There are some essential documents that you must have in order to rent out a property. These include a Fitness Certificate (in some cases), Energy Performance Certificate and a Gas Safety Certificate if there is gas heating or there are any gas appliances in the property.
Many landlords prefer to install meters in rented properties, meaning that utilities such as electricity and gas must be pre paid. If your property is a HMO, you may not legally be allowed to install a prepay electricity meter. It's worth considering cabling your property for utilities such as broadband to make your property more attractive.
An unfurnished property will often attract a different type of tenant to a furnished property. Whether your rental property is furnished or unfurnished will also have an impact on your tax obligations.
You'll need to establish a level of rent that is both attractive to tenants and covers your own expenditure on the property. When setting rents you should be realistic and remember that letting a property at a slightly reduced rent is more favourable than it sitting vacant on the market.
When a rental property is contained in an apartment block or housing development, either the tenant or the landlord may be expected to pay an annual service charge. This charge will usually cover maintenance and repair work in communal areas.