If you’re considering renting out your home, there are some important actors to think about before you put it up for rent. Below are a few tips to follow to help you to understand your responsibilities as a landlord, how you can protect your property, and how you can keep your tenants happy, or deal with any issues:
Research First
You need to get to know your market. Have a look at some similar homes to yours, in the same arena, and note down how much they are being let out for each month. If it’s set to high or too low, prospective renters may steer clear.
Sort Out Insurance
It’s important for you to make your current building and contents insurer aware of your intention with your property, your policy may need to be amended. You may also want to think about arranging landlord insurance, this will cover any financial loss that is connected to the rental property. Landlord insurance isn’t a legal requirement, however, it’s highly advisable to take this out some policies will even pay out if your tenant misses their monthly payment.
Know Your Responsibilities
Making the choice to rent your home will mean that you go from the homeowner to the landlord, and with this new status, comes greater responsibility.
You need to check that your mortgage allows you yo let your property out, some agreements don’t enable this and therefore you will need to change your mortgage first.
Being a landlord is a 24/7 job, as a home-owner, you will be aware that things can go wrong at any time, so, you need to be there and on hand if anything needs to be repaired in the property that you are letting out. It’s also a good idea to think about using an inventory service who can note down the items that are in the home and here condition before you rent the property out.
Learn All The Legal Stuff
When it comes to being a landlord, there are a fair few regulations that you need to comply with, in fact, there are 145 laws that landlords need to make sure they adhere to when renting out a property. They include things like credit and right to rent check s in line with immigration, protect the deposits in a deposit scheme, have the essential paperwork in place, and provide a welcome pack to the tenants. This is where people often find it useful to use an agent.
Choosing The Right Agent
If you plan to make use of a letting agent, it best to make sure you are using an expert who always follows best practice works to industry standards and meets all the requirements of the profession. Not only will a letting agent advertise your property on your behalf, but they will also deal with the tenant directly and complete all of the relevant checks and paperwork.
These are only a few of the considerations that you need to make when you’re thinking about renting your home out as a landlord. Are you thinking about doing this? What considerations have you made? Please share them in the comments below.
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