All posts by Lisamarie

An eviction is a tool, or rather a process, that enables a property owner to take control of their property. This may happen for a variety of reasons. Some landlords just wish to safeguard their investment from poor renters. Other times, they may just want their property returned, regardless of whether or not the tenants are good.

In most cases, evictions are unavoidable. Renters may be compelled to look for new housing. Evictions, however, can only take place via a rigorous legal process to guard against abuse. Eviction cannot occur without the proper procedure for the proper tenancy. Furthermore, landlords can never get a court-ordered possession order.

These processes, of course, involve notifications to the renter at each stage of the process. There are other legal alternatives for protesting and fighting eviction.

First, get acquainted with the eviction procedure. You must understand when, when, and how to stand up and protect your tenant rights.

The initial step in most routine evictions is to obtain a section 21 eviction notice from your landlord. It is a written letter in which the landlord requests that you vacate the property and return it to him. To be lawful, it must give you at least two months’ notice and wait for the set period to expire. After this warning has expired, the landlord may take additional action via the legal system.

How To Delay An Eviction

Maybe you’ve given up fighting the eviction. Alternatively, you want to get rid of your landlord just as much as they want to get rid of you. You may want to postpone the eviction if you do not have enough time or finances to prepare your new living arrangement. You may just need extra time to plan your relocation.

The simplest and most straightforward option is to just ask your landlord. Most landlords would allow a little delay unless you show detrimental behaviour or participate in illegal activities. You may easily obtain delays ranging from a week to a month. This way, you can organise your new home or save up for a rent deposit.

Keep in mind that you will only recover your existing deposit once your tenancy has officially ended. You can’t count on it as your tenancy deposit for the following tenancy. This regulation may be waived on special circumstances.

You simply cannot move out if your landlord is obstinate and refuses any delay. That’s correct, Section 21 simply politely requests that you leave. It is not a possession order giving the owner legal occupancy. It also does not take away your access rights under the lease agreement.

Your landlord must file a court application for a possession order. When approved, they must apply to the municipal bailiffs for an execution warrant. In the first instance, the owner has no authority to physically remove you from the property. They must wait for these processes to be implemented.

If they make a mistake with the paperwork, they must return to the previous stage and resume again. All of this may take a long time. Some evictions may go up to six months before the renter is ultimately evicted.

We cannot promote such behaviour, but renters have the choice to do so. If you think you are being evicted in violation of the law, make every effort to postpone the eviction procedure. You may buy yourself more time to respond and make sound choices.

How To Prevent An Eviction

It may be feasible to reduce or avoid an eviction entirely. Examine the reasons why your landlord wants you to leave first. They must be included on the section 21 notice, as well as the intended move out date. Contact your landlord and see if you can’t work out a solution for these issues. Landlords often issue a notice to quit in order to evict their tenants. Landlords may impose some discipline on how the property is utilised by issuing a notice to leave.

If you’ve caused damage or skipped or delayed rent payments and have been issued with a notice to leave, contact your landlord right away. Often, such mistakes on the tenant’s part are simple to correct, and eviction may be avoided. In any case, you have nothing to lose by attempting to reach an agreement with the property owner.

Section 21 notifications may only be issued in the following circumstances:

They must always give the renter at least two months, or eight weeks, notice before moving out.

For fixed-term leases, they must always establish a moving date no earlier than the end of the specified time.

Within 30 days of receiving the deposit, the landlord must have safeguarded it and delivered the required information.

The landlord must provide grounds for evicting you, but any reason is acceptable in a notice to leave.

These are the most frequent errors landlords make when providing you with a notice. Keep an eye out for them. If any of these are missing or improperly stated, the landlord must repeat the process. They must issue a fresh notice with a new expiration date.

If your landlord attempts to evict you during your fixed term, he or she must issue you with a section 8 notice. Then they will make a straight application to the court for possession of the property. The owner is required by law to provide convincing grounds for your eviction before the court. Some reasons, if supported by evidence, are unarguable. They will almost certainly result in a possession order being issued to the landlord. Rent arrears of more than two months, for example, will result in eviction.

