When it comes to letting a property, there are many things to think about. For instance, whether you will be letting it out with or without furniture and if you’ll let students, people with pets or even those on benefits rent from you. But before you make these decisions, you need to consider if letting your property is the right choice for you.
Like anything, there are both pros and cons to letting, but there are some things that you might not have considered. To ensure that you have the right information before you make your decision, we have come up with a helpful list of pros and cons.
The Pros
l If you have a good tenant, rent will be paid on time and your property will be looked after
l You can make money from it as you won’t only receive rent, but you may also receive income from any growth in the property
l You're providing a home to someone who might not be able to afford to buy
l It can act as a backup home for you should you ever need to leave your own home
l Being a landlord is a very flexible job, meaning that you can do things in your own time
l If you're letting privately, you will have more control over who lives in the property
The Cons
l There can be upfront legal costs in order to meet letting requirements
l You run the risk of tenants damaging your property which may lead to more costs
l You will need to remember to keep up-to-date with any legal requirements
l You run the risk of tenants not paying their rent, which could leave you out of pocket
l The cost of renting can sometimes be higher than the income you would receive from letting the property
l Ultimately, anything that goes wrong with the property will be your responsibility and something that you will need to fix
l If your property has various issues or you have problems with the tenants it can be rather time-consuming to resolve
l Your property may decrease in value over time
l While letting privately has its benefits, it also means that you will be responsible for any checks on tenants that need to be made, as well as sorting out the contract and any other legal requirements
While there are many pros and cons to letting, the decision will ultimately be up to you. There are various things that you will need to remember but it can be a great investment.
Let’s Bid can not only help you to let your property but will offer advice throughout the process. For more information on letting your property, please contact us today.
