What to Consider Before you Become a Landlord

Whether you are moving away to another country or you have a house that you want to keep as an investment, renting it out helps you to generate an income and for the property to be lived in it keeps it safe and provides a home for someone else.

Private renting is on the rise in the UK and there are lots of people who choose to rent rather than buy a property, so demand for rented homes is always there.

Before you decide on renting out your property, spend some time doing research and ensuring that you have all the information required to do it. Find out more about the private rental market in your area by looking on websites at properties to let. This should give you a good idea of what your rent price per month should be.

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If you still have a mortgage on the property, you should also speak to your mortgage lender as you may need to pay a different rate of interest or switch your mortgage to a buy to let mortgage. This is something to factor in when making your decision to rent out your property.

You also need to work out what your income would be as well as the costs and what your responsibilities are as a landlord. For example, you will have to pay to maintain the home and to have the necessary safety inspections and repairs done, such as boiler servicing.

You will also need to factor into your budget the need for landlord insurance to keep your property protected when renting it out.

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When you are planning to rent out your property, you can either do it yourself and deal with your tenants directly, or you can go to a professional like this letting agents Cheltenham based company. Dealing with it all yourself might seem a good idea as you will not have the agent’s fees, however, if you do not have the time to do it, this can make it harder in the long run.

By getting a professional to manage it for you, they will do things like credit checks on applicants, as well as being a point of contact for the tenants, and doing inspections on the property on your behalf.

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