Top tips to rent out your Surrey home!
Selling can sometimes feel impossible but letting your house is a handy alternative. Here at Park and Bailey we have made points on what you need to consider if you’re thinking of renting out your home.
It is best to look at similar properties that are being let in and around your area and how much rent the property owners are asking. If you are planning to use a letting agent, start looking around at the options in your area, including the service they offer and how much they charge. If you know anyone that is a landlord, it is best to get their option and see if they have any recommendations.
It’s important that you do the maths to make sure it’s worth it financially before you decide to let out your home. The rental income you receive may be taxed at the usual rate. You must consider any tax deductions as well as letting agent fees, then see how much you are left with. The net figure would need to cover your mortgage payments at the very least. If you decide to rent out your property, then your mortgage lender must be aware. If you fail to tell your mortgage lender this could mean you are breaking the terms of your mortgage contract, so ask their permission before you do anything else. Ensure you ask their permission before you do anything.
It’s vital that your current buildings and content insurer knows of your intention to let your property, as the policies may need to be changed. You will also need to arrange a landlord insurance policy, this can protect your property itself, your tenants and your investment. Some can also pay out if your tenants miss rent payments.
Before your property is available to rent out, you must make a decision whether to let your house furnished or unfurnished. Other thing’s you may want to consider are to make sure you removed anything that has sentimental value or that is fragile. Make sure any repairs have been sorted or are being carried out. You must also ensure that all appliances are in good working order and lastly consider giving your property a mini makeover to ensure that everything is well presented and up to date.
Not everybody decides to use a letting agency but instructing an agent will cut out lots of time for you. Here at Park and Bailey we will: advertise your property for you, show the potential tenants around, draw a tenancy agreement and we can deal directly with the tenants. We are also happy to advise on how much rent you should be charging but do remember that this decision is down to you. We can discuss this with you so that you are comfortable with your final decision.
Renting out your house will mean you go from being a homeowner to a landlord. This new status as a landlord will leave you with some responsibilities such as, being available for fixing repairs, maintenance and refurbishments. Make sure that any gas appliances are tested by a Gas Safe registered engineer. You should also arrange an Energy Performance Certificate for your tenants.
Here at Park and Bailey we offer these are Let Only, Rent & Collect and Managed. Make sure you contact us today if you’re looking to let your property or visit our website if you’re looking for more information or advice.