Expert advice on letting as an option
For homeowners considering the possibility of renting out their own homes for a variety of reasons, there are a number of important issues to address, according to Jackson-Stops & Staff. Katie Etheridge, Lettings Manager for the Tunbridge Wells office, has the following expert guidance for anyone considering letting as an option: ? Finance Establish the level of rental income their home will generate in order to compare it with their current mortgage payments and associated costs to establish the feasibility of letting. ? Suitability Home owners need to ensure that their property will have rental appeal. For example, is it within a recognised commuting area or in the catchment area for good schools? ?Responsibilities Home owners with mortgages need to inform their lender that they intend to let their home, as lenders may apply a different interest rate and fees for the change of use. Owners should also inform their home and contents insurer that they are letting the property, and consider landlords insurance to protect rental income in the event of tenant default. This will almost certainly mean additional cost and should be factored in to financial feasibility. It is very much in the home owners interest to find suitable and reliable tenants and to obtain ID and credit references as well as employer references. Tenants deposits must also be put into an officially recognised scheme and legally approved tenancy agreements must be drawn up to protect both parties. Whilst there are many benefits of renting out private homes, there are also a number of pitfalls and considerations that must be taken into account before going ahead. Jackson-Stops & Staff have considerable experience in assessing and valuing rental properties and can provide a range of services to make the process easier, such as offering professional tenant finding and vetting services, drawing up tenancy agreements and deposit schemes, as well as a full property management service. For more details, call one of our offices - who will be more than happy to provide, guidance, assistance and support. Here are a couple of the best properties to rent through Jackson-Stops & Staff currently: 1 - Holtye, East Sussex. 3,600pm This stunning five bedroom chalet style property offers spacious accommodation in a charming, privatelocation. Situated near the popular Holtye Golf Course, the property is just under eight miles from Tunbridge Wells, sitting within the catchment area of a range of top performing schools including The Skinners School, Tunbridge Wells Grammar School for Boys, Tunbridge Wells Girls' Grammar School and Beechwood Sacred Heart School. Fore more information, click here 2 - Tankards, Quarry Road, Oxted. 3,750pm Situated on one of Oxteds most sought after private roads, Tankards is spacious family property that lies within walking distance of the town centre and train station, making it ideal for those who commute into London. Trains to London Victoria take around 40 minutes, while the M25 Orbital Motorway gives easy access to Gatwick, Heathrow, City and Stansted airports. The property also benefits from a gym, paved terrace and around one acre of grounds. For more information, click here 3 - Grosvenor Hill, Wimbledon. 8,000pm Boasting seven bedrooms and situated in the heart of Wimbledon, this property on Grosvenor Hill offers bright and airy accommodation and off street parking, all within walking distance of a range of outstanding amenities and facilities. Transport links are good, with Wimbledon station nearby, while the stunning Wimbledon Common sits a short distance away, offering a leafy green space that is ideal for leisure activities such as golf and cricket, or just relaxing and taking a break from the city. For more information, click here