Renting Out Your House For The First Time – Tips and Advice from The Property Witch.
The lack of genuine buyers has created more accidental landlords in the UK.
Due to the current lack of genuine buyers in the property market, many property owners have been forced into renting out their house for the first time, as selling it just isn’t an option. Being an “accidental” landlord, or “reluctant” landlord, for the first time can seem daunting, especially if you become a landlord against your will, but The Property Witch has some helpful professional advice that will make renting out your house a lot easier.
Bring in the professionals and use a quality letting agent to manage your property.
For an experienced landlord, renting out your house yourself is an achievable and not to mention, rewarding, task to do. However if you find yourself becoming a landlord against your will and suddenly needing to find suitable tenants, draw up tenancy agreements, perform an inventory, collect rent, chase rent and carry out maintenance work, it really is best to bring in an experienced letting agent who can do all that for you. (To find the best letting agent to manage your property visit Which Property Agent).
But will using a letting agent to manage my property cost me more money than if I did it myself?
Using a letting agent when renting out your house doesn’t necessarily cost any more money than if you did it yourself and here’s the main reason why: First of all let’s assume that your property would bring in £750 rental income per month. A good letting agent will have a bank of tenants waiting to move into a property just like yours (so long as it’s not a total hell hole) so you should be bringing in rental income for 12 months of the year. If you choose not to use a letting agent in order to save cash BUT you have just 2 months that fail to bring in rental income than you are instantly losing out on more money then you would have paid the letting agent to manage your property for the entire year. Then factor in the peace of mind and stress reduction that a letting agent brings and suddenly it makes a lot of sense.
Just be sure to choose the best letting agent to let out your house.
The only difficult decision that an accidental landlord need to make is “Which letting agent should I use?”
There are plenty of great letting agents out there but unfortunately there are plenty of terrible ones too. It used to be a bit of trial and error until you found the best agent for your property but now you can visit a website such as Which Property Agent, a comparison website of estate agents and letting agents, and enter your property’s details to find the best letting agent to let out your house.
Best of luck with renting out your house, and enjoy your time as a landlord. It could be your first step to becoming a property magnate!