Sun 05 Dec 2021
People decide to let their property for many different reasons but one thing is the same for everyone: there’s a lot of things to consider and if you haven’t done it before letting can be daunting. However if you get it right, investing in property can still be rewarding and provide fantastic long term financial security and a passive income.
Here are a few tips to get you started. Call us on 0191 386 5349 for more honest, straight forward advice. With the right team behind you from the start it could be the best decision you ever made.
Prepare your property
Do any repairs and maintenance needed and redecorate. Decide whether to let furnished or unfurnished. It is good to offer both options if possible.
Get to know your market
Do some research on similar properties in the local area and find out about average rents. Think about what type of tenants would be most suitable for your property, for example families, single professionals, students etc. A good estate agent, such as Rise, can advise you.
Check your mortgage
Some mortgage agreements do not allow letting. Check with your mortgage lender and they will be able to advise you accordingly.
You must tell your insurer of your intention to let your property. It is likely that your policy will need to be amended.
Vetting prospective tenants
You may wish to meet prospective tenants, or you may prefer to leave it to a good estate agent, such as Rise, to run credit checks and take up references and ensure everything is as it seems.
There are currently around 150 laws that landlords need to adhere to while letting a property. At the start of a tenancy, landlords must carry out right to rent checks in line with immigration laws, protect deposits and have all the essential paperwork in place. There are many regulations relating to the safety of your tenants including gas safety checks, carbon monoxide monitoring, electrical appliance and wiring testing, smoke alarms and fire safety.
All rented properties must have an EPC (energy performance certificate). New legislation in the rented housing sector is released regularly so ensure you keep up to date.
Can be always on call
You should be prepared to receive calls from your tenant at any time during the day or night, as some issues will need immediate attention such as if there is a gas leak or broken boiler. Alternatively, you could get an estate agent to manage the property for you.
We can give you expert advice on all you need to know about letting your property, from practical issues to financial considerations to legal responsibilities. We offer a comprehensive property management service, so you don’t have to worry.