For some, these changes can lead to owning a property which could result in you becoming an accidental landlord.
What is an accidental landlord?
There are various ways you can wind up being an accidental landlord. This could be due to unfortunate circumstances, such as death, divorce or separation, or you might have met your partner later on in life and are moving to live with them in their property. Similarly, you could be relocating for a new job prospect and for whatever reason, you have decided to rent out your old property rather than sell it and move on.
If you’ve never found yourself in this situation before, and don’t know anything about renting out a property, as there are a few different rules and regulations around the subject, then it’s worth having a read through this article to find out what you should be doing.
Marketing your property
You want to show off the property’s best features, whether this is the size of the rooms, the modern decor, the location to local amenities and transport links etc.
There’s also a fine line between setting the rental price high enough to make a nice profit, and settling on a lower rental price for the right tenant who will, hopefully, not cause you any problems. Be sure to give this some careful consideration, as well as doing research into how much similar properties in the area are going for.
Adhering to legalities
There are certain legalities surrounding investment and mortgage types, so you should first find out more about your financial responsibilities when renting out a property, or speak to a mortgage broker who can give professional advice around investment properties.
Be there
Many landlords are a nameless face that tenants never get to see or hear from. Make sure you respond to any queries that come your way and never leave them in the lurch. Ignoring your tenants over something that is easy to resolve could escalate into something bigger and cause a fraught relationship between yourself and your tenants.
Use a mortgage broker
Whether you planned to or not, you are now a landlord and your property has turned into a business. Therefore, it’s important to focus on how you can now make a profit. Having a mortgage broker you can lean on will give you invaluable advice and guidance as to what investment mortgage deal is right for you.
Mortgage Advice Bureau can help you find the right mortgage to suit your needs.