The Rise Of The Reluctant Landlord
Lots of the potential landlords that we see are what the Association of Residential Letting Agents (ARLA) call, “reluctant landlords”.
According to a recent ARLA survey 67% of ARLA members have reported seeing a rise in the number of these. Letting is an excellent way of providing a regular source of income, when the residential sales market will not provide you with value that you desire. There are two things to remember if you are thinking about letting and you have never done it before:
- You must notify both your mortgage and insurance providers, as the products that you require will be different to the ones you have now
- Engage the services of a professional letting agent. If your agent does not do their checks on a tenant suitability both your rent and home are at risk
- Put together a detailed inventory of the condition of the property so that you have proof as to how it was left. You will need photos to back up a written document.
- Consider using a managed service. Would you know what you could do if your tenants didn’t pay their rent? Do you know if you can visit your property unannounced? There are so many laws relating to the letting of property to protect both tenants and landlords that you need a qualified agent to advise you.