Advice on renting out a flat

samyorks

Hi to all,

due to moving into a rented house with my husband I am giving up my flat, which I own, so need to rent it out. It is above a shop which I already rent out.

I have never done this before (residential tenancy) but I am sure many people on here have done. What advice would you give me please?

The flat is in really good condition and I have had a new boiler and a new bathroom fitted this year to bring it up to a high standard in order to hopefully attract a good tenant.

Any advice / tips gratefully received. Thank you.

Pete9501

Lots of dated photos as you move in.

ali_hire

There's so much to consider that I'd recommend speaking to local agents if you've never done it before.

El_Torro

Use a letting agent, at least to find and reference your tenants. If you don't want the hassle of managing the property day to day then use the agents for that as well. They will take commission so it's up to you whether you think their fee is worth it. If you live nearby you may want to do it yourself.

The letting agent will also make sure that you keep up with your legal obligations. Annual boiler checks being one example of this.

Definitely get landlord's insurance. I have rent protection on my property as well. Might seem like overkill but I would say it's worth getting if you're relying on the rent to pay the mortgage.

Ultimately you are now running your own business. If you get someone to manage it for you (i.e. a letting agent) your profits will be smaller, though arguably it will be better run and will limit the potential risks. Just make sure you find a good agent!