Things to Consider When Trying to Let Out Your Property to Rent
Admin December 03, 2017
Becoming a landlord and deciding to let your property can be a fantastic
way to generate some extra income. There are some things you need to carefully
consider before beginning to advertise your property. Your first move will
often depend on the type of property that you have; do you have rooms, flats,
or houses to rent? Depending on where you live, each has its own benefit. In
student-heavy areas, sometimes rooms are much more popular or you may want to
find a group of tenants who wish to occupy the house as a whole. Whichever type
of property you have, ensure that all the furnishings, appliances and fittings
are in good repair and the decor looks good. Tenants who come to view their new
potential home will be looking for somewhere they feel comfortable in, so
provide that in the first instance.
You will then need to decide on how much you are looking to rent your property for. Different locations and areas of the city will have different rates, so ensure that you look around your area to find a suitable rent that is competitive but not too low. This will also depend on if you are letting a single room or a flat. Check that your proposed rent will be enough to make you a profit, or at least cover your minimum fees, such as mortgage costs, bills, and any other fees.
When it comes time to find your tenants, you will need to guarantee that they can afford to rent their new house and that they will keep the place in a suitable condition. Finding the wrong tenant is one of the most common cause for complaints in landlords, whereas finding the right person can save you a lot of stress further down the line.
You will then need to decide on how much you are looking to rent your property for. Different locations and areas of the city will have different rates, so ensure that you look around your area to find a suitable rent that is competitive but not too low. This will also depend on if you are letting a single room or a flat. Check that your proposed rent will be enough to make you a profit, or at least cover your minimum fees, such as mortgage costs, bills, and any other fees.
When it comes time to find your tenants, you will need to guarantee that they can afford to rent their new house and that they will keep the place in a suitable condition. Finding the wrong tenant is one of the most common cause for complaints in landlords, whereas finding the right person can save you a lot of stress further down the line.
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