If you have a property in the UK and you’re considering letting it out to tenants, there are a lot of things to think about before putting the house on the rental market, like maintaining adherence to legal requirements and finding the right landlord insurance. However, letting a property can be a very lucrative endeavour, and one that’s highly worthwhile! In this guide, we’ll be discussing what you need to do to let a property in the UK.
Deciding to Let Your Property
Letting a property in the UK is a big financial decision and knowing whether to take the leap can be tricky. As part of your decision, there are a few key questions that you should be asking yourself:
- Is your property in a good, liveable condition?
- Do you have the funds to cover unexpected repairs or expenses?
- Will you need any help with the management of a rental property?
- Would selling the home be a better financial decision in your circumstances?
Once you have a clear answer to the important questions, you can make the best decision around whether letting your property is the right move. If you’ve decided that this is the best option, then it’s time to get your property on the market!
Finding a Managing Agent
If you’re new to letting a property, then finding a managing agent is one of the best things you can do to ensure a smooth rental process. Managing agents can help you conduct viewings with tenants, maintain your property and adhere to legal requirements, so if you want to take a low-touch approach to letting then this is the route for you.
Getting the Right Insurance
Before you welcome tenants to your property, finding the right insurance is paramount. There are a number of different options available when it comes to landlord insurance NI, but you should ensure that the policy you choose is comprehensive and covers any damage to your property caused by your new tenants in case of emergencies. If you fail to insure your property, you might find yourself facing financial difficulty if you need to fork out for unexpected repairs, so the best landlord insurance NI is a policy that gives you some extra piece of mind.
Protecting Your Tenants’ Deposit
As part of the holding process, your incoming tenants will pay a fee that is typically comprised of a set refundable deposit plus four to five weeks’ rent. The deposit element should be held in a government-approved scheme, and is to be returned to the tenants following the end of their tenancy subject to the property being in a good condition. Checks should be carried out to ensure that the house is clean, and that no damage has been caused to the interior or exterior, accounting for general wear and tear.
Providing a home for tenants is a rewarding way to make some extra income, so if you have a property available then you should definitely consider letting it out. As long as you follow this guide and ensure that your home is safe and insured, the opportunities in the rental market are endless!