Others must convince the judge, who will grant or reject the possession order at his or her discretion. If your case is heard here, you will be given the opportunity to respond to your landlord’s allegations. You must provide your own proof and statements.

If you like the idea of being a landlord and renting out your property, you’re not alone; it’s a dream that many people have, and since it’s a very easy sector to get into – as long as you have the money and are prepared to put in the hard work – it’s something that many people have chosen to do (especially as the UK rental sector is said to be growing and by 2030 two thirds of people will be living in rented accommodation).

However, just because you can do it does not mean you should; there are many factors to consider first. Here’s a guide to help you determine whether renting out your property is the right thing for you, as well as things to think about after you start.

Are You Prepared For This Level of Responsibility?

There are many advantages to renting out your property and being a landlord, and the money you can earn – particularly if you have multiple properties – is definitely appealing. However, there will be work to be done, and it is a responsible task that you must be prepared to take on if you want to be a good landlord.

You will be responsible for maintaining your property, ensuring that any repairs are completed quickly, collecting your rent, and dealing with all of the laws and paperwork that come with renting a home. If you don’t do this properly, you might not only lose money, but you could also acquire a reputation as a poor landlord, making it difficult to attract excellent renters in the future.

Is The Property Ready To Be Sold?

Maybe you inherited a property. Perhaps you’ve moved in with someone else and now have a “spare” flat or house. Maybe you got a fantastic bargain on a home and paid much less than the market value since it requires a lot of repair and modernisation. This is just the start of your landlord adventure, not the finish. It isn’t even in the middle!

Before anybody can move into the property, before you can think about renting out your property, you must verify that it’s fit for human occupancy. This may be a little or large task, but renting it out too soon would only mean that your tenants are unhappy, and possibly unsafe. Making the home ready for renters will cost you money, whether it’s a full renovation or a fresh coat of paint and a garden clean-up. Make sure you have the money, time, and energy to do this.

Should You Hire A Property Management Company?

If you enjoy the concept of becoming a landlord but are concerned about the obligations and effort required to prepare the property as well as maintain it in the future, you might believe that you will be unable to fulfil your goal of being a landlord and renting out your property, and will need to try something else.

There is, however, a remedy. When you see how a property management firm can solve your lettings problem, you’ll realise that you can be a landlord while letting someone else handle the more difficult aspects of the job. A competent property manager will handle all aspects of renting out the home, from screening tenants to collecting rent to organising an inventory to managing maintenance. Then you can sit back and enjoy the benefits.

The lease agreement will typically outline the steps that landlords – or letting agencies working on their behalf – must take in order to make a rent increase. However, there are likely to be constraints, and it’s important to know what you can and can’t do.

What Type Of Lease?

You will generally only be permitted implement a rent increase once a year if your renters are on a periodic lease, which rolls from week to week or month to month. You may agree on a new rent with your renters and have all parties sign an agreement to that effect, or you can utilise the government’s ‘landlord’s notice proposing a new rent’ form if there is no procedure for doing so under the lease agreement they signed. If the property has renters, you must give them notice if you plan to visit it, whether to examine the premises or perform repairs, unless there is an emergency.

If your tenants have a fixed-term lease (one that lasts a defined length of time, such as six months or a year), you cannot raise the rent during this time unless your tenants agree. However, after the set period expires, you will be able to make a rent increase. This just entails having your tenants renew their lease agreement with the rent changed.

If your renters pay their rent on a weekly or monthly basis, you must provide them one month’s notice of any rate increases. If their lease is for a year, you must provide six months’ notice.

Don’t Forget…

It is essential to remember that you are only allowed to raise the rent by a fair and reasonable amount, and if your tenants believe that a rent increase is excessive, they may appeal to a rent assessment committee. Alternatively, they might simply decide to look for accommodation elsewhere, at a fairer rate, and you might be left with an empty property.

