If you are thinking of becoming a landlord, you will need to make sure that your property is safe and habitable.
You should also decide which market you want to target and the likely monthly rental that you can secure. You can choose to manage the property yourself, or appoint a property manager to act on your behalf. The advantages of self-managing are that you can:
- Save money
- Learn the business
- Make contacts
- Learn new skills
The disadvantages are:
- It can be time consuming
- There can be difficulties because you are located far away
- And there can be a lack of contractual or legal expertise
St Helena Government can provide guidance and support to landlords at all stages of the process of property rental, and can help ensure properties meet legal requirements. As a start, you can get a free copy of the guide for landlords: ‘Letting your Property on St Helena’, from Essex House, Jamestown.
The Housing Management team can also talk you through the things you need to think about if you chose to become a landlord. Things you need to consider include:
Finding a tenant
There are a number of ways you can find a tenant for your property. You can find a tenant yourself through advertising in local newspapers, in local shops, or by using online sites.
Or you could engage a property professional. Such a person can market your property, find a tenant, and deal with the contracts. If you wish, they can also manage the property on your behalf. There will, however, be a charge for their services, ranging from a flat rate for finding a tenant and arranging a contract, through to a percentage of the rental income for comprehensive property management.
Setting the rent
The amount of rent you can get for your property will depend on its size, location and condition – as well as the local market conditions leading up to and post St Helena Airport opening. At present, rental levels are between £250 and £500 per month.
For further information please contact the Housing Management Officer, Tracey Thomas, on e-mail email@example.com or telephone 22270.
12 February 2016