If you're looking to sell your property but haven't been able to secure a buyer yet, it may be worth considering letting out your property instead.
You could let your home on a short term basis, 6 to 12 months, and then try to sell your property again once the tenancy ends, or if all goes well hold onto it as a long term investment. This would provide you with some ongoing rental income.
If you do not own your property outright and are currently repaying a residential mortgage, you will need to obtain 'permission to let' from your lender before proceeding.
If your lender does not give you permission to let, you'd need to remortgage your current mortgage into a Buy to Let mortgage.
A professional letting agent can make letting stress free
We understand that there are numerous reasons why someone wouldn't want to let their property and become a landlord: the cost and the hassle to name a few.
With so many laws governing the Private Rented Sector (PRS), there is certainly a lot you need to know to make your current property compliant, and it may require some cash to invest to get it up to 'ready to rent' standards.
And of course there is the risk that a tenant may cause damage to your property during their tenancy, but this can be covered by insurance and even outright avoided by taking expert advice and engaging with an outstanding letting agent who can manage your property on your behalf.
Our local lettings agents can source a good tenant for you, and they can value your home free of charge to give you an estimate of how much rental income it could provide.
They can also produce a detailed breakdown of everything that needs to be done to your property before it's let and provide recommendations for suppliers and contractors.
If you still intend to sell your property after the tenancy, the investment you make into the property now could help deliver a swifter sale and increase the property's market value.
You should engage with a letting agent that is a member of one of the industry's self-regulating bodies, such as Propertymark, Safeagent or RICS. At Reeds Rains we're members of Propertymark, offering our fully managed landlords peace of mind that:
- Tenants are properly vetted, credit checked and reference
- All paperwork is properly and legally administered
- We organise all legally required gas and electrical inspections and the relevant certifications
- A full, robust inventory to protect your property and furnishings
- Your rental income is held in a dedicated account and protected with insurance
- Your property will be inspected periodically to ensure it remains in good condition
- All maintenance issues are dealt with swiftly and fixed by trusted contractors
- When there are changes to letting legislation, our lettings experts are properly trained and all necessary updates are carried out, and keeping you informed
- We adhere to a nationally recognised Code of Practice and belong to a government approved redress scheme
If you let Reeds Rains manage your property for you it would take the legal and administrative burden off your shoulders, allowing you to be confident your home is in the hands of experts.
If you're curious about letting your property, we offer no obligation free lettings consultations so that you can find out how much your property could return each month. You'll also get the opportunity to speak with a lettings expert who can answer your questions.
Reeds Rains E-marketing Executive
