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If you have a property in London, you may be contemplating whether to let it out for some extra income. For some people, this decision seems like a no-brainer. After all, who would turn down some extra cash every month? For others, the decision isn’t so easy. They don’t want the hassle that comes with being a landlord; they don’t have the time to dedicate to it and they don’t want to deal with annoying maintenance and repair niggles. With that in mind, read on to discover whether you should consider letting your property in London.
What are the benefits of letting a London property?
- You are the boss – One of the great things about being a landlord is that you get to be the boss; it is like having your own business. You get to make all of the decisions, i.e. whether or not to sell your asset, and decisions regarding terms, contracts, and costs. It can be exceptionally rewarding.
- Long-term security – The on-going income that comes from renting out a property can be saved for a rainy day or used as a pension. Plus, if your living situation changes, you have the option of staying in the property, so long as you upload the contract that you have in place with your tenants.
- Tax deductions – It is also important to consider the tax benefits that come with renting out a property. This includes tax deductions for professional services, gardening, cleaning, accounting processes, buildings, and contents insurance, disposing of dust, replacing water pipes, replacing damaged furniture, and repainting.
- Income – Of course, this is the main benefit of them all. By renting out your property, you will receive a sum of money every month. This acts as a second stream of income. As your property is based in London, you will be able to command a premium price.
But, what about the stress that comes with renting out a property?
There is no denying that renting out a property in London can be a stressful experience, as there are many different things that need to be done. Firstly, you need to advertise the property effectively. After this, you need to find reputable tenants that will pay on time, and you need to draw up the contracts. This is only the beginning as well. Once the tenants have moved in, you will have emergency repairs and on-going scheduled maintenance to attend to. This can lead a lot of people to think that being a landlord is more hassle than it is worth.
You also need to make sure that your property is in perfect condition. For some, this will be easy, as their property will be pretty much ready to go. However, if you have purchased a distressed property, there is going to be a lot that needs to be considered. You need to make sure it is safe. This means assessing everything from structural problems to ensuring there is no asbestos in the property. After all, asbestos exposure can be fatal, and the last thing you want is a death on your hands because you have failed to make sure that your property is safe. The maintenance work on your behalf does not end once the tenants have moved in. It is up to you to make sure that any problems are dealt with immediately and that gas safety checks are carried out year after year.
However, there is an alternative solution, and this is to take advantage of the services provided by property managers in London. They will take care of all of this for you, so you don’t need to worry about anything to do with your property. From maintenance and repairs to chasing payments, they will ensure that everything to do with your rental property is handled on your behalf. This means you benefit from the monthly income without the hard work, which is especially beneficial for those who already have another job or a busy life as it is.
As you can see, when it comes to renting out a property in London, you don’t need to choose between income and a stress-free life. It is possible to have both of them by taking advantage of professional property management services. You will never have to worry about emergency home repairs or troublesome tenants; all you need to worry about is the money coming into your bank account every month.