If you’re trying to move to a new house but you haven’t managed to sell your current home yet, have you considered becoming a Landlord and letting it out? You could do that short-term and then try to sell again in 6-12 months, or - if it’s financially viable for you - hold it as a longer-term investment. You might be able to earn some extra income and could even benefit from future capital growth.
There are typically three reasons people are often hesitant about letting their property:
1. Hassle. With around 160 laws governing the lettings industry, there is undoubtedly a lot to know and do to make sure you and your property remain legally compliant
2. Cost. You may need to spend some money on getting the property up to a ‘ready to rent’ standard.
3. Tenants don’t look after the property / Potential damage. Yes, there is always a small risk that a tenant might cause damage.
However, if you take expert advice and engage a good letting agent to manage the property on your behalf, none of these things need be a great concern to you.
How much you might need to spend on improvements to get the property ready would depend on the current condition of the property. WEST-The Property Consultancy can inspect and give a detailed breakdown of everything that needs doing to ensure the property is compliant before a tenancy is granted. This is free of charge can even recommend suppliers and contractors. If you're planning on trying to sell the property again in the future, this investment could mean a quicker sale and could help increase the property's value.
To ensure you get a good tenant and have a stress free and successful let is to engage with a letting/managing agent that’s a member of a self-regulating body, such as ARLA, NALS or RICS. At WEST–The Property Consultancy, we’re members of ARLA and can offer landlords peace of mind:
Essentially, a fully managed landlord service can take the vast majority of the legal and administrative burden off your shoulders. That means you can relax, knowing that your property is in the hands of experts and being well looked after on your behalf. If you haven’t already spoken to us about how letting your home could help you move on, do contact us via our website or call into are Summertown or Wantage office for a no obligation and friendly discussion about how we can get you moving.
For more information about the services we offer, please call our Lettings Manager, Gareth Gould on:
(t) 01865 510000
(m) 07809 526115