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Letting Your Property Out

Sep 11, 2008
Many home owners are choosing to let their property since the housing market is not at its best as of late. This can be a great solution if you are ready to move even though your home has not sold. You must be aware of the laws and preparations involved in such an undertaking as well as the fact that letting your property can involve a lot of work on your part.

Before listing the home you should make certain it looks to be in top-notch condition. After all, you would not market your own home without making sure it is in perfect condition. There are a lot of tenants who will negotiate the price with you. People interested in leasing the house will not be willing to pay as much if it isn't in terrific condition. If they are still interested in leasing the home at all, potential tenants entering a home in poor condition may insist on a rent reduction.

You should familiarize yourself with the laws related to letting your property. It takes some work to become a landlord, but you could find yourself in a heap of trouble if it's not done properly. If the mortgage is still in your name, you should contact the lender to advise the lender your plans for leasing the property. Failing to advise the lender may result in repossession. Most lenders will gladly work with you, particularly if the lease is only temporary. You also have to make your insurance company aware of your plans. The insurance company could drop your coverage for failing to advise them of the situation. Since you are the land lord, you must make sure all gas appliances are certified and inspected and all electrical equipment are operating. Any furnishings that are left in the home must be fire resistant also.

It is possible to let your property on your own but since it does entail so much it is often wise to higher a letting agent. Letting agents know what laws to follow as well as how to handle any different situations that may come up when letting a property. Agents also know how to price your property in comparison to other available properties. You do need to make sure that you find a licensed agent from a reputable company. Hiring a letting agent may be your best choice especially if you have never been a landlord before.

The final issue to remember as a landlord is that all maintenance and upkeep of the property is your responsibility. When anything such as the water heater breaks down, the law requires the landlord fix it promptly. It is wise to have a savings account at the ready in order to pay for unscheduled repairs and maintenance.
About the Author
check out Alan Harding's website for all your letting agent requirements.
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