Top Tips on Becoming a Landlord
Looking to rent out your property? Becoming a landlord has its share of pros and cons. You need to have a solid understanding of how the rental property management process works.
If you want to rent out your property sooner, speak to our letting agents in Newcastle. At Bowson, we are not just another property management agent.
We have years of experience in the industry and understand the lettings regulations like the back of the hand. We can help you settle in on an achievable rent in the current climate.
Here are some things you must consider when becoming a landlord.
Calculate the Income Your Property Will Generate
Begin by researching how much income your property will be able to generate. You need to take into account the mortgage payments, insurance, tax, maintenance along with the size and location of your property.
Consider talking to your neighbours with similar homes in the vicinity to you to get a fair idea of the rentals in your area. Better yet, get in touch our estate agents in Newcastle for the right estimates. We can carry out a complete evaluation for your property including all parameters and current market prices.
Let the Mortgage Provider Know
Be sure to keep all paperwork up-to-date and keep your mortgage provider in the loop about all property related matters.
When you go for a property mortgage, your lender knows you as the owner of the property. When you choose to rent out your property, your mortgage provider must be the first to know.
Mortgage agreements have certain terms and conditions that you must adhere to. Keeping your lender in the dark can invite harsh penalties and awkward moments for the tenant at a later stage.
Rules and Regulations
Apart from making sure that your home meets all the statutory requirements for Tenancy Deposit Protection, Right to Rent and other legislation, you also need to take care of other rules and regulations. Gas, fire, electrical regulations, Energy Performance Certificates (EPCs) and other legalities need to be in place too.
As your property management consultants, we can guide you through the entire legislation process.
Purchase Landlord’s Insurance
Your normal home insurance will not suffice for rental properties. Although letting agents will ensure you get guaranteed rent schemes that will not affect your income, it is always better to be prepared. Your landlord’s insurance will cover you in case of loss of rent and damages if any.
Take the Pressure Off
If the very task of finding tenants and managing your property is making you anxious, simply get in touch with Bowson. With extensive knowledge and a dedicated team of property managers, we provide you reliable, professional and flexible service.
Whether your property is located in the town or country, new or old, large or small, we can find you just the right tenant and make sure you get the best rent for your property.
Becoming a landlord and enjoying the benefits has never been this easy. Contact us today for a consultation!
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