CONSIDERING becoming a Landlord, not sure of the next steps? Here Is Belvoir Lettings Dunstable’ guide to what you need to know:
Lifestyles have become more flexible. Today, people move between work and study frequently. For these people being a tenant offers more flexibility than buying a house.
The UK has a housing crisis – a growing population and a lack of available properties has pushed up house prices beyond what people can afford in many areas.
This has meant some people have no option but to rent instead – it’s usually cheaper and for those that want to eventually buy, it allows them to save for a deposit.
Rental income is what the tenant pays you – hopefully this will grow over time too. In addition to the all-important income, you will also need to budget for a number of necessary costs. It’s worth highlighting what these costs are so you can make provision for them. This is especially important as ultimately you are responsible for these costs whether the property is occupied or not.
The law states you must maintain the property and undertake any major repairs that are required.
This includes anything that affects the structure and exterior as well as the electrical, heating, hot water and sanitary conditions.
In addition, there are special rules that apply to soft furnishings, gas and electrical safety.
A letting agent will save you time by showing potential tenants around your property, which is ideal if you haven’t got the time to handle calls, stay in for viewings and respond to emails.
Your letting agent will:
Do a market appraisal to assess the rental income
Find tenant suitable for you who will meet your requirements
Check of each applicant’s ID, credit status, income, employment and previous history as a tenant.
Collect a deposit and lodge into a government scheme
Draw up a suitable tenancy agreement, prepare for an inventory and update supplier details.
Ensure a smooth transition from old to new tenants
Using a letting agent can be beneficial as they are able to look after the receipt of the rent, deal with ad hoc tenant queries, get essential maintenance work done using their own network of tradesman, carry out regular inspections of the property and deal with ending and extending an Assured Shorthold Tenancy.
Belvoir Lettings in Dunstable aims to provide all of the above with the service you would expect from a large national company.
For more information and advice please call us on 01582 343209 or email dunstable@belvoirlettings.com.
