In today's competitive market, letting out your property can be a headache. There are many rules and regulations that you will need to abide by before you can even think of letting out your property
With good preparation and some investigation you can navigate these requirements with peace of mind.
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The first thing you will need to do is speak to your lender if your property has a mortgage. Some lenders may levy an added fee so check with your lender first. Some lenders may also restrict your tenancy term to 12 months.
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How long do you want the rental term to be? This is something you need to be clear on before you sign a tenancy agreement. Have you thought about what would happen if you or your tenants circumstances change. This is something to bear in mind when deciding on how long you want to let your property for.
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Once you have decided to let your property, you are obliged to let HM Revenue & Customs know as you will be liable to pay tax. You have to do a self assessment tax return and this may affect your Capital Gains TAx should you ever decide to sell your property.
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Another big consideration is renovations on your property. Do you need to do a full renovation first or will a general clean up and paint do? Are you going to let your property furnished or unfurnished? These are important factors in attracting the right tenant and getting the rental income you want.
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We cannot stress this point enough, a good rental insurance is of paramount importance. You have to ensure that you are covered for any damages that the tenants may cause and for loss of rental income due to a breach in the contract by the tenant.
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As a Landlord, you will have to ensure that all your safety certificates are up to date, like your gas and electricity safety certification as well as having safety checks done on your appliances.
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Having a full inventory list in place prior to letting the property will ensure there are no misunderstandings in the future with regards to what the property comes with and who is responsible for loss or damage to any of the items on the inventory.
So now you are finally ready to let your property. All your checks are in place and your property is ready for letting. Once you have found a prospective tenant, doing a full background check is very important. You must ensure that the new tenants are able to afford the rental and do not have any bad credit habits.
At Fortess Homes, we are ready and waiting to assist you in navigating the process of finding you the right tenant and doing the paperwork and relevant checks needed to ensure a stress free rental experience.
WE ARE HERE TO HELP!
