Whether you are upgrading, downsizing or relocating, renting out a property may be an option for you. With huge benefits and potential drawbacks, we’ve gathered together a few things you may want to consider.
PROS
Security;
If you are relocating or maybe you’re taking a well-deserved break and setting out to see the world, renting can provide you with the security that you need. So make sure you consider life decisions as well as financial when it comes to deciding what to do with your property.
Income;
Providing you have good tenants who pay their rent on time, you can expect a decent amount of money each month. This can be used to pay any outstanding mortgage on the property, saved into a pension or just for a rainy day- either way it’s an added bonus.
Flexibility;
Being a landlord you are able to make those vital decisions, be that on costs, contracts, plus whether or not you want to sell and when. You’re the boss, so see it as a rewarding opportunity and like managing your own business.
CONS
Responsibilities;
Are you ok with being a landlord? This is a question you need to ask yourself, as rental ownership can sometimes be a little stressful. With lots to consider and maintain, you need to make sure you are cut for the job. To make things a little easier you could hire a property manager, however do expect this to come at a price.
Legal;
Make sure you are up to date with the latest property law and legislation affecting landlords and most importantly know where you stand when it comes to late rent payments, deposits and evictions. You can’t be certain you are always going to get good tenants, so it is better to be prepared.
Cut ties;
It can seem a little odd letting new people into your property, or in some cases what used to be your home. So try and not become too emotionally attached, especially if you know you could be potentially turning it into a rental property. Accept that tenants will want to add their homely touches, and wear and tear will occur.
Are you considering renting out a property, or maybe you are already a landlord and have some tips! Get in touch with us via Twitter @BelvoirUK.
Image credit: image from Unsplash.
