If you are going to be moving out of your property for a while to live overseas for some time, you have inherited a property or you are actively seeking a property to buy as an investment, then being a landlord may be something that you are considering, rather than selling the property.
Whatever the reasons, letting a property out is a good source of income and also means that you are not left with a property that is sitting there empty. However, there are also a number of things that you need to consider before becoming a landlord…
Firstly, you need to make sure that your mortgage lender is aware of your plans to let the property out. In some cases, they may allow you to continue with your current mortgage arrangements if you only plan on letting the property out for a short time, however, if you are buying a property for the reason of letting it out or your mortgage company wants to change the terms of the mortgage based on you letting it out, you are likely to need a buy to let mortgage, which you can discuss further with your mortgage provider.
You also need to consider how you will go about letting your property out. You can do this yourself, however this can be a lot of work, as in addition to finding tenants and doing all the correct legal checks you also need to manage the property. For many new landlords it is better to get the help of a local letting agency like this Gloucester letting agency https://www.tgres.co.uk/ for example.
There are lots of legal responsibilities that come with being a landlord. These include things like ensuring that the correct fire regulations, such as having fire safety doors and also fire and carbon monoxide alarms fitted. You also need to make sure that your property has been deemed safe when it comes to gas and electricity, and that it is fit for people to live in. Gas safety checks for example, need to be done by a qualified gas safe engineer, and all gas appliances in the property need to be checked.
Weighing up life as a landlord
Letting out a property suits people in very different situations, from a pensioner looking for extra income to a working professional who wants a long-term investment in bricks and mortar. Before you commit, it helps to be clear about what the role involves.
Many first-time landlords use a letting agent. An agent takes much of the work off your hands, carrying out credit checks and inspections and offering advice, which is especially useful if you have not let a property before. You remain responsible for keeping the property in good repair, and some repairs can be costly. You may be able to handle small jobs yourself, but gas safety checks must be done by a qualified professional.
There are downsides to plan for. Difficult tenants and empty periods between lets both cost money and time. A good agent can reduce these problems, but they will still come up from time to time, so go in knowing what you are taking on.