If you are considering the possibility then here are some hints and tips to help you along the way!
Do your research
Make sure you do your research in the local area – what sort of properties are in demand? Is it located near a university, college or maybe a large hotel where staff are looking for accommodation? Make sure that the rent isn’t too high! See what similar properties in the area are charging otherwise, your home may stand empty.
Check your mortgage
You must check in with your mortgage advisor as some mortgages do not allow you to rent your home out, you may be able to alter your mortgage but, with changing from a home owner and occupier comes greater responsibility.
Unless you use an agency you could expect to receive calls from a tenant any time of day or night if something goes wrong – some issues may need immediate attention, others may not and you are responsible for repairs and maintenance. Also make sure that the property is clean and any repairs or modernisation that is needed has been carried out, you’re trying to make the property look as appealing as possible.
You must make sure that your buildings and contents insurance covers you for renting our your property – your current ones probably wont cut it, so you must call them to find out more!
There is a lot of legislation that a landlord must abide to, to be able to rent out their property, around 150 different laws and whilst it isn’t a legal requirement a tenancy agreement is highly recommended.
Here at Next Home we would recommend using the professional! We have a dedicated team of experienced lettings staff who are happy to help you with any questions or queries you may have and who can guide you through the process. Call our property experts today on: 01738 44 43 42 or find out more!