Landlords are never going to enter into lease agreements expecting to face difficulties, and they definitely don’t believe that property damage is an unavoidable part of doing business in the private rental market, yet it does occur. Rather than hoping and crossing their fingers, what can landlords do to minimise any possible income loss and rental property damage?

Tenants

The overwhelming majority of renters are trustworthy, responsible, and polite, but there are outliers. Problems, difficulties, and damage arise in every company, whether they are material or reputational, and the private leased sector is no exception. Landlords face an inherent danger when they accept renters who are negligent, reckless, or even malevolent in their handling of the property and its belongings.

Landlords are particularly vulnerable to harm due to the nature of the property sector, since they must depend largely on confidence and surrender a fair degree of supervision and control when giving over the keys to the property. When that trust is lost, there are practical and legal consequences, but it is always preferable to minimise any risk from the beginning of the tenancy.

Landlords can take a variety of efficient measures to reduce the possibility of loss or damage, which include components such as interim property inspections, insurance, references, and contractual requirements. Let’s take a quick look at how you may prepare for the worse while hoping for the best.

Tenancy With Assured Shorthold (AST)

Before entering into a contract with a prospective tenant, it is both recommended and highly advisable to commission and follow up on any landlords’ references provided. However, keep in mind that these references are from the landlords that the tenant knows will offer the best review. Checks of their rental history will be much more informative.

Speaking with past landlords can allow you to detect any patterns of behaviour, problems with rent payment, general maintenance, or property damage. Questions such as: how was (any) harm caused? Did the renter notify the landlord as soon as possible? Did they accept none, part, or all of the blame? How peacefully was the situation resolved? This may be the first stage when red flags are raised.

Renter reference checks are a fast, inexpensive, and easy method for landlords to assess if a tenant is likely to be dependable and, more crucially, to pay their rent on time.

Checks should contain the following items:

• Negative credit
• Landlord citation
• Employer testimonials
• Calculations of affordability
• Checking the right to rent
• Documents – bank statements / identity proof

When you’re certain about your tenant selection, consider including specific terms in your AST. Many landlords use standard form agreements, however there may be unique factors that relate to your property, such as structural, geographical, or style, quality, and arrangement of interior fixtures and fittings.

Similarly, you may want to make certain that explicitly prohibited behaviours, such as smoking, keeping pets, or excessive use of open fires, are clearly emphasised so that your intentions are not misunderstood. Consider the problems that make your property especially vulnerable to harm and plan for them. The renter is also responsible for informing you of any harm that has happened or, more crucially, circumstances that may soon lead to damage, in order to reinforce any known duty in specific terms.

Landlords must also ensure that the property is well-maintained and that safety is prioritised, with necessary gas and electrical certifications, smoke alarm inspections, and compliance with current laws, such as the Homes Act – suitability for human habitation.

Property Reports

It is critical to follow best practises in inventory property management before your tenants come in. A comprehensive examination of the premises, down to the smallest detail of the décor, equipment, and furnishings, as the information will clearly indicate the condition and provides both parties confidence and establishes an equal footing. The inventory report process may be time-consuming and complicated, but there are methods to make it easier. Using a managing agency is one apparent option, but if you are a self-managing landlord and are not interested in the cost or delegation required, another feasible option is to hire an inventory business or expert to produce the report.

A knowledgeable clerk will know what should and will not be included in the report, will ensure that any prospective points of contention are addressed from the beginning, and will set the standard for all future reports such as interim inspections and, of course, the check out at the end of the tenancy.

Property Inspections

Once the lease begins, your property is at its most vulnerable since, although you have some rights of access, they are balanced in law against the tenants’ rights of privacy, thus your best defence throughout the tenancy is frequent property inspections.

Ideally, you should visit the property on a frequent basis to verify that there are no maintenance problems, that the tenant is following the conditions of the AST, and that the smoke and carbon monoxide detectors are functioning and the renter is safe. The utilisation of a property professional or inspection app may minimise the time and effort required to conduct frequent inspections while maintaining the detail and completeness of the interim examination.

