Top Tips for Renting out Your UK Property

Contributed by Tiles Direct, 10 August, 2017

If you're thinking about relocating and moving abroad – whether that's for work, retirement or a new adventure – and aren't sure if you want to sell up completely, then there's always the possibility of renting your home out while you're away. Naturally, this can provide you with a regular income, as well as give you more security, knowing you have a place to live should you wish to return home. 

However, being a remote landlord can be a stressful and challenging task, and that's why we're bringing you our top tips on renting out your UK property, helping you make the transition from local homeowner to international landlord that little bit easier.

Find a person or letting agent you can rely on

Being an international landlord won't be without its challenges, as the geographical implications alone mean you won't be on hand to deal with the day-to-day problems or maintenance issues. For this very reason, one of our biggest tips is to entrust the management of your property to the right person in the UK, whether that's a family member, friend or a letting agency.

Knowing that someone is available as a local point of contact to assist tenants with any concerns they may have will not only give you peace of mind, but will give your tenants greater security too. Using a letting agency is likely to cost you more, but you're paying them to handle maintenance, resolve issues with tenants and source new tenants on your behalf – all of which can make life as a remote landlord far less stressful.

Give your property a makeover

Whether buying or renting property, people are always looking for key selling points in a prospective home – so make sure you maximise your home's rental appeal with a makeover. It will not only attract more potential renters, but it can also add rental value and encourage tenants to stay longer.

Understandably, you don't want to invest a lot of money into this project, but simple updates to your bathroom like updating tired walls with neutral bathroom tiles or adding a lick of paint to the living area will create a fresh and clean look. Updating kitchen splashbacks and floor tiles, or even painting cabinet fronts will all help to enhance your property's appeal – so don't worry about having to spend big to increase interest. 

Clear out personal possessions

It may be tempting to save on removals or storage costs and leave some furniture or belongings behind, but if you're serious about finding a suitable tenant, it's advisable not to. In order for a prospective tenant to see themselves living in your property long-term, you need to be able to help them imagine the space as their own. Paying a little extra for removals or off-site storage will be money well spent, providing you with peace of mind that your valuables are taken care of and making your property look all the more spacious and appealing. 

Have a contingency fund

Inevitably when you own a property, there are a number of things that can go wrong – with everything from a broken boiler to a leaky roof a potential expense waiting to happen. When it's your own property, you have the final say on when these issues get fixed, but as a landlord, it's your legal obligation to fix problems and ensure the property is well-maintained and meets certain legal requirements. For this reason, it's pertinent to put some money aside as an emergency fund.

Get your paperwork in order before you go

One aspect you definitely don't want to forget is your paperwork. If you're planning on renting out your own home, you need to notify your mortgage lender of your change in circumstances and take out landlord insurance. You should also contact HMRC to register in the Non-Resident Landlord Scheme, as there are tax implications if you're renting out a UK property from abroad. It also goes without saying that you should ensure bills are paid up-to-date and that you notify banks and utility providers.

Get regular updates and reviews

Finally, to avoid any nasty surprises, it's always a good idea to make sure you regularly keep in touch with your tenants or whoever is managing the property on your behalf. They can help keep on top of periodic checks on the property and keep track of its condition and any required maintenance requirements.

While there's plenty to think about when it comes to renting out your UK property, these top tips should bring you one step closer to making sure you have all bases covered – leaving you free to enjoy starting a new life abroad.

Tags: interest | retirement | insurance | tax |

 

 





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