Pros and cons of letting a property

Checklist provided by 

www.nalscheme.co.uk

The National Approved Letting Scheme

 
 

PROS

If you use a NALS licensed agent, they will take any of the hassle of renting from you.
Help you move into a new home if you can’t sell or need to move away temporarily or permanently.
  A good tenant will pay rent on time and look after your property.
  You help to offer a home to local people who wouldn’t otherwise afford to live in the area.
  Can make money from letting property.
 

CONS

May need to incur costs up front to meet the legal requirements of renting a property eg update fuse box.
Tenants may damage your property eg set up cannabis farms.
Need to understand and keep up to date with all the legal ramifications of letting a home.
Tenants may default on their rent leaving you to cover the property costs.
Costs can be higher than the income you receive from renting.

 


All our information is brought to you by Kate Faulkner, author of
Which? Property books and one of the UK's top property experts.
This website is Copyright © Designs on Property Ltd and
Propertychecklists.co.uk protected under UK and international law.