You will eventually feel the need to leave your rental property. It may be because you find a better job elsewhere, or because your family is expanding or contracting and you need more or less room. It may be because you are purchasing a home and no longer wish to rent. It could be for any number of reasons, but relocating often means stress, regardless of the reason.

For many individuals, moving out of a rental property is just as traumatic as moving out of one they own, but this does not have to be the case. There are a few things you can do to make the process go as smoothly as possible.

Paperwork

You will need to file a lot of paperwork when you move out of your rental property, whether you are moving into another rented home or purchasing a property. There will be a plethora of paperwork and essential papers to read, sign, date, and initial. Leaving this to the last minute can add stress to the process and could possibly cause your relocation to be postponed.

The greatest thing you can do with this paperwork is to do it as quickly as possible. Take a copy for your personal records after it’s finished. This will be helpful for remembering everything you have and haven’t done about the move, as well as in case anything goes lost – a copy is better than nothing in many circumstances.

Maintain a cool demeanour and go methodically through the papers. Rushing will not help you, and you could make errors that will slow things up even more.

Organise Your Property

There are a few things you need to do if you want to make sure you have your deposit returned to you. One of them will almost certainly be an end-of-tenancy clean. This is much more than a fast run around with the vacuum cleaner and a quick wipe down of dusty surfaces; this is a thorough clean that will take many, many hours to accomplish.

Most individuals lack the patience, time, and expertise needed to do this job on their own. The good news is that you may engage cleaning firms who specialise in end-of-lease cleaning to perform the work for you. This is not essential, however.

Make Use of Proper Timing

When it comes to moving out of a rental property, timing is everything. If you pay your rent in advance, you’ll want to make sure you don’t overpay or underpay based on the date or location of your move. The best thing you can do is move out on a date that is the day before your next rent payment is due. You won’t have to pay any extra rent on your existing home as a result.

This also means that your first rent payment for your new home (or your first mortgage payment) will be due on the same day as your previous payment, allowing you to stick to your budget and avoid being out of money.

Moving house can be a truly stressful time – it’s said to be up there with divorce and bereavement when it comes to how it makes us feel. Luckily, there is always that sense of excitement and adventure with moving house; it does tend to have a happy ending. That said, the process never gets easier. 

So finding great ways to ensure that moving house is as stress-free as possible – great ways such as packing hacks – is essential if you want to feel calm and collected on the big day itself. Property may be one of the best investments you can make, so you will want to feel good about buying – and selling – your property. Packing is often the major cause of panic; having some excellent packings hacks to see you through will certainly ease your blood pressure. 

Packing Jewellery 

Packing hacks can help in all kinds of ways. For many people, there is a definite need to pack jewellery safely and carefully. It might be worth a lot of money, or it could be a much-loved and cherished family heirloom. Whatever it is, you don’t want it to go missing during the move. One way to keep it all safe is to use egg cartons. Place the jewellery into the cartons and tape them up. Nothing will fall out and everything will stay together (important for earrings and jewellery sets). To stop necklaces and chains from tangling, pack them flat between two sheets of plastic or bubble wrap. You can stack them in a small box, and they will stay perfectly safe. Remember not to pack jewellery with your clothing as they can easily get lost – keep your most important items with you in a purse or small holdall. 

Packing The Kitchen 

Your kitchen is probably the room in the house that has the most items in it, so although it may seem like it’s going to be an easy room to pack, it can quickly end up taking you much longer than you had planned for. That’s especially true if you start to wrap each plate and piece of cutlery separately. Yes, that will prevent breakages and losses, but it will also lose you a lot of time that could be better spent elsewhere. One of the many packing hacks to get around this problem is to buy some foam. Cut it into circles and stack the foam in between your plates as you place the whole lot into a box. Got a lot of socks? Use them in the kitchen! You can put your mugs and glasses – even your cutlery – inside the socks and pack them that way; they’ll be nicely padded. Equally, cutlery can stay in the drawer tray, and all you need to do is wrap it in plastic and secure it with duct tape. It makes unpacking a lot quicker and easier too. 

