If you are planning to move out of your house, selling it isn’t the only option that you have. For many people, renting their house out is a great option and can also give you an additional income whilst you are not living in it.
Many people rent in the UK and there is always a demand for new properties to rent on the market. From people who are getting to know a new area and don’t want to commit to buying, to people who have just moved into their first place and are saving up to buy, to people who just prefer the flexibility and freedom of renting over home ownership, there are always people looking for a property to rent.
If it is something that you are considering, firstly you should spend some time looking into what being a landlord entails. Find out as much as you can about the responsibilities that you will have as a landlord, what you need to do in order to rent your property out (for example, if you still have a mortgage, you may need to change this to a buy to let mortgage) and also do some research on the local rental market.
You need to spend some time working out your finances too – it needs to be something that is not going to see you going out of pocket, so sit down and work it out. It can be helpful to speak with a professional independent financial advisor when making a big decision like this, as they may be able to give you some guidance to help you.
You should also think about whether you want to rent your house out directly to your tenants or if you want to go through an agent who will take this on for you. A letting agent will take a lot of the work off you which does make it easier – make sure that you choose one who knows the local rental market like this letting agency Gloucester for example.
Insurance and safety are also important things that you need to be aware of. In addition to having landlord insurance, you also need to make sure that you have fulfilled safety requirements and that you have regular gas safety checks, as well as adequate fire and carbon monoxide detectors in the property.