With the rental sector almost doubling since 2001 and this figure only set to rise over the next few years, now is the best time to consider becoming a landlord and renting out your property. Although it is a commitment ,it’s quite a simple process to get started on; once you’ve registered for self-assessment as a business owner through HMRC, you’re good to go. However, before embarking on this journey, there may be a few last things to consider before deciding to rent out your property.
Furnished or Unfurnished?
Renting out a house or flat as a furnished property will mean higher rent per month and attract more interest. Nowadays, people tend to search for convenience over other factors, so many working professionals switching jobs or cities will be attracted to the offer of a furnished place. However, anything you leave in the property is your responsibility and anything that gets broken will need to fixed or replaced.
Pet Friendly or No Pets?
Allowing pets into your property is also an added selling point. Maybe people who move may wish to bring their furry friend with them, but not many rented properties offer a pet friendly deal, so you’ll stand out from the crowd. However, pets can cause damage and disruption at times which means having to fix any problems and potentially deal with neighbourly complaints. We recommend meeting the potential tenants and their pet a few times prior to letting them move in.
Smoking inside the property?
Allowing smokers to take up residence and smoke inside your property could cause more hassle than it’s worth. You may be quite easy-going and want your tenants to feel at home, but smoking is a major fire hazard. As well as this, smoke can have a lasting impact on furniture and leave lingering smells around the house and on fibres, which may be incredibly off-putting for when you need to rent the property out again next time.
Costs
From renovations and repairs to letting agent fees and insurance, you may need to get clued up on all the costs involved in becoming a landlord. As well as the things mentioned above, these added costs include an energy performance certificate, membership of a landlord association and solicitors fees also.
As expert property solicitors in Belfast, Keenan Solicitors can help when it comes to property law, becoming a landlord, remortgaging and much more. For advice or information on our services, contact us today.