When it comes to food, try to eat as much of it as you can before you move, and arrange to have a grocery delivery come to your new house as soon as you can when you’re settled (or take some time out to purchase some food the day after you’ve moved in). The less you have to take, the better. Food can spoil so easily, especially on a long journey, and you don’t want to waste it. Keep grocery shopping to a minimum in the weeks before you move. 

Packing Clothes

You may not realise quite how many clothes you have until you start packing. It’s a good idea to have different bags or boxes; some for taking with you, some for taking to Goodwill or similar. You don’t have to take everything, and it’s better if you can clear some clutter as you go. For the clothes you are taking, don’t fold them; roll them instead. It saves a lot of space. Those rolled clothes can even be used as packing material for fragile items around the rest of the house (the mugs mentioned above are just one idea – there are plenty more). The same is true for pillows and bedding – they make excellent padding. Anything that needs to remain on a hanger can simply be slid into a rubbish bag, and the whole lot moved as one. 

Shoes should be cleaned as much as possible before moving so that whatever they are packed with doesn’t get dirty. If you haven’t got the time or the inclination, make sure they are sealed in their own nylon or plastic bags. For precious and fragile items, you can even pack them inside your shoes to keep them safe, saving even more time and money on packing materials. 

Packing Furniture 

Any items of furniture that have handles sticking out can be a problem when moving – the handles can get caught and cause damage to walls or other items, or they can be knocked off during transit. Packing hacks to deal with that potential problem is to unscrew the handles and tape them to the inside of the drawers, along with the screws. That way, you can easily put them all back together when you reach your new place. Legs are another problem. Again, if you can remove them, that’s the easiest solution, but if not, make sure you wrap them in newspaper or bubble wrap. It will protect your floors and your furniture. 

Mattresses can get very dirty between houses, and the last thing you want is to finally be ready for bed after a hard day or moving, only to discover that your mattress is filthy. Take two fitted sheets and put one on each side of the mattress. The only things you’ll need to wash are the sheets, and the mattress will stay clean. 

Anything that you have to take apart to move will have plenty of small pieces and screws to go with it. Keep all of these items in a sandwich bag, and label it so you know exactly which piece of furniture it goes with. Don’t mix these items up; keep a separate bag for each piece of furniture. However, all the bags (adequately sealed) can go into one box, so you know exactly where everything is. 

Packing Essentials 

Finally, when it comes to packing hacks, it’s crucial to have a box of ‘essentials’ for when you arrive at your new property. This will contain things like toilet paper, shower gel, shampoo, nappies, milk, coffee, pet food, bin bags, chargers, a plate and a mug for everyone… You might also want to keep a change of clothes and some nightwear in there. With this box handy, you won’t have to do any unpacking until the next day when you’re rested. It will make that task a lot easier. 

What should landlords do when a tenant moves out? The very nature of the rental market means that no matter how good a tenant might be, eventually, they will want to move on. They might have saved up enough of a deposit to buy their own property, they might need a larger home, or even a smaller one. They might just want a change. 

When this time comes, it is vital to get the property ready for the next tenants as soon as possible so that you are not losing out on the rental income for too long. If you’re wondering what should landlords do when a tenant moves out, here are some tips. 

Inspect The Property 

This is a job that is best done before the current tenant leaves so that if anything needs to be put right, you can discuss it with them. However, if you are unable to do that, you will need to get there and check everything over as soon as you can after they move out. Alternatively, you can hire an inventory company to do the job for you – this can be extremely useful if you live a long way from the property. 

If there are any problems, you will need to discuss these with the tenant. If they cannot put the problems right, their deposit will be required to cover the cost of repairs. Otherwise, the deposit needs to be released back to the tenant within ten days of their leaving date. 

