If you’re thinking about letting out your property and haven’t done so before it can be a daunting task. Many factors need to be taken into consideration when letting your property so here are a few things you should think about:
It’s important to think about how long you realistically want to let the property for, most tenants will be looking for a two to three year tenancy with flexibility on terminations. If you only want to let out your property for 6-12 months then it’s a good idea to price your property competitively.
- Check your mortgage
It’s important to let your mortgage lender know if you plan on letting your property out. Many contracts don’t allow you to let out your property, while others require a ‘consent to let’ grant. On some occasions your interest rate may be altered or you may be asked to pay a fee.
- Protect yourself
Ensure that your property is covered if anything goes wrong while your property is let by taking out landlord insurance. Make sure you have an independent inventory in case there’s any disputes at the end of a tenancy, and make sure you have client money protection by choosing an ARLA agent (Association of Residential Lettings Agents).
- Make sure it’s up to scratch
Look at your property as a viewer, would you want to live there? Most rooms will need repainting or decluttering at a minimum, ask your agent for advice. Safety tests are required by law to make sure it’s safe to rent out – your gas and electricity safety should be tested as well as portable appliance testing. Once the work has been done have it professionally cleaned to make sure it’s in the best condition.
If you need advice on any property related issue then contact Farleys’ property team on 0845 287 0939. Alternatively please complete an online enquiry form.