Save yourself some time - appointing an agent will mean you can cut out a huge amount of legwork, as they will; advertise your property for you, show prospective tenants around, draw up a tenancy agreement, do credit checks and draw up the relevant contracts/paperwork and deal with any maintenance issues.
Ask your lettings agent or look at property websites such as Rightmove or Zoopla for comparative rentals in your area that match your home.
Any rental income you receive may be taxed (we suggest you speak with an accountant). Keep in mind that if your property is managed by them, your lettings agent will charge this as an additional cost.
Speak to your letting agent about arranging a landlord insurance policy if necessary. Landlord insurance can protect your property, your tenants and your investment as a whole. You may also be able to claim if your tenants miss certain payments. Don’t forget that your home is covered by a two year Mount Anvil warranty and ten year building NHBC Warranty starting from completion.
Before you make your property available for rent, you will need to decide whether to let your home furnished or unfurnished. By furnishing your apartment; you may let your property quicker, catering to those looking for a move-in ready home, you may be able to set a higher rent, your tenants may feel less ‘invested’ in your property, having not bought furniture, meaning more tenant turnover, you may find the added expense unnecessary, you will be liable for wear and tear.
You’ll be responsible for all repairs, maintenance and refurbishments. You may need to register with the Tenancy Deposit Scheme.
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