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Photo by Maria Ziegler on Unsplash |
{This is a collaborative post}
Like me, you might never have considered becoming a landlord, but what I now know is that it is far easier than I feared. I have a couple of local friends who are in the same situation as me, where we get our houses provided with our husband's jobs and whilst they both went for the renting option, we decided to sell our old house. Well, now they are quids in and we are £130K down! Yep, you read that right, in the last 7 years, the house we sold has risen by £130,000 without any works having been done on it, as we did all those before we moved out.
I think because our move was quite a quick one, it just felt far too scary to rent our house out and to live over 100 miles away from it, but I need not have feared as I now know that is what a good Lettings Agent does for you. If you're in the position of thinking about renting your property out because you're heading abroad for a bit, been given a house with your job or for another reason entirely, read on to see what you need to consider when you rent out your property and become a landlord -
1. Do your Preparation and Research
Have a look at sites like Zoopla and Rightmove and see what kind of rents people are achieving in your area. Think about what kind of people you think your home might suit best - a professional couple, a small family, roommates? Each different demographic comes with their own pros and cons, so have a think about this and who you think it might be best to let your property to. Do you want to let your house furnished or not?
Also, work out your budget, how much does it cost to pay the outgoings for your property each month, add on the cost of the letting agent and any profit you with to make and you have an idea of what you need to be charging. Hopefully, it will fall in line with what you have discovered others are charging for similar properties.