If you are ever in the lucky position to inherit a property you might, as a lot of people do, consider keeping the property and renting it out but this can be a daunting prospect and can actually it might lead to huge levels of stress and anxiety. Becoming a landlord is financially very appealing, with the income generated can be used to offer financial security later in life. However if you are new to renting a property out it is strongly advised that you initially go through the procedure with a reputable property management business.
Although you might consider this an unnecessary expense that you could do without paying, if you are wise you will consider the services of a property management company worth their weight in gold. For example, did you know that if you do not have your gas supply and appliances inspected on an annual basis you could be fined up to £25,000 and even face imprisonment, The services of a property management company will make sure that you do not forget to carry out these checks and will often organise them for you on your behalf. The same is true with your electricity supply and all electrical appliances, in that you must have them all checked on a regular basis and be able to provide a certificate of safety for reassurances of the tenants and legally for insurance purposes.
Owning a property is a big investment and you want to make sure that it remains in the best condition. Unlike your own home that you can maintain as and when it is needed, a rental property will need an annual review and problems anticipated before they arise. If you are still paying a mortgage for the property that you are going to rent out then the mortgage company will make sure that you are well insured to cover the mortgage in the event of a disaster such as floods or a fire. If you own the property outright then you will be wise to make sure that this very valuable asset is well looked after and maintained. Buildings insurance is a most for all houses but it is also worth taking out contents insurance for all fixed fixtures such as carpets and curtains even if you are going to rent out the property as nonfurnished. If you decide that you want to let the property furnished then you need to consider the items that you use to furnish the property. For example recent legislation states that you have to make sure that items such as beds and sofas comply with the latest fire standards and failure to comply with this law could also lead to a fine and imprisonment.
As with most business ventures it is always best to seek advise and help from experts which is why it is often a lot less stressful to hire the services of a property manager to deal with the minefield that can be letting a property.