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Factors to consider for prospective new landlords

davebrown1975 by davebrown1975

Introduction

A short guide to the important factors to consider for prospective new landlords.

You may be considering letting for numerous reasons. Maybe you will be moving overseas for several years and wish to retain a stake in the UK housing market. Perhaps you've recently inherited a property or you could be one among a growing group of people who view property as a key element of their investment portfolio.

The following article looks into important factors any prospective landlord should consider before letting property.

Why let ?

Many property owners may look for a substitute for selling their property due to countless reasons, and have discovered that letting has provided them with flexibility to engineer the house move they require, be it relocating or moving up or down the ladder. Mortgage providers may help to facilitate this by means of offering 'buy to let' mortgage products.

Whatever your motive for letting, the private rental sector in the Uk has never been more appealing. Latest legislative changes have eliminated many of the reservations linked to letting, so that you should always be permitted to seek possession of your property at the end of a letting period.

What you should keep in mind when thinking of joining the property market

Most importantly...

Numerous factors need to be taken into consideration when advising a landlord on how they should best continue with their letting.

The location, condition and size of the property, standard of contents and furnishings provided and prevailing market forces are all factors that must be considered.

A skilled letting agent, will undertake a complete evaluation of your estate by visiting the property to perform an initial inspection, following which all relevant matters will be discussed in greater detail with you. This enables you to ask any queries that you may have or talk about any particular concerns. This service is provided free and without obligation.

It is crucial to review the condition and presentation of the property, as this may influence the speed at which your property is let and the level of return you can expect to obtain.

And when I decide to let property

Among the principal functions of a letting agent is the identification and referencing of a quality tenant. They should extensively promote your property using both advertising through internet coverage with the important property websites including rightmove.com and a wide range of relocation organisations.

On your behalf the letting agent should take references on every tenant over 18 to be named on the rental contract. To make certain this vital process is carried out as impartially and thoroughly as possible, a independent professional referencing company should be utilised, the cost of which is completely covered by the potential tenant.

The report sent to the letting agent by the credit referencing company will be actioned on the basis that the conclusion deems the applicant to be a suitable tenant and acceptable to underwriters for legal and rent protection policies.

Resources

York Letting Agents Property Management
Property management services as provided by Letters Of Distinction, a family run letting agency situated in the historic English North Yorkshire city.
Full guide to Property Management Services
A concise guide to property management services.

Guestbook Comments

  • barrycrow60 Dec 2, 2011 @ 10:41 pm | delete
    If you are offering student accommodation, references may not be appropriate. Instead, you may want to insist on a parental guarantor, which means that a parent guarantees to pay the rent if the tenant (their child) doesn't.
  • johnnyhide Dec 2, 2011 @ 10:39 pm | delete
    if you want to offer student accommodation then furnished accommodation is a good idea. More older, more experienced tenants may have their own furniture and want to rent out a flat that is unfurnished.
  • dickfeind Dec 2, 2011 @ 10:38 pm | delete
    Before renting your property, make sure you've have the consent of your lender and freeholder (if applicable). Get landlord's insurance so that you are appropriately covered - standard building and contents cover does not meant the needs of a landlord. I like this lens.
  • kate00moss Dec 2, 2011 @ 10:35 pm | delete
    The first being that you likely won't get any calls from tenants complaining about bugs being in the home. The second is the prevention of any bug infestation within your walls. Cool lens.
  • tiffanydiamonde Dec 2, 2011 @ 10:32 pm | delete
    Purchase and leave specific items in the house for your tenants in order to promote safety and keep service calls to a minimum. I will recommend this to my friends.
  • texasprojectw Dec 2, 2011 @ 10:28 pm | delete
    Try to keep a list of all model and serial numbers and color finishes within the house. This could include all the kitchen appliances, the furnace, the water heater, and even the faucets or fans if you've replaced them recently.
  • texasprojectw Dec 2, 2011 @ 10:28 pm | delete
    Try to keep a list of all model and serial numbers and color finishes within the house. This could include all the kitchen appliances, the furnace, the water heater, and even the faucets or fans if you've replaced them recently.
  • crystalshane777 Dec 2, 2011 @ 10:26 pm | delete
    Once you've found your renter(s) and you're ready to sign the lease, try to meet them at the house instead of an alternate location.
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This UpMarket page written by

davebrown1975

Web & Mobile Application Developer, Internet Marketer and Writer.

I also love Windsurfing, playing the guitar and quality family time.

Deluxe. Remarkable. Creative. Unusual. Successful. Upmarket businesses push the envelope -- does yours?

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