Given the demand for the rental market in Staines – upon – Thames at the moment, it is easy to see why so many people are thinking about renting out their home. If you have a second home or you have flexibility to stay elsewhere while renting out your home, it can seem an attractive option that will bring regular income in. Many home owners have rented out a single room in their property while others have gone the whole hog and become a landlord.
The important thing to remember about should you rent out your house is the fact that there is no universal answer that is right for everyone. This is an individual decision and the value and benefit of renting out your property will depend on many aspects that are unique to your situation. This means you should seek guidance from local property experts to determine if it is in your interests to rent out your house.
One of the most important things to consider is what the demand for rented property is like in your area. Just because the national average or figures for rented accommodation sounds appealing doesn’t mean that there will be a similar level of demand where you stay. Each local property market reacts and behaves in its own manner, so it is best to consider your options with a focus on where you stay.
The condition of your home, the value of your home, the number of rooms you have and the local amenities close to your property will all impact on the level of demand for your home. A spacious flat in an isolated area may have less demand than a small flat that is located to major transport hubs in a major city, so it is important to think about all of the different aspects that may impact on demand the price you can obtain for renting out your property.
Do you want to act as the landlord?
Another major thing to consider when thinking about renting out your property is whether you will act as the landlord yourself. Acting as the landlord will ensure that you receive all of the rental income, which may be an attractive benefit for most people. However, when you act as the landlord, you have a greater level of responsibilities to take care. There are legal requirements and safety issues to take care of when you are the landlord, and you cannot use regular house insurance when letting out your home.
As a landlord, you will also be on call 24/7 to your tenants and you will need to respond quickly if there is an emergency. If you don’t have the time or skills to carry out these repairs, you will need to call in the professionals which can be time consuming and expensive. There is also the fact that if you act as the landlord, you may not have the skills or tools to carry out a sufficient level of vetting on your clients and you may experience difficulties in reeving rent on a regular basis.
The complexities involved with acting as a landlord means that many people are keen to utilise the services of a property management company who acts as the landlord on their behalf. The property management company will take a fee for their services, but this provides regular income with very little time or hassle. It may even be that using a reputable property management firm will provide you with a higher level of income, which means that the property management firm fee is paid for by the higher rental income.
Thinking of moving to Staines – upon – Thames please contact us we would love to help you on 01784 441818
