Letting out a property is a great source of income and something that people will do for many reasons – it might be that you have bought the property as an investment to hand down to your children, or it might be that you are going to be living elsewhere for some time and want to keep the property as you are planning to return in the future and don’t want to leave it empty.
Whatever the reasons are, in order to make it work for you, here are some things that you can do…
Let it Through an Agency – A professional letting agency like this letting agents Cheltenham is the best way to go, especially if you are new to renting out property. This way, they will be able to ensure that it is managed and taken care of and will do things like credit checks and references, as well as being able to check the property every so often to make sure that it is being kept in a good condition.
Make sure it is in Good Condition – As a landlord, you have a responsibility to make sure that the property is suitable for tenants to live in. Make sure that things are safe and in working order, such as the heating and the electrics in the property, as well as making sure that there isn’t any damage to the property.
Furnished or Unfurnished – Decide whether you are going to be letting out the property as a furnished one or as unfurnished. If you have a lot of furniture already in there, this could be useful to someone who is looking to rent and wants to move straight in without having to buy furniture. However, if you are looking for a long term tenant, they may want to make it more their own and bring their own furniture with them. Consider what works best for you.
Could it be a Holiday Property – If you live in a popular tourist destination, something else that you might want to consider is whether you could rent out your property to holiday makers. This is a great way to generate an income, however, do expect certain times of the year for it to be busier than others.