Home > Finding Homes > Renting Out an Affordable Home

Renting Out an Affordable Home

By: Jack Claridge - Updated: 13 Dec 2010 | comments*Discuss
Affordable Home Advice

With house prices falling and the so-called credit crunch having an effect on borrowing many home owners are finding it difficult to sell their homes when they buy a new one. One way around this problem, at least as a temporary measure, is to rent out your old home and to use the income generated from renting to help pay for your new mortgage.

How Do I Rent Out My House?

The first thing to consider when renting out your home is the sort of individuals you would ideally like to live in it while you rent it out. Many people renting out their homes go for professional couples or couples who have no children or pets. This may sound perhaps like a nod towards discrimination but it is important to consider the effect the inhabitants of your home will have on it in the long term.

One of the best ways in which to rent out your property is to use the services of a letting agent.

Using a Letting Agent

A letting agent can help take the hassle out of renting out your property and with experience behind them will be able to help you decide who are the best types of client to have and also what sort of rent you should reasonably expect to receive for renting a property out in your area. You should of course take into consideration that the letting agency will charge a fee for their services and this is normally taken from the rent paid every month. This fee is paid for the letting agent’s time as well as their services in dealing with your tenants and also any advertising that may need to be done.

Your local Yellow Pages and indeed local newspapers will have listings of letting agents who can help you.

Being a Private Landlord

Alas it is not as easy as it may sound being a private landlord. With the responsibility of being a private landlord comes the responsibility of making sure that the property you rent out is fit for habitation and also that all repairs are carried out in accordance with the terms and conditions of your tenancy agreement which both you and your tenants will sign. One distinct advantage of a letting agent is that he or she will draw up a tenancy agreement on your behalf and ensure that all clauses relating to repairs to the property are correctly worded and carried out.

As a private landlord you are charged with the task of making sure all gas-supplied equipment such as fires, central heating and cookers are maintained to a standard and that regular checks and tests are carried out by registered Corgi plumbers. This is your responsibility and your tenancy agreement with your tenants should reflect this.

Dealing with Your Tenants

As a private landlord not using a letting agent you will have to be in contact with your tenant’s at all times. By this we mean that you should reasonably expect them to contact you at any time or the day or night should there be a problem with the property such as leaking pipes, a leaking roof or other such problems which you as a landlord are liable for. With this in mind you should always try and be as courteous and professional as possible and you should try and build up some rapport with your tenants where possible.

Financial Matters

When it comes to being a private landlord you should be aware that the income from letting a house is taxable and as such you should employ the services of an accountant who will be able to keep you on the right track when it comes to taxes such as VAT, property tax and council tax. When renting out your property you should make it clear that the occupants of the house are responsible for all utility bills unless you wish to incorporate this into your rent. However it is important to note that very few landlords do this nowadays and most properties are rented out as being rent only, all other bills must be met by the landlord with the exception of council tax which you yourself must pay.

For more information on being a landlord you should contact your solicitor if you have one, or make arrangements to consult with a solicitor specialising in property law, or speak to your local Citizen’s Advice Bureau. Likewise your local authority’s Housing Officer may be a source of valuable information.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopefully can help you... We also love comments and interesting stories

(never shown)
(never shown)
(never shown)
(never shown)
Enter word:
Latest Comments
  • Becky
    Re: The Right to Acquire Scheme
    I am with Asra housing association and was given valuation of 204 thousand and after 3 months they said it’s 234 thousand as Waac…
    15 February 2018
  • Tas
    Re: The Right to Acquire Scheme
    Hi i have lived in my housing association house since 1998. I have been told that i do not have right to acquire because the…
    13 February 2018
  • glover_113
    Re: Shared Ownership Homes
    Hi we are wanting to move from our shared ownership property to another shared ownership but i can't go on the mortgage due to bad credit…
    12 February 2018
  • AffordableHomeAdvice
    Re: Low Income Housing
    Dee - Your Question:Hi, I've recently lost my house due to a house fire& I'm wondering if I'm priority. I am on a low income as I work part…
    8 February 2018
  • Dee
    Re: Low Income Housing
    Hi, I've recently lost my house due to a house fire& I'm wondering if I'm priority. I am on a low income as I work part time, how do I go about…
    7 February 2018
  • Ema
    Re: The Right to Acquire Scheme
    We have the right to accuire but trying to find a mortgage to do this has been a nightmare we are having to put a hold on this…
    6 February 2018
  • Gabby
    Re: Are You Classed as a Key Worker?
    I work in Westminster ,a day Centre for dementia, trained to work with all types of dementia am I a key worker
    1 February 2018
  • Maz
    Re: The Right to Acquire Scheme
    Me and brother lived all our lives he has the right to buy i don't can I make a joint claim to keep me safe so he does not just…
    29 January 2018
  • veronica1840
    Re: Planning Ahead
    Hello I'm a single mother and in this time is very difficult for me to pay private rent. I'm interesting to rent a room or studio flat with my…
    28 January 2018
  • AffordableHomeAdvice
    Re: Buying Your Council House
    Steve - Your Question:I would like to enquire about buyin my council houseOur Response:You can s
    19 January 2018
Further Reading...
Our Most Popular...
Add to my Yahoo!
Add to Google
Stumble this
Add to Twitter
Add To Facebook
RSS feed
You should seek independent professional advice before acting upon any information on the AffordableHomeAdvice website. Please read our Disclaimer.