Tidy Up

Depending on how long the tenants lived in the property, another answer to the question of what should landlords do when a tenant moves out is that you may need to repaint the walls, put up new wallpaper, or even replace the carpets. This will often be down to general wear and tear and isn’t the responsibility of your ex-tenants. Ideally, they will have cleaned everything before they went. Still, you may need to look at the end-of-tenancy cleaning prices and hire professionals to make everything look absolutely perfect for prospective tenants. 

You can also dress the property by installing your own furniture. This can help a property rent more quickly as prospective tenants will be able to see how they can make it a home. An empty property can be difficult to rent out. 

Reduce The Council Tax 

Once the tenants move out, they will no longer be paying the council tax on the property, and it will fall to you as the landlord to pay it. You must contact the council involved and apply for a reduced rate if the property is empty. If you don’t, you could be paying hundreds of pounds over and above what you should be. 

Change The Locks 

When it comes to wondering what should landlords do after a tenant moves out, changing the locks is often forgotten. Even if you had the most trustworthy, reliable tenant you could have hoped for, it is still wise to change the locks once they move out. You never know if there is a spare key still around, or if they made copies. Of course, generally, a tenancy agreement will require any copies to be handed in as well, but if they can’t be found, or they have been forgotten, you may simply never know about them. Changing the locks means you can ensure the property is kept safe and that the next tenants are the only ones who have keys. 

Becoming a landlord is something that some people accidentally fall into, but it’s also something that can be a well-thought out, permanent career move for others. If you’re thinking of reasons to be a landlord, you might be wondering what you can get out of it. We’ve put together some great reasons for you to become a landlord; here are some of the best ideas.

Long-Term Investment

There are many reasons to be a landlord, and one more is that investing in buy to let properties is a great long-term investment. Providing you can get a mortgage, you don’t need that much start-up capital (although there are still some costs involved; you’ll need to thoroughly research these first. It might be a good idea to make yourself a pros and cons list so you know you can afford it) and you can be making money within weeks if you pick the right property to invest in. Over time you can build your portfolio which means that, when you’re ready to sell those properties on, you can realise a great return.

You’ll Have A Retirement Income

As mentioned above, if you have a number of properties (or even just one will do if it’s the right one) and you decide to sell them and not buy anymore, you’ll have made yourself a nice chunk of money that is ideal for using to fund your retirement. Gone are the days when people were able to retire properly at 60 or 65 and just enjoy their lives; many people will need to keep working for years after they had hoped to retire. If you invest early enough in property, this won’t be an issue for you.

More Time With Your Family

A landlord who relies solely on the income from their rental properties won’t need another job, and therefore won’t be heading out of the door at the same time each day and commuting to an office, heading back later and finding that the kids are already in bed. You’ll gain a lot more time if you are a landlord because you will simply need to look after your tenants and properties. If you engage a management company, you won’t even have to do that. That means more time to play with your kids, more time with your spouse, you’ll even have more time to go on holiday. Life becomes a lot less stressful (although that doesn’t mean being a landlord isn’t hard work; it just means you’ll be working differently).

You’ll Learn A Lot

Even if you didn’t intend to be, if you’re a landlord you are also a business owner. That means you need to learn a lot about how to run that business, including all the tax implications, as quickly as you can. It’s always good to learn new things, and running a business as a landlord means that you’ll never stop learning; there is always something else that you need to know about, whether it’s new regulations or how to decorate a home to keep your tenant happy, there is certainly never a dull moment.

Moving home is exciting. Whether it’s for work, because your family is expanding, or simply because you want a fresh start (or all of the above), searching for a new home is a great opportunity to get exactly what you want. Of course, some compromises will need to be made – there are no perfect properties, even if your budget is a large one – but there are some things that you will need to look out for and be aware of when you are viewing a property, no matter what you are looking for and where you are looking.

