Posted on February 18, 2019
Whether you are looking at becoming a landlord by turning your home into a rental property or you bought a property especially for the purpose of renting out, this can add to your household income.
But you will need to put thought to a lot of aspects before you can put it out for rent. Here’s our quick guide for renting your home out.
Get Started with Some Research
Begin by getting to know the market. Look for similar homes in your neighbourhood and find out what kind of rent they are going out for.
You don’t want to set a rent that’s too high or too low. Consider your target tenant and identify who your property would be best suited for – students, families, single professionals?
If you plan to use a property management company in Newcastle, now is the time to look at your options, their services and their fees.
Consider the Costs
Assess whether renting out is financially viable. Your rental income would attract a tax. Also, count in any tax deductions and the letting agent fees to come up with the net figure you will be left with. This amount should cover your mortgage instalments at the bare minimum.
And preferably, you must also be left with some surplus fund that could be used to meet any maintenance expenses on the property or just a back-up fund.
Prepare the Property
Decide whether you will rent out the house furnished or unfurnished. And then get ready to prepare the house for the viewings.
Hire a Letting Agent
A letting agent can make things life easier for you. Here are some things Wright Residential can do for you as your estate agents in Newcastle:
Need sound advice deciding the rent? We can help you to arrive at the right rental to charge.
Renting out your property can seem like a daunting task. Make the process hassle-free with Wright Residential, the trusted letting agents in Newcastle.
Contact us today for a consultation.