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Life Can Quite Easily Send You in Another Direction ...

Tuesday, September 27, 2016 1:20:00 PM

Becoming an accidental landlord can become a reality!

We never know what life will bring, and all of a sudden the direction in your life can change overnight.

Here at The Mortgage Brain we are talking to more and more people who have become 'accidental landlords' due to the circumstances in their life changing. An accidental landlord is somebody who ends up having a property to rent out due to life changes that could include;

  • Inheriting a property after a death.
  • A divorce or separation causing the property to be rented out.
  • Meeting a partner with their own home, and you move in renting your home out.
  • Relocating for work or personal purposes.

These situations can leave you unprepared about becoming a landlord, and if you have never rented out a property before here is a little bit of advice regarding the subject that is worth considering:

  1. Market your property well: Highlight the best features such as location, local ammenities, decor and any luxuries the property may have. Choose a realistic price that allows you to make a profit but doesnt make the property unmarketable. Have  a look around at other local properties being let out to get a good idea of what is realistic.
  2. Make sure you are covering all of your legal responsibilities: There are many legal and contractual requirements for you to consider both with your mortages and insurances when choosing to let out your property. We can offer you advice on all of this at The Mortgage Brain here in Gloucester. 
  3. Be a good landlord: Many landlords are faceless people who collect money via direct debits and never talk to their tenants. Always respond to queries and deal with their issues and they will respect you for it. The relationship will be better and you are far more likely to have good tenants and less issues when they are happy and living in a proplem free property.
  4. Use a mortage advisor: Here at The Mortgage Brain our knowledge, advice and information is invaluable, and will help to ensure you are doing everything correctly and legally. In addition to this we will look at the commercials and work with you to maximise the profit you make on the property.

Should you become an accidental landlord and need help or advice then please contact us here at The Mortgage Brain in Gloucester on 01452 554433 or email info@themortgagebrain.net

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