A Few Important Tips To Let My House Efficiently
When you are looking at what steps should be taken to let my house successfully, you may want to talk to a letting agent. There are many aspects of letting a home that require some knowledge of how taxes, mortgage, and insurance will be impacted before you decide to let your home unassisted. The important things to be aware of that may have a significant impact on your return will involve notifications and approvals.
It will be important to contact your mortgage lender before you advertise to let your home. The mortgage lender will need to provide you with a ”Consent to Let” or, if you are moving and will not be returning to the home, you will need to change your mortgage to a ”buy-to-let” loan. A buy-to-let mortgage costs more than a regular mortgage but the costs should be offset by the return on your investment.
There are some significant tax benefits for letting a holiday home, however, there are some requirements to qualify for the benefits that you will want to be sure are in place. The home must be fully furnished and available to let at least 140 days per year. The home must be physically let out at least seventy days per year and cannot be let out to a single occupier for more than 31 consecutive days per year.
Discussing taxes with a professional and what types of documentation you will need to take advantage of the benefits of letting your home on a short term and long term basis. In some cases the amount of taxes may be significantly different because you will be paying business rates on your property rather than council tax. The tax professional will be able to advise you on the best course of action to take to achieve the lowest tax burden possible.
There are specific changes that will need to be made to your insurance and possibly your home to qualify for the best premiums. Homes that will be let should have public liability insurance so that if a tenant is injured on the property you will be covered. In addition, the furniture and appliances must be the same safety requirements that a public house must meet in order to qualify for the proper level of home owners insurance that you will need.
Employing a letting agent will be a huge help if you are unsure of all of the steps to take to get the most return on your investment. These professionals take care of all the details that are involved in letting a home. Some of the agencies work solely with holiday tenants and others work with long-term tenants. When they find tenants a complete background screening is done, and rents are collected for you. These agencies also can provide you with appraisals of your rental so that you know what the rental rates are in your location.
If your property is part of a building society, the letting agent will work with them to get permission to let the property and include any fees in the rent calculation so that you do not have a large fee to pay. Most of the agencies collect the deposit from tenants and take responsibility for the deposit via the government approved Tenant Deposit Protection scheme.
Using an agent also will relieve you of worry about minor repairs that the home may need. When a major repair is required, the agent will be able to direct you to the most affordable contractor or repairman. When deciding on how to let my house, you will want to weigh the time that is involved in taking care of the rental yourself and the money that you will save if you employ a letting agent.
Letting agencies are available today for those who are interested in let my property. There is important information you should know, then you will take advantage of the opportunity that is knocking at your door.