It’s an enviable position to be in; to own property that you’re able to rent out to others. There are plenty of people that are unable to buy their own home, and your house might just be in the ideal location for them.
It’s a fortuitous set of circumstances all round. The only problem is, you’ve never rented out a property before and you don’t have the foggiest inkling about being a landlord.
Still how hard can it be?
Here are a few things you need to know before you rent out your home.
First things first – do your research
It might sound like common sense; after all, it is probably how you found this article in the first place. However, a lot of homeowners have blundered into renting their property blind. And, that can often be a costly mistake to make.
If you are looking to rent out your home, there is a lot to consider.
Have you looked at other let properties in the same area? Have you considered who your property will be ideal for? Do you even know if you have permission to let your property in the first place?
Before you start decorating and building ready for prospective tenants, make sure you have thoroughly looked into the whole process.
Is it safe to rent out your home?
One of the things that often catches out first time landlords is the safety aspect of the process. You need to be hypervigilant about health and safety of your future tenants.
You might not have carbon monoxide alarms in your own home. Your own boiler might be a few days late on its service. They are the risks that you might take in the property that you own and live in, but unfortunately, you need to make sure all safety features are present in a home that you are renting out.
You need to make sure all gas and electric appliances are safe and in good working order. And, you must be aware of all possible repairs that must be completed before you rent out your property.
Have you got the right landlord insurance?
Have you let your buildings and contents insurer know that you intend to rent your home out? It is important that you do as it will affect your policy.
Consider arranging proper landlord insurance to cover any financial losses connected with your rental property. Whilst it isn’t a legal requirement to have landlord insurance it is advisable.
Landlord insurance will protect the building and your tenants; especially as some policies will also pay out if your tenant misses their rent payments. It is certainly worth shopping around with various insurers to make sure you get the best possible policy in place.
Find the right letting agent to help you
If you are planning to use a letting agent, it is critical that you choose an expert that will follow best practice. Your investment is in their hands, so make sure you choose one that acts professionally and works to industry standards.
You need to trust that your agent is knowledgeable and prioritises your interests, and that of your property.
Here at Cotters, all our letting agents are experienced and trained professionals who stick to a stringent code of practice to help you manage your properties. If you are thinking of renting out your property, then feel free to contact us to discuss how we can give you peace of mind throughout the renting process.
Contact us on 01604 603450 to discuss how we can help you.
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After a nightmare tenant with a previous agent, Sue, Carol & Jo found me a suitable tenant quickly and turned being a landlord from a Nightmare into a dream.