The costs of moving are continuously increasing meaning more properties across the UK especially in London are being rented out rather than losing equity in selling your home.
If you have a property in London and are considering becoming a landlord to prevent taking a loss then here are some top tips on how to start renting your home.
1) Research – Do your research and get to know the local market! Do properties sell well in the area? Is there a high demand for rental properties? Research into agencies for both selling and renting your property and also into inventory companies.
2) Do the maths – Look into getting your property valued by an estate agent and a letting agency. If you are considering perusing your decision as a money-making scheme then which option would initially be more beneficial? Based on the research in step one, do the sums for renting out your property. You will need to work out the amount you would receive per month in rent, take off the commission charges and costs of maintenance fees and any annual fees. How much profit are you left with each month?
3) Invest in a good agent – A good, well established property agency in London will be able to source a tenant to occupy your property. Property inventory services in London are a must for landlords to help you stay on top of regular inspections and tenancy reports. An inventory company will conduct a thorough check and create a report with digital photographs as evidence for when a tenant check out is due.
4) Speak to your mortgage provider – By law, you must officially tell your mortgage lender if you are renting out your property. You will be required to explain the situation and why you have chosen to rent out your property, a small fee may be applicable if you are renting your property to make money.
5) Get insurance – As a landlord you are required to be insured and it is a good idea to have contents insurance if you are renting the property fully furnished.
Written by Donna Essex on behalf of Inventory House. Inventory House is a leading property inventory company in London available to offer advice for inventories across the country. For any advice on how inventories can help both landlords and agencies visit the website. http://www.inventoryhouse.co.uk/