Because the housing market is down and sales are taking longer, many homeowners choose to lease their property while waiting for it to sell. Leasing can be a great option if you are waiting for your home to sell. It takes a significant investment of effort, as being aware of your legal obligations and the preparations required are critical to leasing your property successfully.



Prior to listing your home you need to make sure it looks its best. Just as you would if your house was on the market you must keep it in immaculate condition. Many tenants will negotiate the price with you. If your home shows well they are more likely to pay a higher price. However if they come into an unkempt home with obvious issues (leaky faucets, unpainted walls, stained carpets, etc.) they are more likely to insist in paying less if they are even interested in letting your home at all.

You should familiarize yourself with the laws related to letting your property. It takes some work to become a landlord, but you could find yourself in a heap of trouble if it's not done properly. If the mortgage is still in your name, you should contact the lender to advise the lender your plans for leasing the property. Failing to advise the lender may result in repossession. Most lenders will gladly work with you, particularly if the lease is only temporary. You also have to make your insurance company aware of your plans. The insurance company could drop your coverage for failing to advise them of the situation. Since you are the land lord, you must make sure all gas appliances are certified and inspected and all electrical equipment are operating. Any furnishings that are left in the home must be fire resistant also.

It is possible to let your property on your own but since it does entail so much it is often wise to higher a letting agent. Letting agents know what laws to follow as well as how to handle any different situations that may come up when letting a property. Agents also know how to price your property in comparison to other available properties. You do need to make sure that you find a licensed agent from a reputable company. Hiring a letting agent may be your best choice especially if you have never been a landlord before.

The final issue to remember as a landlord is that all maintenance and upkeep of the property is your responsibility. When anything such as the water heater breaks down, the law requires the landlord fix it promptly. It is wise to have a savings account at the ready in order to pay for unscheduled repairs and maintenance.