Being a landlord is a huge undertaking. It’s not a passive form of income whereby rent money just lands in your bank account every month over and above your mortgage payment. If only! Landlords have several concerns heading into 2020. Here we list landlord’s biggest worries.
Renovating properties to let them to tenants can be a great way to buy a property cheaply and increase the value of your investment. However, there are lots of mistakes that landlords, and particularly new landlords make. Follow these tips to renovate perfect rental properties which withstand wear and tear and are appealing to prospective tenants.
As with everything in life, things are never quite as simple as you may think. If you’re a new landlord or you’re thinking about letting property as a career or side hustle, there are hidden costs that you need to budget for. If you only account for mortgage costs when setting a rental value you could be in for some nasty surprises down the line.
Before you even advertise your property for rent you need to account for several hidden costs. You need to be in a financial position to deal with the unexpected costs you may encounter. This means you should always have a contingency fund. As a rule of thumb, it’s recommended that you have around 30% of your gross annual rental income set aside to deal with hidden costs such as advertising for new tenants, repairs, and redecoration.
House in Multiple Occupation (HMO) refers to a property that is inhabited by more than one separate occupant. They are becoming more and more popular in the UK and in other countries around the world because of the opportunities they offer to their landlords. By renting out one property in separate portions to different tenants, a landlord can generate a decent income in rental yields monthly.
In this article, we share six simple tips to help landlords choose the right letting agent to work on their behalf.
Finding a good letting agent can often be a tough task for landlords. We look at how you can increase your chances of finding the perfect letting agent to help you get the most from your rental property.
In an ideal world, no landlord would ever have to end a tenancy early. Unfortunately, however, we don’t live in an ideal world, and as a result, ending tenancies early is something that both landlords and tenants have to be prepared for. Given that it happens so often and for so many reasons, there’s a lot of confusion out there when it comes to what the specific precedent needs to be in order to comply with UK law. A single Google search throws up thousands upon thousands of results, meaning that for landlords and tenants both, the topic can be overwhelming at times.
- Understanding Property Inventories
- The Importance of Property Inventories
- Creating a Property Inventory
- When to Prepare an Inventory
- Are Inventories Mandatory?
- What to Include in an Inventory
- How To Prepare For An Inventory
- Professional Assistance
- Additional Details
- Evidence for Legal Compliance
- Final Tips
A property inventory is a record of all the things that you own in your house. There are a number of different homeowners who will want to make sure they perform a property inventory before getting on with selling their place.
Regardless of whether you’re a landlord with a number of properties, a private owner looking to rent out their apartment for the first time, or somebody who makes a living renting houses, it’s vital that you have an exhaustive list of every single item in the property.
Renting a house or apartment in the UK can be a daunting experience, especially for first-timers. However, by staying organized and informed, you can navigate the rental process with confidence. In this comprehensive guide, we’ll cover a tenant’s checklist before renting a home, providing you with all the information you need to make informed decisions.
Whether you are looking for an apartment, office space or house, Rentila is here to help!
Many homeowners throughout the UK, who are considering letting out a property they own, have to make a tricky decision long before any paperwork even gets signed. The question is whether they should work as a private landlord, or whether they should make use of a letting agent.
The path you ultimately end up choosing will significantly impact the overall experience, so it’s important to think this through carefully.