There are lots of factors to take into consideration when letting your property out and if you’ve never done it before it can be a daunting task. Here are some of the things new landlords need to think about:
You are legally required to inform your lender that you intend to let your property out. Some mortgages contain clauses which won’t allow you to let on your existing mortgage, while others require notification to grant ‘consent to let’. How long do you want to let your property for?
Keep in mind that most corporate tenants want to rent for a minimum of two to three years.
If you are only letting your property out for six to 12 months, you may want to price it more competitively and avoid lengthy void periods. We work with inet3 which specialises in landlord buildings, contents and rent guarantee insurance.
Look at your property objectively as if you were seeing it for the first time. At the very minimum rooms are likely to need to be decluttered and repainted. To achieve a better rent, more works may be required – speak to your agent for advice. Make sure your property is adequately covered if anything goes wrong while your property is let, investigate options and costs for specialist landlord insurance.