Thinking of letting your HOME?
You will have an emotional attachment to your home so is it a good idea to rent it out? Here we look at what you should consider.
Renting out your property can be a rewarding venture, providing you with an additional income stream and potential long-term investment. However, the process is complex and legislation is extensive and continually changing, which means you will need professionals to help.
In this blog, we will guide you through the essential steps and factors to consider when letting your home.
1. Research the Market
Look into what letting agents have let properties similar to your own. Read their google reviews and visit their website. How long have they been in business? Are they employing qualified staff and are they regulated by ARLA?
2. Invite an Agent to see your home
It’s never too soon to ask your local property expert round to give you their opinion. They’ll be able to advise you of work they recommend you undertake, as well as running through the process of letting your home. They will understand the local rental market and property demand in your area. This will enable them to advise you of a realistic rental valuation.
3. Consider your Legal Obligations and Regulations
Any good letting agent will ensure you are renting a compliant property and ensure all paperwork and requirements are completed correctly, however, its always worth understanding what you can expect as some legal obligations will come with additional costs. For example, there are various safety certificates that need to be undertaken by a professional; gas safety certificates, EPCs, and electrical certificates.
4. Prepare Your Property
Your property's condition plays a vital role in attracting quality tenants and setting the right rental price. Prioritise necessary repairs and maintenance to ensure the property is in good order. It’s your home so you know what is working properly and what could do with some TLC. Don’t put it off, start today!
5. Choose the Right Tenant
This property is your home so understandably you will have an emotional attachment to it. It is therefore essential the RIGHT tenants are selected. As well as the usual referencing, you may wish to meet tenants yourself to make sure you are happy. Look at their reference reports and satisfy yourself that they will make good tenants.
What now?
Letting your home can be a lucrative and fulfilling venture if approached with careful planning and consideration. Finding the right agent lays the foundation for a successful letting experience.
Should you wish to discuss the process or renting your home, or have any other property related queries please do not hesitate to contact the office – we are here and ready to help! In the meantime why not read our google reviews: Google Reviews
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