Mortgages – 4 Top Tips for Letting a Property
With mortgages becoming tougher and tougher to obtain, and with house prices increasing, getting on the property ladder is now a whole lot tougher than it was several decades ago. With that said however, with the right amount of determination, dedication, and hard work, it can certainly be done. Once you have purchased a property, rather than worrying about mortgages and repayments etc, you could actually use the property to earn you some money. How? By letting it out.
Becoming a landlord could earn you some serious money, and it is a great way of making yourself some additional income in the process. Some people rent properties out as a way of earning a little extra cash, whereas other people do so as a full-time job. Whether you wish to become a full-time landlord or simply use a property to make you some extra spending money, here’s a look at our 4 top tips for letting a property.
Get the property ready
First and foremost, when you’re ready to let out a property you need to ensure that it is habitable and ready to be lived in. There are certain rules and regulations that must be adhered to, and different district councils have different rules so it’s well worth knowing the various rules and regulations well in advance. You should also give it a fresh coat of paint, carry out any repairs that need doing, and make it as pleasant as possible to live in.
Don’t try to cut corners
Unless you’re the luckiest landlord in the world, when you have a property you want to let out, it will almost certainly have some problems that you will have to deal with. The last thing you should ever do is try to cut corners and get the issues resolved on the cheap, because ultimately this will come back to bite you in the behind at some point. If there is a damp problem and you can visibly see mould/damp patches on the walls, don’t just paint over them and rent the property as quickly as you can. Instead, find out what’s causing the damp and get that fixed. If a job is worth doing, it’s worth doing right, so just bear that in mind.
Do your research
Before you decide whether or not to rent out a property, it’s very important that you do your research and try to find out as much about the area as possible. Don’t just look at transport links and amenities etc, try to look into average rent prices in the area too. It’s very important that you know what to charge your tenants, as the last thing you want is to be under or over-charging them.
Anticipate the worst
In a perfect scenario, you’d rent your property out to a wonderful couple who always pay their rent on time, plan on staying in the property for the foreseeable future and look after it and keep it in pristine condition. Unfortunately, life doesn’t always work like that. Sometimes there will be times when the property is empty, and you aren’t making money on it. There may also be issues with having your rent paid on time, and with problem tenants. Prepare for the worst but know how to react.