If you are dipping your toes into the world of renting a property and being a landlord for the first time there are quite a few things that you should know. It might seem as being easy money but you are at the whims of the property market as everyone else. There are also questions of how much to charge and what to do if something fails, and at no fault of the tenant, and you are not a handyman. Here are a few things to consider.
- Get a letting agent. While you will take a hit to the profits from the place, a letting agent will sort out all the legal ramifications and manage the place if there is an issue with the tenants.
- They will also answer the question: is there an Inventory clerk near me? As they will provide you with one.
- What are your longer plans for the place? Is it better to sell up now rather than try and use it for an income.
- Tax. Landlords Tax and Capital gains tax need to be factored in. The personal exemption for Capital Gains is £11,700 for example. Go over that and you will pay tax on profits.