Calling All New Landlords by Heather Hilder on December 19, 2018 “Calling All New Landlords” Some would-be sellers are reluctant to sell their home in view of the high cost of moving, or selling for what they regard as too low a figure to enable them to fulfil their plans. Others may be moving abroad and don’t necessarily want to commit to selling their UK home just yet. Calling all new landlords – there is a lot to consider before letting your property! Maybe you’re keen to move but don’t want to “cash-in” the investment potential of your property at this time. Many people are therefore deciding to let their property instead of selling it. This makes good sense for several reasons. Firstly, if your rental income at least covers your mortgage payments, especially during this time of low interest rates you effectively gain a “free” investment. You do, however, have to consider the costs of letting your property, such as tax, insurance and management charges. You’ll also need to let your lender and insurer know. The chances are that as an owner occupier, you could well achieve a fast let at a high rent. This could be because you will be competing with buy-to-let properties that may not be presented to such a high standard. A property in which the owner is actually living feels like a home. However, there are many issues to consider before letting out your property. It’s not just a matter of finding a Tenant. There are over 150 pieces of legislation affecting Landlords including fire regulations, other health and safety issues, deposit protection, rights of tenure, etc. Letting properties has become a complex specialist field, and we strongly recommend that you don’t go it alone. Contact us for a free consultation on 01273-735237 or email us enquiries@callaways.co.uk to hear from one of our experienced lettings experts. We won’t bore you with all the legal stuff! We will do our best to help you make the most of your property and its potential.
