Letting Your Property

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by: AlanHarding | Total views: 3 | Word Count: 458 | View PDF | Print View
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Since the housing market is not at its best as of late, many home owners are choosing to let their property. This option is a great opportunity when you are all set to move, and your home has not sold. Letting your property can involve a lot of work on your part, and you must be aware of the laws and preparations involved in such an undertaking.

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.

You can let your property on your own, but because so much is involved, it may be a good idea to engage the services of a letting agent. Letting agents are familiar with the applicable laws; they also have experience in handling the various situations that may arise when letting a property. Agents are aware of pricing in your area and can help you set a good price for your property. Make sure your agent is licensed and works for a reputable agency. Especially if you have never been a landlord before, hiring a letting agent may be your best choice.

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.
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