Published: 28/05/2019 By Jessica ChalmersWe often get asked by people considering letting their property what’s involved, as they mull over whether it could be a lucrative revenue stream and wondering how much work is involved. So we thought we’d give you all the information and considerations you will need and whose advice is better to follow than our award winning lettings team?!
Before letting your property, take a look at our pre tenancy check list:
- If you have a mortgage, speak to your lender as you may need to switch your mortgage.
- Let the insurance company know that the property is going to be let, at this stage it might also be worth recommending landlord insurance.
- Ensure your gas, electrics and fire regulations are met.
- Inform free holder of your intent to let the property and check any regulations they may ask you to comply with.
Once these regulatory points have been ticked off and the property is ready to expected standards, both physically and as before mentioned in terms of safety and regulations there are a few other costs to consider: letting agent fees, income tax/capital gains tax, void rental periods.
Focusing on the first point, you will need to find a letting agent – we know a great team we can recommend!.. At Whitman & Co we offer two services: 'Let only', which does exactly what it says on the tin; we will find you a tenant. However we will also carry out references and offer our services up until the point of the tenant moving in when we hand over to you. You can choose to use our rent collection service which would see you receiving a monthly statement from us. We also offer 'full property management' in this case we would do all of the above plus ensure the gas safety checks are achieved annually, inspections are carried out when required and also manage the property day to day. So if a washing machine breaks/ the heating is faulty you won’t get a call from your tenant whilst lying on a beach on holiday- we will! Whilst sitting at our desk with trusted plumber’s and electrician’s numbers at our finger tips!
If this has tempted you to become a landlord, please give us a call on 02087478800 and a member of our lettings team would love to chat to you about this further.