Want to Let Out Your Property? Here Are the Questions You Must Ask Yourself
It can be a savvy financial decision to buy a property for the rental market. If you choose a popular area and are willing to put in the work, you could be a successful landlord. This is a valuable yet complicated opportunity and so there are a few questions you should ask yourself before jumping in.
Are You Prepared for the Responsibilities of a Landlord?
The perks of being a landlord include the financial comfort that comes with having a regular income from tenants on your property. However, there are also plenty of responsibilities that come with the role. Your tenants will need to be able to contact you in a crisis should, for example, a leak cause property damage or an issue with an appliance disrupt their routines. While they are responsible for keeping your property in good order to the best of their ability, you must be prepared to respond and assist wherever possible. It can be useful to build up a list of trusted plumbers, electricians, and other tradespeople who can help should your tenants encounter a problem during their residence.
Do You Have a Property to Let?
Perhaps you have not yet secured a property to let but are looking for opportunities to do so. When done right, this can be a great way to make some additional income. It is essential that you make sure every step of the property hunt is taken carefully. Conveyancing by Lichfield solicitors, for example, will ensure that the ownership of the property is handled professionally and legally. This is important to protect you and your rights. If any discrepancies are found at a later date, you could potentially lose your property and the income from your tenants.
Is Your Property Suitable?
A property must be suitable for people to live in safely, securely and hygienically. If you need to perform any essential renovations, you should do so before putting the property on the rental market, as it is much harder to do when tenants have moved in. Make sure that all fire alarms are functional, that there is no damp and that all appliances work as expected. If there is anything wrong with the property, address it as soon as possible.
How Often Will You Seek New Tenants?
Landlords who are happy to keep a tenant for as long as the tenant wishes to stay – provided they abide by the terms in the lease – build up a positive reputation among other potential renters. However, only offering short-term lets allows you more opportunities to adjust your rental prices between tenants. This can be risky since there will be regular times when you might be without a tenant in place, particularly if your rental property isn’t in a busy city or desirable area.
Being a landlord and renting out your property can be hugely rewarding as well as frustrating. It’s up to you to decide whether or not the advantages outweigh the disadvantages.
