Is it worth renting out my property?

You’re thinking about letting out a property to generate some residual income. This can be a perfect way to have someone else pay your mortgage, make some income, and let the equity accrue in your property for the future. But is it as simple as that? If you’re wondering if it’s worth it and how you go about that, the chances are you have lots of questions before you take that step.

 

Questions to ask before letting

Let’s start with some of the questions you might have, will tenants be interested in a property like mine? If your property happens to be situated in a great location close to local amenities and has good transport access then it is likely to be very appealing to prospective tenants. This could be a real opportunity for you to make financial gain. You need to take a sensible step of assessing whether you have enough income to cover more than one property. There will inevitably be costs associated with renting out your property such as mortgage payments, ongoing maintenance, repairs and property taxes. But with some number crunching, letting your property could still provide you with a nice income.

 

Becoming a landlord

Whether you buy a property with the specific intention of letting it out or you already have a property you’ve decided to let, there are a range of things that need to happen. Of course you can manage this yourself but life is busy, do you really want the hassle of finding tenants yourself and then managing them going forward? In our opinion it’s a bit like cutting your own hair, you could do it but you’re better off handing it over to an expert hairdresser! Of course being a letting agent we would tell you to let us deal with your property but there are very good reasons to have an agent handle this for you.

Many people choose to let out the property because they don’t want to lose income through agencies but there are many advantages to using an expert:

  • They have access to a database of tenants
  • An agent understands the responsibilities that you would need to fulfil as a landlord
  • Has awareness of all rules and regulations surrounding renting out a property
  • Markets the property well and takes away the hassle of finding the perfect tenant
  • An agent will source references and credit checks for your tenants
  • They can advise on how to make your property appealing
  • Agents have years of experience in dealing with tenants
  • A letting agent has access to reputable tradespeople and therefore can put the right people forward should there be a need for repairs or to deal with on-site issues
  • An agent will draft a tenancy agreement that covers all the necessary legalities

 

Is it worth renting out your property?

It’s fair to say then that if handled correctly following the right legislation, letting your property can provide a residual income for now and a nice nest egg for the future. Come and see how Allen Goldstein can make this happen for you.

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