Thinking of Renting Your Home? Read This First!
Thinking about renting out your home? Maybe you’re moving, upsizing, or keeping your options open. It seems straightforward enough – find a tenant, collect the rent, and carry on. But here’s the truth: it’s not that simple.
At Martyn Russell Property, we’ve seen the good, the bad, and the risky when it comes to homeowners stepping into landlord territory. Letting your property can be a smart move – but only if you go in with your eyes open.
Here’s what you really need to know. It’s Not Just Passive Income
Letting a property isn’t a hands-off investment. From marketing the place to dealing with repairs, tenant questions, and legal checks – it’s a job. It can be rewarding, but there’s graft involved, especially in the early stages.
Over 150 Laws to Follow
Seriously. Landlords in the UK have to comply with over 150 pieces of legislation – and the list keeps growing. Things like gas safety, Right to Rent, deposit protection, and energy certificates aren’t optional. Miss something and you could face fines or worse.
Once They Move In, They’ve Got Rights
As soon as someone signs a tenancy and steps through the door, they gain legal protection – a lot of it. You can’t just change your mind or let your feelings drive your decisions. Even if they stop paying rent, the process to regain possession takes time and care.
DIY Can Be Costly
Doing it all yourself can seem like a money-saver – until something goes wrong. Missed legal steps, poorly handled maintenance, or a dispute that drags on can end up costing thousands. A good letting agent can save you from expensive mistakes.
Frequently Asked Questions
1. Do I need to tell my mortgage provider?
Yes – always. Most residential mortgage deals don’t allow letting without permission. You’ll either need a consent-to-let or a switch to a buy-to-let mortgage. If you skip this, your insurance could be invalid, and you risk breaching your mortgage terms.
2. What if the tenant stops paying?
Chasing unpaid rent is awkward and stressful – especially if you're doing it alone. You can’t just kick someone out. It takes time, proper process, and sometimes legal help. That’s why rent protection insurance and a solid managing agent are worth every penny.
3. Can I just use Airbnb instead?
Maybe – but it's a completely different setup. Short-term lets come with extra tax rules, local authority restrictions, and hands-on management. It’s not the easy win many expect. Best to get proper advice before switching gears.
4. Do I really need an inventory?
Yes – always. Even if the tenant seems trustworthy, a detailed inventory protects you if there’s damage or disputes later on. Without it, you’ll struggle to make any deductions from the deposit, even if things clearly aren’t as they were.
Final Thought: It’s a Business, Not a Side Hustle
Letting your home means becoming a landlord – and that comes with responsibility. It’s not just about collecting rent – it’s about protecting your asset and playing by the rules.
If you’re thinking about renting out your home and want to get it right, we’re here for an honest chat. No pressure, no jargon – just straight advice to help you make the best call for you.