We’re currently living in a period where renting is at an all-time high. This may leave you looking to create an extra income by deciding to rent out your property, but it’s important to remember that there are lots of things to consider.
Fortunately for you, WitLet, letting agents Witham, have come up with a list of 5 things to consider before you decide to let your property.
- Make Sure You Research All the Laws and Regulations
Before you consider letting in Witham, make sure you research all the regulations that will apply to you as a future landlord. It’s vital that you’re aware of all your responsibilities from the get go. Remember to research about things such as electrics, gas safety, fire and smoke alarm checks as well as carbon monoxide detectors.
- Look into How Much You Can Expect to Charge
Before renting your property, do your market research. How much are properties averagely charging per calendar month? Is your property better than the others? If so, why? These are just some of the questions you need to ask yourself, however please note that you will need to get it professionally valued as you may be bias. Also consider the condition of your property, the nicer the décor, the higher the value.
- Tax, Tax, Tax
It’s important to remember that any profit made from renting your property is liable to tax. This is important to assess before you decide to go ahead, purely because you want to make sure that the profits that you will make letting your property will be worth more than the tax you have to pay.
- Registering as a Landlord
Believe it or not, you can’t just become a landlord. You need to register and be approved first. In order to register, get in touch with your local authority for more information.
- How/Where to Find the Right Tenants
Don’t get us wrong, there will always be a long list of tenant’s keen to rent your property, however you’re going to need to make sure that you rent your property to the right ones. In order to do this, think about where you’re going to advertise if you’re doing it yourself. If you’re not, you still need to consider which letting agency you’re going to go with.
If you’re looking to let your building or maybe you’re a future tenant looking for properties to rent Witham, get in touch with WitLet, Letting agents Witham, today on 01376 502 500.