While you are staying overseas, renting out your home and other rental properties is a complex task to handle. Also, you may find it difficult to manage your properties when you are thousands of kilometres away from it. With guaranteed rent scheme, you are not only guaranteed of monthly income, but also a proper free-of-cost property management system while you are overseas.
What is a guaranteed rent scheme and how it works?
A property owner in the UK can sign a deal with a third party, which can be a company, institution, or an individual, to hand over their responsibilities for managing their properties. The property owner is the landlord and the third party becomes the renter. The landlord will hand over responsibility to the renter to rent out their property to tenants.
The renter also becomes responsible for managing and caring of the property. Under this scheme, the renter also promises a guaranteed monthly rental income irrespective of any rental market crisis. These services are offered by both public and private sector organisations like local authorities and renting agents.
You can visit https://www.cityboroughhousing.co.uk/guaranteed-rent-lewisham/ to learn more about the guaranteed rent services provided by the City Borough Housing in Lewisham, London. They provide a flexible lease period ranging from 3 to 7 years with fee-free management across London, Kent, and Surrey.
In a guaranteed rent scheme, the renter has to pay a set of monthly income to the landlords in return for taking full control of the property and its management. The renter is also responsible for advertising the property to find renters, perform tenancy administration, handle any property repair and maintenance work, and take care of all the relevant legal requirements.
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What are the benefits of guaranteed rent for overseas landlords?
Whether you are staying overseas or frequently travelling out of your town, the guaranteed rent is an ideal option to earn from your empty property while someone else manages it.
The benefits of guaranteed rent scheme to overseas landlords are –
- You will get a quick and regular monthly payment during the lease period and start to earn as soon as you sign the scheme.
- You do not need to deal with any property management and marketing expenses.
- You are free from the hassles of direct interactions with the tenants to enjoy your peace of mind.
- You do not have to spend time and money for damage repairs and maintenance works. It is the sole responsibility of the renter.
- You will receive your monthly rental payment from the renter even when your property is unoccupied.
- The renter frequently inspects your property on your behalf to ensure your property is kept in well-maintained conditions. In case of any damages, they will make sure to repair or replace it on time. Hence, you are sure to get back your property returned in the same original condition as you handed it over to the renter.
The benefits of a guaranteed rent plan for landlords are better endowed by a reputable renting organization.