Here’s a brief summary of the various costs to consider when letting your property:
Gas and electrical testing
You will need to ensure that you have tested all gas and electrical appliances to ensure they comply with current safety standards. This will need to be undertaken by a qualified professional and there will be charges made for this service.
You need to ensure that you have insurance on your property and make sure you know exactly what’s covered in the policy. You will need to advise the insurers that the property is being let.
Letting agent’s fees
There are likely to be fees incurred for employing an agent to undertake the administration and management of your property. Charges vary from one agent to another, so it’s worth checking on fees in your area.
Repairs and maintenance
Any repairs or maintenance that is required on the property will need to be paid for by the landlord.
You may have to put some of your furniture and furnishings in storage if the tenant brings his/her own belongings. The costs of storage will need to be covered by the landlord.
Landlords are liable to pay tax on gross income received from rent. Further information can be obtained from the Tax Office.
Tenancy Deposit Protection
You will need to ensure that you or your agent belongs to a scheme to protect tenants’ deposits.