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The first question to consider is “Do I want to become a Landlord?”

Don’t under estimate the work involved in managing a property.

You will be responsible for its maintenance and will need to arrange things such things as annual gas safety checks. If you are interested there are a number of guidebooks that offer advice. It’s a good idea to join a landlord’s organisation such as The National Landlord’s Association, which provide advice, support and regular magazines that keep you up to date.

Some council’s offer landlord accreditation schemes. These often include courses on becoming a landlord and discounts on products and services, such as insurance.

Other Options Available

If becoming a landlord sounds like too much grief or you only have limited time available to you, then you can get somebody else to manage the property for you.

There is an industry of managing agents out there who will, for a fee, find tenants, collect rent, and maintain the property.  Some are better than others but a good place to look is the Association of Residential Managing Agents website.

Another option is to get a housing association or your local council to manage it for you. They often have families and households who they need to house. Often they will offer good leasing schemes where they will lease the property for a few years usually in exchange for a guaranteed rent. Contact your local authority and speak with the empty property officer.