Over the decades owning property has become a serious contender in securing people’s futures and that is why so many people consider buying property to rent out.
However renting property does come with things you need to consider before making the leap into property rentals.
The first thing you need to consider if that fact that you probably won’t have a mass of friends and family that want to rent from you so you are going to be renting to strangers. You won’t be able to control how strangers live in your property and for some people who can be hard to get your head around. They may not have the hygiene standards as yourself and you also run the risk of taking on a tenant that might not even pay.
My parents have the pleasure of renting out a property to me so I am sure they had slightly differing concerns to those of renting to a stranger. Renting to family and friends can lead to strained relations if something goes wrong. Thankfully I am sure for my parents I tend to be a clean freak on the whole, we have no pets and we pay on time so I am hoping they were happy they made the choice to become landlords.
Ticking The Paperwork Boxes
When you start renting out a property you need to make sure you are set up as self-employed person and finding an accountant will also help as they can advise as to what information you need to collate throughout the tax year.
As a landlord you have more responsibilities than you might think. You need to ensure you have the correct landlord insurances for properties but also for the gas appliances as they need to be checked and serviced to ensure you have the landlord certificates you need for safety.
If you have embarking on your first rental property, good luck and make sure you are well prepared.