More and more people are investing in the buy-to-let market, which can offer high returns on an investment and can also be used as part of pension pot later in life. So we have put a list together of things you will need to consider when renting out your home:
• Ensure that electrical, plumbing and heating systems are in good working order, ask a qualified professional to inspect your home before letting it.
• If you have a mortgage on a property you would like to rent out then make sure you get consent from you mortgage company first.
• Make sure you have the proper insurance for fire, theft, natural disasters, tenants negligence and water damage, even if you don't have a mortgage.
• Consider if you are going to include any white goods in with the rental contract.
• Make sure the house is presentable, by giving it a fresh coat of paint it could make it more appealing, and you could potentially get a higher rental income from the property. This is the same with a carpet, don't go for the cheapest, as this could cost more in the long run.
• Repair doors, gutters, windows, and anything else in the house that doesn't work properly.
• A working smoke detection alarm will need to be installed before renting out your investment, you will need to speak to a professional to help decide on whether you require mains wired smoke alarms or battery operated, depending on the kind of rented home you may be required to install an interlinked smoke alarm with back up supply.
• Gas appliances such as gas boilers and fires; these will need to be serviced annually by a Gas Safe Engineer; they will provide you with a valid certificate.
• Ask a reputable letting's agent to market your home, this will give you peace of mind, and they will organise the marketing, vetting and rental contracts for you.
Renting out a property can bring great rewards, but it's always best to use a registered lettings agency such as Intercounty who will be able to guide you through the process and assist and advise you if you are considering letting your property. At Intercounty we always welcome the opportunity to talk to our customers, so drop in for a chat about the market and a coffee anytime.
This is just one of the many testimonials we have received from landlords using Intercounty:
Bishop's Stortford office - 23/06/12
'Purchased the property through Intercounty and you agents were the only ones that made me feel really comfortable and confident. There was no hard sale, just friendly banter - perfect. Everyone in the office knows who I am, my emails are answered straight away (am living in Saudi), any problems are dealt with calmly and professionally... really have made this whole experience quite pleasant!'