House letting is a well known means of generating passive income. Actually the income is not one hundred percent passive because the house will at some point need the attention of the landlord – even if it’s only the annual gas check and other bits of maintenance, but I digress. Most of the time, assuming the tenant treats the property well and pays the rent on time, things can just be left to run themselves.
House letting presents a business opportunity for both landlords who have bought the house with the specific intention of letting it out – the buy-to-let landlord – and the person who moves house and rents out the previous house rather than sell it. From my own experience (and also the things I’ve learned talking to others) here is a summary of the things you need to know, that I’m aware of. I haven’t been in the house letting business for quite a while though, so if you spot anything I’ve missed, please comment and let me and others know.
I was going to talk about letting agents also, but I think this article is getting rather long and the topic of letting agents merits its own article. Therefore I think I’ll wrap this article up at this point.
One final thing, note that the points in this article apply to house letting in England. Other countries will have different regulations.
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