Renting out your house might seem like a daunting challenge – but it can make sound, practical sense in both the short and the long term for a variety of people.
Ashan Property are experienced Northamptonshire letting agents, managing a wide selection of properties in the county, including rooms to rent in Kettering and Corby. Here we look at why renting out a property is a good idea for many people – and how using professional property managers like Ashan Property can remove a lot of the stress involved.
Work – or Holiday
If your company requires you to work overseas or in another part of the UK, then renting out your house makes very good sense. Your house will be occupied while you are away, deterring any would-be burglars, and you have an additional source of income too.
The same logic applies to pleasure as well as business. You may want to take a lengthy sabbatical from work, perhaps to visit friends or relations who live on the other side of the world.
In both cases, you can tailor the length of your let to fit in with your expected return date, so you can leave secure in the knowledge that you will be coming back to your own home.
Moving in with a Partner
If you are in a relationship and have separate houses, then moving in together and renting out the vacant property has advantages on a practical and an emotional level. You can find out if you really are a compatible couple, and you provide yourself with an extra income stream at the same time.
However, if you are still paying off your mortgage then you should tell your lender – as the terms and conditions of your original agreements may not allow you to rent your home out. They may put you on a higher, buy-to-let interest rate.
The Financial Benefits
In many cases, renting out your house is a good idea for purely financial reasons, provided it is not outweighed by the cost of finding somewhere else to live. Landlords receive a regular, fixed source of income, and still retain ownership of the property while it hopefully increases in value.
As a landlord, you will be taxed on any rental income profits, but there are certain expenses which you can claim as tax-deductible, such as money spent on repairing water leaks or electrical faults.
If you rent out the rooms in your property individually, then you could generate even more sources of income, although you will need to get your property registered as a House of Multiple Occupation with the local authority.
You can also rent out spare rooms in your own home, in which case your tenant will be classified as a lodger. Ashan Property will be able to advise you on the legal differences this will make.
Always in Demand
The same reasons you have for wanting to rent your property out will apply to prospective tenants too. Staff on short-term contracts and students looking for somewhere to live during term time usually find that renting is the best option. Many young people choose to rent because they are employed on a freelance basis and it suits their lifestyle.
Sometimes your home makes an attractive rental proposition because it is close to a school or shops or has good transport links. So there will usually be a market for good-quality rental property.
Use a Professional Letting Agent
Becoming a landlord brings a whole host of new responsibilities, not to mention paperwork. You have a duty of care to your tenant or lodger, which means there are specific requirements regarding gas, electrical and fire safety. You are also responsible for the exterior and the structure of the property, including the roofs, walls, chimneys, guttering and drains.
Professional letting agents such as Ashan Property will deal with many of these issues for you. We can help with all your administration and legal responsibilities, and our local expertise means we can advise you on what sort of rent you should set. We will not charge a fee of our own until we find you a tenant or tenants. If you are worried about attracting a high-quality occupant, we have a fully-vetted Tenants’ List.
We have a range of properties available on our website, including rooms to rent in Kettering and Corby, and houses to rent in both these towns and many other Northamptonshire locations, including Desborough, Burton Latimer and Little Stanion. Follow this link to discover our latest range of properties. If you can’t find what you are looking for there, call us on 01536 410450 and we will do our best to find your ideal property.