Renting out your UK home is something that many people do. There is a way to go about it. Many people rent them out rather than sell them when they leave the country and move abroad. This is a good way to provide income. But, there are many different costs to factor in when doing this kind of thing.
- Many expats rent out their UK properties instead of selling them when they move abroad. This can provide income, make sure they have a base to return to and make it easier to obtain further mortgages later on.
- The drawback is that dealing with tenants and maintenance issues directly can be stressful and time consuming. It’s an even bigger hassle if you happen to live in a different time zone.
- For those deciding the agency route is best, be prepared to pay combined letting and management fees ranging from about 12 per cent to 15 per cent.
“Before instructing a lettings agent, check that they are willing to deliver and collect keys on your behalf and carry out an inspection of the property to check all is in order.”
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