Stuff About Renting Out Your Home You’ll Kick Yourself for Not Knowing
Whether it’s a short term holiday let or a longer term rental, letting out your property can be a great source of income. But before you embark on this money making adventure, make sure that you know what you are getting yourself into.
Firstly white good can be a bit of a sticking point when it comes to tenants. They invariably prefer it when the white goods such as fridge freezer and washing machine are supplied by the landlord. However, from owners perspective, this isn’t always the best move.
Remember not only will you have the initial cost outlay of the white good to worry about, but you will also be responsible for them if they break. If you add that to the fact that your tenants may not look after them in the way that you would like, renting sans white goods seems like a good idea. Just make sure that you work out whether providing white goods to your tenants is beneficial to you and you are not losing money.
Some landlords choose to rent out their apartments fully furnished. While some prefer unfurnished where they tenant is free to fill it with their own stuff. You can often ask a higher PCM price for a fully furnished unit. But remember that you will have to repair and replace furniture, which can cost a lot. A fully furnished unit will include white goods, beds, a table and chairs and a sofa just for starters.
Depending on the level of style that you are going for, you might be able to get away with using preloved furniture. Ask friends and relatives if they have anything suitable or check out house clearances for some bargains.
Any of your own furniture that holds sentimental memories for you needs to be removed from the property well before your tenants arrive. Even the most house proud and careful tenant can damage something by mistake so it’s not worth taking the risk. Use one of the better-known cross country moving companies to transport your items to own home or rent a storage bin if you do not have the room.
Lastly, while it is possible to rent your property out privately, most people chose to go through a letting agent. This is for a number of reasons.
Firstly, they will market your property to potential tenants, so you don’t have to deal with that side of things.
Secondly, they will handle the legal aspect of the rental contract and deposit, which can be tricky if you are not experienced. Remember you will need a binding contract and a schedule of goods that the unit contains. This should also show at what state of repair each item is, so you can charge tenants for any damage they do in the course of their stay.
Letting agents will also handle the collection of money each month, which can make things a lot less stressful if there is ever a problem. They can even do a reference check on prospective tenants to weed out any potential troublemakers.