Think about the type of accommodation you are going to let and how you are going to let it out. For example:

• How will it be advertised - for example, two bedrooms with a study, or three bedrooms? 
• What are your circumstances - will you be living there also, will you be living nearby or living abroad? 
• Will you let the whole property to one tenant (or family), or will you let individual rooms to a number of different tenants?
• Who will your target market be? Families, students, professionals?
• Get a clear understanding of the cost of running your property - council tax, utility bills, etc.

These different considerations will affect how you prepare and proceed with the let and the choices you make in managing it.

Who should you consult before letting your property?
Before you can let your property, you need to consult a number of parties:

• Your mortgage lender - your lender may ask that you let your property on an Assured Shorthold basis 
• Your insurance company - if you don't let your insurance company know that you have let your property, you may not be covered in the event of damage, fire or theft in the property 
• Your freeholder (if you have one) - important if you wish to let a leasehold flat, for example. 

The cost of letting your property
While your thoughts may be leaning towards how much you can make by letting your property, it is important that you consider and budget for the costs involved, too. You should budget for the following costs:

• Any monthly mortgage repayments owed on the property 
• Any expenses involved in bringing the property up to the required standards, both physically and in terms of the regulatory safety standards of furniture, utility equipment and appliances 
• Furniture and furnishings (if required) 
• Solicitor's fees 
• Letting agent/management fees 
• Insurance fees 
• Contingency budget for ad hoc repairs and maintenance.

Plan carefully and make sure you always have access to funds to make essential repairs if and when required. It will put you in a much better position to retain a satisfied tenant.

Choosing a letting agent
You should never underestimate the work involved in the successful letting of your property. The vast majority of landlords prefer to hand over the responsibility for finding a tenant to a dedicated and qualified letting or estate agent. This cuts out all of the necessary awkwardness of having to deal directly with viewings and negotiating with potential tenants.

There are considerable advantages in using a letting agent, who will:

• Advertise your property efficiently to thousands of potential tenants looking for property to rent in the area (make sure you choose an agent that lists its properties on a major portal, like Primelocation.com) 
• Have knowledge of the local market, including the type of properties to rent in the area, the potential demand for them, the rental prices being achieved and the kind of tenants who might be interested in your property. 
• Manage and conduct viewings, giving them the opportunity to try and secure tenants for your property and providing you with valuable feedback along the way
• Negotiate with tenants on your behalf when discussing the rental price of the property
• Provide you with advice and guidance.

We hope this guide has been of use and would ask that you contact us at your earliest convenience so we can undertake a Market appraisall.

Think about the type of accommodation you are going to let and how you are going to let it out. For example:

• How will it be advertised - for example, two bedrooms with a study, or three bedrooms? 
• What are your circumstances - will you be living there also, will you be living nearby or living abroad? 
• Will you let the whole property to one tenant (or family), or will you let individual rooms to a number of different tenants?
• Who will your target market be? Families, students, professionals?
• Get a clear understanding of the cost of running your property - council tax, utility bills, etc.

These different considerations will affect how you prepare and proceed with the let and the choices you make in managing it.

Who should you consult before letting your property?
Before you can let your property, you need to consult a number of parties:

• Your mortgage lender - your lender may ask that you let your property on an Assured Shorthold basis 
• Your insurance company - if you don't let your insurance company know that you have let your property, you may not be covered in the event of damage, fire or theft in the property 
• Your freeholder (if you have one) - important if you wish to let a leasehold flat, for example. 

The cost of letting your property
While your thoughts may be leaning towards how much you can make by letting your property, it is important that you consider and budget for the costs involved, too. You should budget for the following costs:

• Any monthly mortgage repayments owed on the property 
• Any expenses involved in bringing the property up to the required standards, both physically and in terms of the regulatory safety standards of furniture, utility equipment and appliances 
• Furniture and furnishings (if required) 
• Solicitor's fees 
• Letting agent/management fees 
• Insurance fees 
• Contingency budget for ad hoc repairs and maintenance.

Plan carefully and make sure you always have access to funds to make essential repairs if and when required. It will put you in a much better position to retain a satisfied tenant.

Choosing a letting agent
You should never underestimate the work involved in the successful letting of your property. The vast majority of landlords prefer to hand over the responsibility for finding a tenant to a dedicated and qualified letting or estate agent. This cuts out all of the necessary awkwardness of having to deal directly with viewings and negotiating with potential tenants.

There are considerable advantages in using a letting agent, who will:

• Advertise your property efficiently to thousands of potential tenants looking for property to rent in the area (make sure you choose an agent that lists its properties on a major portal, like Primelocation.com) 
• Have knowledge of the local market, including the type of properties to rent in the area, the potential demand for them, the rental prices being achieved and the kind of tenants who might be interested in your property. 
• Manage and conduct viewings, giving them the opportunity to try and secure tenants for your property and providing you with valuable feedback along the way
• Negotiate with tenants on your behalf when discussing the rental price of the property
• Provide you with advice and guidance.

We hope this guide has been of use and would ask that you contact us at your earliest convenience so we can undertake a Market appraisall.