The Essentials of Renting Out Your Home
Renting out a property can be a fantastic way to generate additional income, but it’s not as simple as just handing over the keys. There are important legal, financial, and practical steps to consider before you welcome your first tenant. In this guide, we’ll walk through the essentials to help you start off on the right foot.
Legal Responsibilities:
Landlords must comply with regulations, including safety standards (EPC, Gas Safety, and EICR checks), deposit protection schemes, and right-to-rent checks.
Tax Considerations:
Rental income is taxable, and landlords should factor in deductions for expenses like maintenance and management fees.
Preparing Your Property:
A well-maintained home attracts better tenants. Make necessary repairs, consider freshening up décor, and ensure the property meets compliance requirements.
Marketing & Tenant Screening:
A strong online listing with professional photos makes a difference. Thorough tenant vetting helps minimize future issues.
Renting doesn’t have to be overwhelming—getting expert guidance early can make all the difference.
Need help getting started? Contact Penrose Estate Agents today or book a free lettings appraisal: Click here.