Thinking about renting out your home? Well, there are many things to consider before putting it on the market. From practical advice to legal responsibilities, here are a few top tips from ARLA Propertymark to help get you started.
Do your research
First things first, get to know your market. Research similar properties in the local area and find out how much they are being let for per month. If your rent is set too high, prospective tenants will steer clear. Your agent will be able to advise on this.
Check in with your mortgage provider
Check if your mortgage allows you to let out your property as some agreements include caveats to prevent homes from being rented. If you are unsure, speak to your mortgage lender and they will be able to advise you accordingly.
Know your responsibilities
Being a landlord is a 24/7 job, so you should be prepared to receive calls from your tenant at any time during the day or night. Some issues will need immediate attention and unless you have a managing agent, you are responsible for all repairs and maintenance.
Get the property rental ready
Make sure your property is clean and any modernisation or DIY projects are finished. lt will be more attractive to prospective tenants if it’s had a fresh lick of paint, all repairs are done and if necessary, new flooring has been installed.
Sort out the insurance
Your existing buildings and contents insurer must be made aware of your intention to let your property, as your policy will probably need to be amended. While specific landlord insurance isn’t a legal requirement, it’s advisable as the policy will protect the building, your tenants and your investment as a whole – some policies will also pay out if your tenant misses their rent payments.
When it comes to being a landlord, there are more regulations to comply with than you can shake a stick at. To put it into perspective, there are currently around 150 laws that landlords need to adhere to while letting a property. Your solicitor should ensure you comply with all the regulations.
Choosing the right agent
If you want to make the process pain-free, use an agent to manage your property and guide you on everything you need to know. A good agent will take away the stress of finding suitable tenants and will ensure your property complies with any regulatory changes.
More advice on the Propertynews.com blog here