Guaranteed rental schemes can make great financial sense and help landlords to achieve a steady income with the security of knowing exactly when their rent payments are going to arrive each month. They were traditionally offered by housing associations and local councils but many private letting agents started to provide them too when they saw the opportunities they presented. Where associations like landlords to sign long term agreements with a property agent you can usually find contracts starting from as little as one year. Before signing anything, make sure you check the length of the agreement and ensure there is suitable protection for your property and income.
Letting under a guaranteed rent scheme is beneficial because there should be no break in your income due to non-habitation. The housing association or property agent bear the responsibility of finding tenants and you should receive the same set payment regardless. You also save on not having to worry about paying maintenance and management fees; these should also be covered by the provider. When you sign an agreement it should state that the property be returned to you at the end in the same condition it was at the beginning.
You need to be careful when choosing a property agent because there are many stories of landlords working with a company only to find they lack the funds necessary to guarantee the rent. It is also important to make sure you understand that renting through a company doesn’t free you from all obligations. If the property isn’t managed correctly, is overcrowded or is unlawfully let at an HMO landlords can find themselves facing huge fines. At Finefair we are renowned as London’s foremost provider of guaranteed rent and can always give you peace of mind knowing that the rent will turn up on time each and every month, regardless of whether the property is occupied or not. We can even offer a complete management service to make sure the property is kept in top condition for your tenants and all your legal obligations are met.
If you are thinking of renting properties in London a guaranteed rent scheme can be beneficial as it has the potential to limit your losses. The number of local councils, housing associations and property specialists providing schemes means there are plenty of opportunities but also make it difficult to find one you can trust. Well established guaranteed rent companies are the best choice because they have the infrastructure and liquidity to meet any financial issues. When you are selecting a property company to provide you with guaranteed rent in Camden or any other area of the capital, it’s always important to check the credentials of the company.