Damp

Damp can cause untold damage to a property, and therefore should be something to watch out for when you are viewing different potential homes. If the property has been empty for a while then there is more chance of finding damp, but even if it has been lived in, or is still lived in, it could be there.

Look out for plaster or paint flaking from the walls and ceiling, and watermarks on the walls too. If there is wallpaper, is it peeling? Is there a musty smell in the house? Put your hand against the walls; if it feels cold and wet, then there will be damp, even if it has just been repainted. Although this doesn’t mean that you shouldn’t buy the house, it does mean you should proceed with caution, and that you will need to have work done once you own it. This could be a good negotiating angle, so bear it in mind if you’re looking for a bargain.

The Roof

It can be easy to overlook the roof of a property since you won’t be able to see most of it much of the time. However, this doesn’t mean it should be ignored. If you can see holes, or there are tiles on the ground that have clearly fallen, there could be a problem. See if you can go into the loft when you are viewing a property as this can also give you plenty of clues.

If you’re not sure, ask an expert to come and check it out for you. The expert will immediately spot any issues and be able to let you know what the cost might be to have the repairs done. When you have the report, you can speak to the realtor about the problems. It might be that the owners were unaware, but they are willing to get the problem fixed, or reduce their price.

Storage

The rooms might be a good size and the garden could be lovely, but is there enough storage? This is an important point – the last thing you want to do is move in somewhere and then find there is no space to put your clothing, the food in your kitchen, or bed linen and towels that also need to be stored, no to mention toys and games if you have children.

You will need to take the amount of storage into account when you are viewing a property. It should have at least what you have now, if not more. Otherwise, you will need to be willing to reduce the amount of possessions that you have. Sometimes this can be a wonderful idea, especially if you don’t want the stress of packing everything up.

If you have bought an investment property, then you will want it to be rented out as soon as it is ready, otherwise you will be losing money. Here are some of the best ways to ensure that you can rent out your investment property quickly and that you find the right tenant at the same time. 

Research The Market 

Something that will put prospective tenants off choosing your property to live in, or even view, is the price. You may have a rent in mind that you want to achieve, but that doesn’t mean that price will be possible. You need to check to see what else is available in your area and compare those properties to your own. Find as many similar houses or flats as you can and note the rents they are asking for. This way, you can get a good idea of what you might be able to achieve. Be prepared to be flexible though when you want to rent out your investment property, as you may need to reduce your price over time or take an offer if you think it can work for you. 

Work Out The Costs 

Once you know how much rent you are likely to achieve, you should work out all the costs. For example, depending on your situation, you may be taxed on your rental income, which would be at 20 percent (or 40 percent for higher earners). This can make a big difference to your profit. There will be other costs associated with the property as well, such as the mortgage (if you have one), landlord’s insurance, and the cost of maintenance. If the rent you could get won’t cover these costs, you may need to look at alternatives such as selling the property or converting it into a multiple occupancy property that you can charge for by the room rather than as a whole. 

Advertise 

Unless people know that your property is up for rent, they won’t ask to see it. Therefore, you need to do as much as possible to advertise it if you want to rent out your investment property. If you choose to go with a lettings agent, they will do this for you, but of course they will also charge. If you prefer to do everything yourself, you can use social media to your advantage to begin with. You can share the details of your property and ensure that as many people see it as possible by boosting the posts to your chosen audience. You can use presentation software to put together all the benefits of renting your particular property so that prospective tenants can see everything they need to before contacting you. This saves you (and them) time because only those who are really interested in the property will need to see it. 

Local press can also be a helpful way to advertise your property, as can word of mouth. Really, the more ways you can promote it, the better, as the right tenant will spot it quickly, and you will be able to move them in sooner. 

Get Insurance 

Although the tenant will deal with the contents insurance, since you are the property owner, you will need to organise buildings insurance. You will also need landlord’s insurance. Landlord’s insurance is in place to protect you from non-paying tenants, for example, and will ensure that you don’t lose money in the long term.