If you are thinking about letting out your home, there are a few things you need to consider before you do it. Have a look at the tips below, that will help you to learn your responsibilities as a landlord, understand how to protect your property, and help you on your way to finding the right information on Rental Management in order to keep your tenants happy.
Research Is Key
You need to ensure you do your research.
This means getting to know the market you are entering. Have a look at similar homes to yours, in the same location, and look at the possible rental amount. If you set your rent too high, or too low, then most tenants will steer clear. Once you have figured out your prospective demographic and researched the prices in the area, you will be able to set your ideal rent price.
Look For The Right Insurance
As a homeowner, you will already have home and contents insurance, but, this isn’t the right insurance to use as a landlord.
If you want to remain with your current insurance provider you need to make them aware of your intention to let out your home. You may find that some insurance companies aren’t able to cover you as a landlord and you will need to find a new provider.
Landlord insurance is also advised, this will cover you for any financial loss that is linked to your rental property.
Know Your Responsibilities
By choosing to rent your home you will be moving from home-owner/occupier to a landlord.
With this new status, you gain great responsibility. You firstly need to check that your mortgage allows you to let out your property, some will prevent you from doing so, therefore you will need to change your mortgage provider before you can proceed.
Being a landlord is also a 147 job, so you need to prepared to receive and help your tenants at any time.
You are accountable for maintenance, emergencies, and renovations, therefore you need to make sure you are prepared to be contacted. As well as all of this, you also need to make sure you learn about any of the legal regulations that you need to follow.
Consider An Agent
If you want to remove some of the hassles it’s a good idea to find a property management agent to complete some of the tasks for you.
Ultimately it is still your responsibility to look after your house and tenants, however, the agent will be able to act on your behalf, take phone calls, and contact you when needed. You can even give them permission to take charge of organizing maintenance and emergency call-outs.
Your agents also give you an extra layer of protection. It may be easier to find the right tenants for your property, and they may provide you with a guarantee that you will receive some income.
This short guide should help you to make some of the considerations that you need to if you choose to let out your home. Are you considering it?
What have you been thinking about?