have a large database of verified tenants, meaning that the moment your property has been determined safe to live in, we can connect you to a new tenant almost immediately. Once this is done, you will be able to watch your vacant property turn into a positive investment.
Buy vacant property insurance
Whilst it isn’t illegal to leave a house vacant, you’ll likely find that the longer it remains empty, the more it can fall into disrepair, making it even more difficult to rent out or eventually sell on.
If you are still waiting on repairs in your property, or are facing a period of vacancy, it is worth purchasing vacant rental property insurance. Most standard home insurance providers will cover your property for one to two months, but if you are leaving it empty for longer than that, it’s a good idea to find more specific building insurance for your property.
We know that starting the process of letting out your property is the hardest part, however if you leave your house or flat vacant for too long, there are a number of things that can happen to it. With our local knowledge, long-running history and broad range of services, Marsh & Parsons takes all the stress out of renting. Find out more about our property and tenancy management services here.
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