Letting Residential Property

Letting out residential property is a popular choice in today’s market. Buying a house is becoming ever more difficult, and so many people are choosing to rent instead. With demand going up, now is a good time to become a landlord and let out property.

What is Residential Property?

Residential property is any building or unit that is zoned and purposed as a living space. It’s one of two general categories of real estate, the other being commercial property.

Residential property can include houses, flats and bungalows, as well as any other space that has been designed with the purpose of being lived in. Letting out a residential property means you are letting out a property to tenants that will be living in that space.

What is Involved with Letting?

Many homeowners choose to let out their residential property if they have the capabilities to do so.

To let out a residential property there are several factors that need to be considered. These include your mortgage type, the length of time that you want to let your property, working out your tax return, insurance, the state of your property and much more. Other key steps include:

  • Registering with the local council
  • Understanding all of your responsibilities
  • Arranging the right paperwork
  • Knowing the law on tenancy deposits

If you are new to letting out a property, we advise you to get in touch with a professional who can talk you through the steps and ensure nothing is missed out. So if you’re thinking about letting out your home and want to go into this market long-term, you might want to consider hiring a letting agent to help you.

Benefits of Letting Residential Property

There are many benefits to letting residential property. These include:

  • Income – It goes without saying, but one of the main advantages of letting out residential property is the income that it brings. Especially in today’s market, where finances and second incomes are increasingly important property can create a vital second income.
  • Job flexibility – Letting out property allows you to essentially be your own boss. With a big enough portfolio, letting properties can be a full-time occupation in which you can choose the terms.
  • Good investment opportunities – Investing in property is nearly always a good decision. There is always money to be made from a property if you are paying the right prices.
  • Long-term security – With job security ever in disarray, investing in property gives peace of mind that other jobs cannot. Letting property means you know that you have guaranteed income coming in, even if other sources of income are in doubt.

Get in Touch with Centrick

Centrick is a company of knowledgeable industry experts with a joined-up approach to all aspects of property. Innovation is at the heart of everything we do, helping us to adapt to the ever-changing market.

Today, with more than 150 members of staff, managing over £3 billion in client assets and 20,000+ properties across the UK, we build trusted relationships with our clients and deliver the best possible service.

Get in touch with us today to find out more about how you can get started with letting residential property.

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