5 Things to Consider Before Letting Your Property
Becoming a landlord is an increasingly popular option in the UK. However, letting out a property is not quite as straightforward as simply advertising for tenants, and there are several things you'll need to consider before taking your first steps into property rental.
1. First impressions count
Is your property in a fit condition for letting, both inside and out? Time spent now can pay big dividends when you come to let your property, so tidy up the outside, make any repairs and ensure that the property adheres to the most current safety guidelines. Have all gas appliances checked and install a carbon monoxide detector so your property is legally compliant.
2. Have you spoken to your mortgage lender?
You'll need to let your mortgage lender know that you intend to let your property on an Assured Shorthold Lease. Now contact your insurer and arrange for landlord's insurance on the property. Finally, you must contact the leaseholder if you're going to be renting out a leasehold property.
3. Setting the cost
You'll obviously be hoping for the highest return possible on your rental property, but you'll need to set a realistic rent for the area. Do your research on the kind of return you can expect before you set your rent, and budget for costs including mortgage repayments, insurance fees and contingencies for running repairs. By budgeting sensibly, you'll be in a much better position to attract and retain satisfied tenants.
4. Check if you need a licence to let
Before you can start, you need to check whether you need a licence to let. This will certainly be the case for a house of multiple occupancies, but it's worth checking with the council whether your property needs a licence.
5. Consider a letting agent
However organised and on top of the requirements for being a landlord you think you are, it makes sense to use a professional letting agent with experience and expertise in the market. At Simmons & Sons we're members of the regulatory body for letting agents, the Association of Residential Lettings Agents, so we're the ideal choice for a letting agent you can trust. Contact us today to find out more.
Posted on Jun 19 2017