It’s not all doom and gloom

The Peterborough Evening Telegraph - - Property Today -

IT’S be­com­ing more pop­u­lar in some quar­ters rent­ing a prop­erty rather than buy­ing one.

Many peo­ple find it more fi­nan­cially re­ward­ing, rather than hav­ing a mort­gage and pos­si­ble neg­a­tive eq­uity.

For land­lords, find­ing a suit­able ten­ant can be a long drawn-out process and this is where a let­ting agency can help.

An agency will screen prospec­tive ten­ants, and per­form the credit checks and ref­er­ence checks.

They can also col­lect rent and deal with any ten­ant com­plaints or main­te­nance is­sues.

Land­lords will need to de­cide to whether to of­fer fur­nished or un­fur­nished homes. This can af­fect the type of house in­surance you need, and what your ten­ant will need. Typ­i­cal land­lord home in­surance will cover the build­ing and car­pets, and ten­ants will need a con­tents in­surance pol­icy for their pos­ses­sions.

If the prop­erty is rented out fur­nished, and in­cludes white goods and fur­ni­ture, land­lords will also need con­tents in­surance to cover dam­age to these.

The amount of rent to charge needs con­sid­er­a­tion. If the prop­erty is mort­gaged, then the rent should be at least enough to cover the re­pay­ments.

In ad­di­tion, util­ity bills or coun­cil tax need to be cov­ered. In some ar­eas, rent prices are com­pet­i­tive, so it might be wise to con­sult a let­ting agent who will be able to give some idea of the likely rent that land­lords can charge for their prop­erty.

All these de­tails should be cov­ered in the ten­ancy agree­ment. This leaves both par­ties in no doubt as to what’s ex­pected of them dur­ing the ten­ancy. The agree­ment should also cover the length of ten­ancy, what would hap­pen at the end of the term, and any other stip­u­la­tions or re­stric­tions (within rea­son) which land­lords would like to

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