If you are thinking about renting out your property, there are a couple of factors to consider. In order to make a logical decision about whether renting out your property is the right decision for you, here are four top tips to bear in mind.
Get an Insurance Policy
One of the most important considerations when renting out your property is to get an insurance policy. In addition to the homeowner’s policy which your tenants will need to abide by, landlord insurance will give you the extra coverage you need, such as significant damage and prevention against possible legal action.
Get a Home Inspection
The Housing Health and Safety Rating System (HHSRS) must carry out an inspection, should there be any issues with the property before it is rented out. The reason for this is to prevent a great deal of unnecessary communication with tenants who could then take you to court if they still aren’t satisfied with the state of the property. Examples to bear in mind include gas and electrical issues, as well as ensuring smoke alarms are fully installed.
Choose Tenants Wisely
Although it can be difficult to judge, it is always worth investigating whether the tenants who are interested in your property will be reasonable. Once your tenant starts renting, it can be extremely difficult to make them leave if they don’t pay rent on time or damage your property. If any damages do occur, you could be responsible for paying the repairs.
Work Out the Costs
Although you may be putting full focus on the income from your rent, it is always worthwhile understanding how much you can budget for. Things to consider may include mortgage repayments on your property, expenses involved with repairs, solicitor’s fees and insurance fees. Always be aware of the costs you could be expected to pay out as well as the income from your monthly rent.
At Belvoir Sutton Coldfield we provide further advice for landlords when renting out properties. If you would like to find out more, please contact us today. We would be happy to help with your queries.
