If you want to rent your property and become a landlord, know that it comes with many pros and cons. You need to have the knowledge and a solid understanding of the requirement needed to become a landlord. Read the tips below on how you can achieve things with your new title:
Calculate the income your property will generate.
- Look up on the internet or read some resources on how much rent you can achieve. You need to know if the money you earned from rent can cover the mortgage payments, insurance, tax, and house maintenance while still making a profit. Have an understanding by talking to local lettings agent who will carry out a valuation for you.
Let your mortgage lender know your intentions.
- Inform the mortgage provider that there is someone other than you will live in your property as a tenant. If you fail to do this step, you may be breaking the terms of your property’s mortgage agreement that would lead you to harsh penalties. Always check the social media and online letting portals to find out if your property has been put on the rental market.
Provide a safe home for your tenants
- Have knowledge of the legislations and regulations of letting a property to help you succeed in your business. It includes the electrical regulations, gas, fire, Energy Performance Certificates (EPCs) and also the Tenancy Deposit Protection. After checking out the things needed for your property, check the prospective tenant if they can legally rent a property in the UK. Understand the legal measures around evicting tenants, too.
Talk to property lettings agent
- If you are a new landlord, talking to letting agents can give you knowledge and resources. Be updated with the current regulations and legislation. Agents will give you bits of advice on the achievable rents on the current rental market as well as how you can present and offer the property in the best way to get good tenants.