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How to go about renting out your home

Getting a home buyer is never easy. Many people want homes but lack the capacity to pay for them. They prefer to rent. Brexit has not made things any easier for home buyers. The real estate property market has been very volatile since the UK decided to chuck out of European Union. Selling a house may be even harder if your house does not meet the standards that the market needs. Renting a home does not necessarily mean that the owner does not have a ready market. Sometimes you want to travel for long, or maybe you have another house in which you want to move to. Reasons for renting out your home are many and divergent.

If you want to rent your house, you must carefully scrutinise the property market. Your house needs to be left in trusted hands. The rent you get must match you are the value of the house. You need to talk to real estate agent to know the current trend in house renting. Real estate agents could be could intermediaries between you and the prospective tenant. They can help you look for a reliable tenant and to manage the tenant once the house is rented. If you are in doubt, talk to your friends or relatives who are in real estate business. You might find them easier to trust.

It is of absolute importance to inform your mortgage lender of your intentions to lend. Mortgage lenders have a stake in the value of your property. The proportion of the loan that you have not paid on a property is equal to their share in your property. Their names may not be included in by the Land Registry in the ownership of property, but they are legally allowed to claim a share of your property. Everything you do to the ownership of your property affects them. If you fail to tell them that you are renting, you will most likely be breaking terms and conditions of your mortgage. You will then be required to pay them for any liability arising from your failure to offer full information on changes in property ownership. When you inform the lenders of your intentions, you will be given consent for lease that will allow you to rent.

You do not want to rent a property with all your delicate but worthy belongings inside. It is important to remove all your valuable properties from the house before you rent it. Beds, couches, cupboards and other personal assets should not be in the house upon renting. You may also consider upgrading the house before you rent it. Make sure that it is in good shape. The reason why many people take extended periods of time of time to find a tenant is that they rent houses that are in despicable conditions. Repair lightings, ceilings and windows. Feel free to install newer modern fittings.

Your insurance firm should know of your intention to rent. Insurance policies for leased properties are different from those of freehold properties. A change from freehold ownership to rented property changes the nature of insurance cover. To keep your property insured, you may have to obtain rented property insurance.

Posted by on 28/12/2016 in Buy to let

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