Rents have hit record highs, and the sales market is tough, so it’s no surprise that more and more sellers are choosing to become landlords.
If you’re struggling to sell your property and are considering whether to rent it out as a short-term asset to support income generation, this is a wise option to consider.
Here are some things to think about before you go for it!
Is it financially viable?
Do your research before you go any further! How much can you rent your home out for, and how does this stack up with your other costs and mortgage payments?
It’s important to do your sums carefully at this stage so you don’t feel disappointment (or worse) when your rent starts rolling in.
Do your homework.
Get familiar with the buy-to-let market in your area. What are the going rates, and how does your property compare with others on the market at the moment?
You’ll also need to brush up on the other landlord necessities: financing, rules and regulations.
Don’t forget insurance!
Buy-to-let insurance is more expensive than traditional home insurance, but do not skimp.
We would recommend that you not only make sure your building is insured but also choose a policy that covers the rent if your tenant defaults and one in which eviction costs are covered. This is particularly important if you’re a first-time landlord.
Feeling overwhelmed?
If you’re feeling like this might be a big job, you’d be right. Being a landlord can be rewarding financially and emotionally, but it’s not something to tackle alone unless you have the experience, time to learn or money to burn. If you need some expert advice, we’re always here to help.
Work with us, and you’ll be in safe hands.
We have decades of experience in letting and managing property in our local area, so we know our stuff.
We’re independent.
We know that all landlords are different and want varying levels of support and involvement, depending on their experience and time available. Whatever you need, we’ll work with you to deliver it.
As an independent business, and unlike a large corporation, we are happy to listen to your needs and will tailor our terms to you rather than the other way around!
We can help you with whatever you need.
We offer everything from a basic Tenant Find service to a full management service.
We can carry out viewings, arrange inventories, draw up the tenancy agreement, arrange gas and electric safety testing, carry out credit checks on prospective tenants, and deal with tenants’ deposits.
Our experience and personal service mean we can hold your hand along the way, ensure you are legally compliant as a landlord, find you the most suitable tenants, and handle any tricky situations that arise.
“Grace Miller have been outstanding in general and have provided us with some excellent tenants. Their attention to detail with the referencing and the contract has been excellent, too. We have now decided to use them to sell our flat as well.”
Nigel T.
To find out if letting your property might be a viable option for you, please get in touch with us today.
