First-time landlords urged to seek help from an agent
Those entering the buy-to-let property business for the first time have been advised to seek assistance from residential lettings agents.
With the current state of the housing market, a lot of homeowners are finding it difficult to find a buyer at a good price.
And with rental yields reaching new highs thanks to a surging demand from tenants, renting out your home instead of selling could be a profitable solution for many.
However, their are a number of issues and legal requirements that first-time landlords will need to consider before looking for a tenant.
According to Dominic Preston, barrister and housing law specialist with Doughty Street Chambers, these issues can be daunting for inexperienced landlords.
Speaking to the BBC Money Box podcast this week, he explained that it is therefore often wise to use professional property management services from a lettings agent.
"The one piece of advice I would give somebody if they are really entering into the market right at the beginning is to use an agent," said the expert.
"Firstly an agent will have a contract that is available for you, they will know what certificates are needed, they'll give advice on how to furnish and what's good in that market area. I would take advice and the best advice is from a decent reputable agent in your area. It also gives you the opportunity of 'learning on the job' if that makes sense."
It follows recent comments from the Association of Residential Letting Agents (ARLA), which noted that a large number of Brits who emigrate to another country for an extended period are renting out their UK homes while away.
In such circumstances, it is also wise to use the services of a lettings agent, said the organisation.
"Many people who work or retire to another country choose to let their UK property to tenants,"commented Ian Potter, operations manager at ARLA.
"This is a smart move for many reasons, but as ever it is important to ensure that everything is done correctly. The last thing a family needs before or shortly after an international move is more stress."
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