Many people today are exploring the possibility of becoming property owners. This is because of the high cost of rent and the growing numbers of people who are trying to find buy to let mortgages. If you have a property of your own, that you really have no use for, then letting property or renting it out is probably your best choice.
Of course, you need to consider and learn some things if you’re pondering the move. For one, it would be wise for you to get an agent who will do all the work for you. So many things are involved in buy-to-let mortgages, and if you have no idea how to go about it, seeking the help of experts is the best thing to do. However, the downside to this is the agent would certainly be expecting a big percentage once the deal is closed. If you can afford to share your profits with someone else, then go ahead and hire an agent. Nevertheless, if you really need the money, then cutting the intermediary out is your best option.
Next, you need to sort out the practical details. You have the property, check. You’ve found people who are more than willing to acquiesce with the deal, check. As soon as these bases are covered, you need to draw up a tenancy agreement that’s legally binding. This agreement is more commonly known as Assured Shorthold Tenancy or AST. You, as the property owner, and the other party need to sign this agreement because all important details such as the length of tenancy, amount of rent, and deposit details are outlined in this agreement.
Finally, draw up an inventory. This is especially true if the property you’re letting out is furnished. As much as possible, you should take pictures of everything in and around the property, which are yours. Why is this important? Well, this would save you from bigger problems in case something comes up later on and disputes over the deposit arise.
Gosh, I honestly cannot relate to this. I didn’t bother to check our house mortgage or something like that because my parents would normally take care of it. As of now, I am renting my own apartment.. But I learned something here in your post and I will check with my parents. Hehe.
I’d really love to own a number of properties someday that I can turn into profitable investments. Great tips, mommy Joy!
This is something I need to delve deeply so that I could relate with my brother who is in the process of buying his properties.
I have a client offering this kind of service on his website but I really dont understand a bit of it 🙁