If you have been thinking about becoming a landlord on the Isle of Wight for the first time, here are our top tips for making the process as smooth as possible…

Work out how much income your property will generate – research how much rent your property will achieve and see of this covers your expenses (such as mortgage payments, insurance, tax and ongoing maintenance) and leaves you with profit after.

If you are thinking of renting out your own property, you will need to inform your lender. Failure to do so could mean you are breaking the terms of your mortgage agreement.

Keep up to date of the legislation and regulations. It it your responsibility to provide a safe home for your tenants. This will include fire, gas and electrical regulations, Energy Performance Certificates (EPCs) as well as Tenancy Deposit Protection and the Right to Rent Legislation Act. Hose Rhodes Dickson can organise all of this for you and help you through this potential ‘legislation minefield’.

Make sure you have sorted out landlords insurance. Your usual home insurance is not relevant for rental properties so you will need to purchase a stand alone policy. Some policies cover loss of rent which can be more costly, but could be worth it in the long term.

Make sure you get tax advice. When you begin to rent out your property, you will need to inform HMRC as tax might be payable on your rental income. You might be at risk of a penalty if you do not, and a hefty tax bill. You can speak to a local accountant who will be able to help you complete your tax return and work out what you need to pay for each financial year.

Hose Rhodes Dickson have been letting property on the Isle of Wight for over 30 years and can help with everything from finding the perfect investment property to securing the ideal tenants and providing on-going management and maintenance. To speak to our lettings department, click here.