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If you’re trying to move house but you haven’t managed to sell your current home yet, have you considered holding on to it and letting it out? You could do that short-term and then try to sell again in 6-12 months, or – if it’s financially viable for you – hold it as a longer-term investment. You might be able to earn some extra income from rental profits and could even benefit from future capital growth.
We find there are three main reasons people are often hesitant about letting their property:
1. Hassle. With around 160 laws governing the lettings industry, there is undoubtedly a lot to know and do to make sure you and your property remain legally compliant
2. Cost. You may need to spend some money on getting the property up to a ‘ready to rent’ standard.
3. Potential damage. Yes, there is always a small risk that a tenant might cause damage.
But if you take expert advice and engage a good letting agent to manage the property on your behalf, none of these things need be a great concern to you.
In terms of how much you might need to spend on improvements, you will need to get the property inspected and get a detailed breakdown of everything that needs doing to ensure a legal let, which Your Move can do free of charge whilst even recommending suppliers and contractors. If you’re planning to try to sell the property again within the next few years, this investment could mean a quicker eventual sale and could help increase the property’s value.
The best way to make sure you get a good tenant and have a successful let is to engage a managing agent that’s a member of a self-regulating body, such as ARLA, NALS or RICS. At Your Move, we’re members of ARLA and can offer landlords peace of mind that:
Tenants are correctly credit checked and referenced
- All paperwork is legally and accurately administered
- We organise the legally-required certification including gas and electrics
- A complete inventory is implemented
- Rent monies are held in a separate client account which is protected with insurance
- Periodic checks are carried out on the property
- Maintenance issues are fixed quickly with the help of approved and trusted contractors
- Changes in letting legislation are communicate
- Nationally-recognised Codes of Practice are adhered to and we belong to a government-approved redress scheme.
Essentially, a fully-managed landlord service can take the vast majority of the legal and administrative burden off your shoulders. That means you can relax, knowing that your property is in the hands of experts and being well looked after on your behalf. If you haven’t already spoken to us about how letting your home could help you move on, do contact us via our website or just call into your local branch.
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