Whatever the condition of the housing market, many people find themselves with a property to prepare for rent either by design, as part of a property investment portfolio, or by accident when they need to temporarily relocate.

History has shown that property has always been a good investment but even if the property price is rising it is still good advice to leverage the full value by having tenants. The rent may pay the mortgage and hopefully also provide a small income. There are a few basic tasks that must be carried out to ensure the best return on investment and to help have satisfied tenants.

Mortgage Company Requirements For Rent

The first task is to contact the mortgage company to inform them of the intention to make the property available for rent as it is usually part of the mortgage contract that they must be informed. Most companies will be happy to give the go-ahead although they may initially only give permission for a trial year. Extension is a formality assuming the mortgage has continued to be paid.

Rent From the Property is Taxable Income

All income is, of course, taxable and so the rent received when managing a property must be declared at some point. In fact, the tax office in the UK provide a choice of either having the deduction at source (if using an agent) or to declare it in a tax return. If the rent is taken by an agent then the money can be received as a gross amount by completing form: HM Revenue and Customs - Receive Gross Rental Income.

Property management is a business and so it is possible to keep business accounts showing the costs of preparing and maintaining the property as well as the income. See: UK Tax on Rental Income.

Make use of a Property Rental Agent

It may be tempting to want to keep the full income from the rent but a good rental agent will provide essential help with all the legal aspects as well as find the best tenant at the highest rent. The agent can also provide local property management which may be important if the owner is living a long way from the property. See: The Role of Property Rental Agents.

Complete the Maintenance on the Property

While living in a house it is often quite satisfactory to leave certain jobs undone for a long time. However when the intention is to rent the property to a tenant then the maintenance should be completed to a good standard.

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