TO MANAGE OR NOT TO MANAGE?
Owning a property is a great feeling. Owning more than one property can be an even better one. Whether it is the house you grew up in and was left to you, your first house after leaving home and then moved in with your partner or you were just able to pick up properties when you could. You are then left with a conundrum, what do I do with it?
Renting the property out seems like a great idea, which it is. Your thoughts may be “my parents’ house is all paid for and the additional income is always a benefit”, “the rent from my house will cover the mortgage and pay my share of the bills when living with my partner”, or “the rents from my properties could fund my lifestyle change or retirement”.
You have chosen a Lettings Agent to market your cherished property and tenants have been found. With all their legal and background checks completed and are ready to move in, hurrah!!
Do I manage the property?
“I live near the property, so it then makes sense for me to keep an eye on the property myself and can be on hand when needed.
However, when I rent out the property what do I need to do to keep it in the manner I have left it? Regular 3 monthly inspections, Gas Certificates, Electric Certificates, smoke detectors and carbon monoxide detectors (are they working?) maintenance (general). How would I fit it all in? Well, luckily for me I have a great work life balance and can plan and organise when I need to do things”.
For a Landlord completing regular inspections of your property is one of the important things to do. Waiting until the checkout to inspect your property, having had the tenant in residence for the last few years, is not a good idea as there may be a few surprises lurking in the empty house. And putting them right might be costly (especially when you have just released the deposit).
Do I have an Agent manage the property for me?
A good quality lettings agent can:
- Find, interview and vet tenants
- Make your property more marketable and organize the inventory
- Do the paperwork and take the deposit and first month’s rent
- Continue to collect rent and deal with the day-to-day running of the property
- Deal with practical issues such as an out-of hours service for emergencies.
- Be essential for landlords who have properties far away or a large portfolio to manage
- A reputable lettings agent who is a member of a registered body, such as the Association of Residential lettings Agents (ARLA) or the UK Association of Lettings Agents (UKALA) has its benefits – staff should be able to guide you through the 70 pieces of legislation with which a landlord must comply.
- Lettings agents affiliated to a professional organization are trained, offer client money protection and there is a redress scheme in place if things go wrong.
“My time is freed up from the day today activities, my house gets regularly inspected, scheduled works are organised and it does take the hassle out of finding a tradesman!!”
It is all about what is best or convenient for you. You can either be a hands-on Landlord or just want to be involved when needed.
Whichever you are, I shall leave you with this saying ………
“Look after your property and your property will look after you”
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