Investment in property is becoming increasingly popular as the price of land and property keeps rising. People will always need somewhere to live and by renting out a property, it can pretty much pay for itself. There are many different reasons that people decide to become landlords, it may be a financial investment into buying multiple properties, an inheritance or it may be that your home would be otherwise sitting empty.
Whilst the financial benefits may seem lucrative, being a landlord also comes with great responsibility. Here at Chadwells, however, we can help with the whole process of finding tenants as well as ongoing issues.
There are a number of factors to take into account when you are deciding on the amount of money that you will charge. Some of these include:
The amount that you are paying on your mortgage
The current market in the property’s local area
The condition of the property and what furniture is included
Whether you want to include bills
Remember that you may need to reform or repair items as part of your responsibility
Time between tenancies when the property (or room) is left empty
Tax that you may have to pay on your rental income
As a landlord you have a certain responsibility towards the safety and well-being of your tenants, as well as covering yourself. We advise you to get the following paperwork sorted out at the beginning of the tenancy:
Gas safety certificate
Energy Performance Certificate
Deposit protection paperwork
Landlords Insurance (optional)
Renting a property can seem like an easy way to make money or grow an investment, but it does actually take a lot of time and energy to make sure that things run smoothly. Make sure that you take your landlord responsibility seriously, and remember that here at Chadwells we are here to help.