Perhaps you are downsizing to a smaller place but want to make some money off of your previous home. Maybe you have a summerhouse you do not use during the year from which you would like to make some extra income. Many have turned to subletting in order to profit from owning various properties. If you are considering subletting your home, then there are some things you need to know. Before you do anything, you must register with the local council for registration. These councils monitor private landlords and approve individuals to rent their property. Do not fail to do this or you may face criminal charges.
Start by researching what other landlords in the area are charging in rent for similar properties and space. You can increase your income if you offer to provide additional services such as laundry or offer to provide meals. Always keep careful records of all rent a tenant pays. Save bank statements that show amounts paid, or use a rent book, and always give receipts to renters once they have paid. Careful bookkeeping will come in handy should there ever be any dispute between you and your tenant over what is or is not owed by the renter.
Be aware of your responsibilities as a landlord. This includes repairs and maintenance of the property. Be responsible about this and complete them in a reasonable period of time. Communication is a key factor in a healthy relationship between landlord and tenant. Be clear about your expectations of your tenant, when rent is due, and any other stipulations on the lease. Be available to your tenant by providing accurate and adequate contact information should the tenant have any problems or issues they need to communicate to you.
Remember to be respectful of your tenant’s privacy. Do not enter the property without prior notice or your tenant’s permission. Although you may own the property, your tenant is paying for the right to use it.