Rent Out Your Property in Middlewich

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Rent out Your Property in Middlewich

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email this agent only >> Reeds Rains 01606 836666

email this agent only >> Reeds Rains 01606 41315

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Rent Out Your Property covering Middlewich

Reeds Rains, The Bullring, Northwich, Cheshire, CW9 5HA, 01606 41315.
Reeds Rains, 29 Wheelock Street, Middlewich, Cheshire, CW10 9AG, 01606 836666.

To visit any of these agents websites, click on their logo at the top of this page.

Note: No guarantee is made to the accuracy of these details.

Letting Out Your Property

Whether for family reasons or work commitments, moving home is often something that cannot be put on-hold, even in a difficult financial climate. Those who wish to sell their home face increased challenges in the current market, but entering the private lettings sector can allow people to move while offering a valuable, ongoing income, either forming part of a long-term investment plan or as a profitable stop-gap, until a property can be sold – i.e. if homeowners are moving due to a change in work or for a sabbatical abroad.

Why to-let?

Homeowners decide to move and rent out their property for a variety of reasons, but an increasing number of people currently struggling to sell are looking to let out their current home while they ride out the mortgage logjam.

Positives

• Income – depending on location, the potential profit margin of holding onto your property in order to rent it out can be vast.
• Management Agent – using an agent can ensure that your home is fully managed, with an official itinerary and inventory carried out on arrival of the tenants and regular inspections throughout a tenancy.
• Security and Maintenance - If you plan to return to the property at a later date, renting it out ensures that the home is occupied, improving security and providing a sustained level of maintenance.

Negatives

• Rental Voids - Increased competition from failed sellers leads to increased competition for tenants, rental voids can be expensive and frustrating.
• Risk – There is always an element of risk taken over the quality of tenant, but a credible agent can help to safeguard against any financial losses.

Where to start?

Planning – the more time you have for this the better, as you will need to budget effectively and ensure your property is left in capable hands.

Getting in touch with a credible agent to publicise and let out your property is the first priority. Ensure you choose an organisation that is registered with the major professional estate agency organisations and governing bodies (see below).

• The Association of Residential Letting Agents (ARLA)
• The National Approved Letting Scheme (NALS)
• The National Association of Estate Agents (NAEA)
• The Royal Institution of Chartered Surveyors (RICS)
• The UK Association of Letting Agents (UKALA)
• Ombudsman for Estate Agents (OEA)

Becoming a landlord

A lot of decisions need to be made regarding the nature of your property let and your position as landlord. You will need to decide:

• Management – It is always recommended that you arrange professional management of your property with a local agent. Unless you are remaining nearby or have trusted family/friends willing to manage the property, this is essential.
• Budget – how much are you willing to spend to bring tenants in and to keep them in occupation for your required period of tenancy. For example are you willing to fully decorate the property, update the key appliances etc.
• Furnished or unfurnished – evaluate the costs of storing furniture or moving it with you, against the value of offering this to your tenants.
• Stipulations – Try not to be too strict on tenancy rules as it will become a stumbling block. You will need to accept that your property will be someone else’s home for this period and be mindful of this throughout.
• Rent – Be realistic. Listen to your agent’s advice on the local market and be prepared to be flexible on your expectations.

Leaving it to the letting agent

The help you will receive from an agent in letting out your property will be invaluable. There are obviously costs to this but the time and money it takes to go it alone are significant and can make it a full-time job. Even if you don't use a managing agent, you can still use a letting agent to find tenants for your property. This allows you to make use of their marketing capabilities and extensive contact lists of people looking to rent in your area.

There is also an extensive amount of paperwork involved in letting your home, plus a number of legalities to consider. Your agent will be able to take charge of all this and consult you on your obligations and landlord rights.

Positives

• The agent will chase unpaid rent.
• The agent will handle all contracts and paperwork.
• The agent will arrange for an inventory of the property to be carried out before tenants move in.
• The agent offers management of the property, arranging any required maintenance work and repairs on the home.

Negatives

• An agency fee will be charged for finding your tenant
• The agent will take a percentage of your rental income (usually between 5% - 15%)

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