Let your property with Let Leeds
There are a number of reasons to consider letting your property instead of selling it. Depending on several factors, it can be a really smart move either as a short-term solution or a longer-term investment.
If you can't sell your current property and want to move on, then renting can be a great solution.
Many people find themselves 'Accidental Landlords' – that is they find themselves with a property to rent not as part of a planned strategy, but by chance. This can present an opportunity to trial property investment, potentially make good returns and lead to starting up a portfolio.
Buy-to-let remains an attractive investment option for both professional and part-time landlords, offering a regular income stream, long-term capital growth and security.
Things to Consider
If you think that renting would be a good option for you – either as a temporary stopgap or a way to start building a portfolio and generating a new income stream – then there are lots of things to consider and questions to ask yourself:
- Will your Lender allow it? One of the first things you’ll need to do is check with your mortgage lender that they allow you to rent out your house. Usually mortgages are subject to a clause that prohibits you renting your house out, or only allowing it for a short time. If you want to let your property, you should to speak to a Mortgage Advisor about the options to change to a Buy-to-Let or Let to Buy mortgage, as well as any additional fees a change in mortgage would incur.
- What are the Legal implications? From safety regs to Right to Rent checks, there are over 145 pieces of current Landlord legislation currently in play in the UK. Failure to properly adhere puts yourself at risk of fines or even jail time. Working with Let Leeds will ensure you are fully aware of all your obligations and remain compliant.
- Do the figures work? You'll need to work out whether financially, renting out your property will make sense for you and that includes understanding the Tax implications of becoming a Landlord. To understand how much rental income your property could generate, we recommend a face to face appraisal with one of our local property experts. If you want a quick idea to start you off, click here for an instant online valuation and we’ll follow up with you to book in a full appraisal so we can help advise on the rental strategy that is right for you.
- What kind of Tenant suits your property? In Leeds there is a vast student population and there is always a huge demand for HMO's and student accommodation in the right area. By the same token, Leeds also has a very healthy professional rental market with Leeds proving to be the location of choice for business, and a number of professional renters seeking quality properties with good accessibility to the city centre.
- Is your property up to scratch? As well as meeting safety and energy regulations, does your property appeal to Tenants? The modern renter is looking for mod cons such as good broadband, dishwashers, washing machines and a nicely decorated home.
- Location, Location, Location. If your property is in a popular Leeds location, it's well worth considering the rental income it could be bringing you. For the student market, Headingley, Hyde Park, Woodhouse, City Centre and Burley are always in high demand whereas professionals tend to look for properties that have good transport links to the city like Pudsey, Armley, Bramley, Meanwood and Chapel Allerton.
- Are you local? Many Accidental Landlords don't live close to their rental property, which gives them a significant disadvantage when it comes to inspections, maintenance and repairs. If you have a property in Leeds, we can be your eyes and ears on the ground, providing hands-on management on your behalf wherever you are in the world.
- Are you the Landlord type? Even if you don't see yourself as someone who will enjoy the responsibility that comes with providing tenants a home, you can really minimise the stress by opting for a management package that will take care of most of it for you. We can even guarantee your rent on time every month! It does take commitment though and the ability to be responsive and proactive as needed. Ultimately, being a Landlord does of course have its risk but also its rewards; and it’s our job to minimise your risk and maximise your returns.
Where do I start?
Being a Landlord doesn’t need to be stressful. If you partner with Let Leeds, we take care of everything for you: from marketing your property and finding the best tenants, to ongoing management and maintenance, right through to the end of the Tenancy. We can even provide you with Guaranteed Rent if you take up our Premium Managed service.
It can be hard to know where to begin, but our friendly team is full of advice, expertise and guidance. We'll ensure that your property is up to scratch and in line with current regulations and work with you to devise a strategy that will make the most of your investment.
Call us on 0113 320 2000 for a friendly chat about your property and your options.