Being a private landlord can be a lucrative business, and with a residential property lettings specialist at your side, it can even be relatively simple. At Fisher Wrathall, we have over 40 years’ experience, and we have provided our services to both domestic and commercial landlords, Lancaster over the years. We wish to share the knowledge and experience we have built up over the years, helping you to navigate the challenges that come with being a landlord.
If you are thinking about the rental possibilities of your property for the first time, read on to find out how you can prepare yourself.
You Must Inform the Right People
If you have a mortgage on your property, you will need to inform your mortgage lender of your intentions. There may be terms in your contract regarding the letting of your property, so you must abide by these terms and obtain their permission before you begin the letting process.
You will also need to speak with your insurance provider. You are responsible for the buildings insurance, and if the property is furnished, you will also need contents insurance – there are insurance policies that are designed for landlords.
Consider the Costs
While letting your property can be a lucrative business, it is important to consider the costs before you begin the process. As a landlord, you will be responsible for many of the costs such as maintenance and repairs, the gas and electrical services and any updates that may need to be made to adhere to regulations.
It is also important to consider the possibility that the property may have periods when it is empty, meaning that you will be receiving no rent payments. Of course, at Fisher Wrathall, we are able to find tenants quickly, so these periods should be minimal.
Prepare the Property for Lease
Before you rent out your property, it must be ready to welcome and house tenants. The preparation process could involve everything from making essential repairs to redecorating.
It can be helpful to think about the type of tenant that is likely to rent your property. If you wish to attract a family looking for a long-term let, you may have different considerations to a landlord who is looking to attract students.
Choose the Service that is Ideal for Your Needs
While some homeowners would rather take a hands-on approach, others would prefer to be able to hand over the property management to a third party.
At Fisher Wrathall, we offer both let only and managed services, so you can decide on your level of involvement in the day-to-day management of the property.
You may wish to consider the amount of time you have to respond to contact from the tenant. If you have a number of properties or you work full-time, a managed service may be more suitable.
Renting your property can be an excellent decision, and with the support of Fisher Wrathall, it can be incredibly lucrative. Whether you are looking for a let only service or a managed service, we will be happy to discuss your options with you.
Please don’t hesitate to get in touch with a member of our team who will be able to talk to you about your requirements and advise you further.