People in Northern Ireland and the rest of the UK contemplating renting out their properties in order to raise extra money should seek advice from an expert such as a solicitor or financial adviser before taking the step.

Renting out a property in the current financial environment may seem like an attractive option but those wishing to go down this road need to proceed with caution, according to Steve Sweeney of comparison site moneysupermarket.com.

The personal finance expert has recommended putting in place a good contract "to know where each party stands should the 'tenant and landlord' relationship fall sour.

"If things go badly wrong and legal proceedings commence, the associated cost can be hefty," he stated, adding that consumers opting to rent out should also consider obtainig income protection cover.

He went on to recommend protecting against such circumstances before they arise, saying "it is always better to be prepared".

People reluctant to sell in a depressed market are increasingly looking at the rental market and nearly five million consumers have considered renting, according to Unbiased.co.uk.

Christine Farrell, head of the residential property department at Wilson Nesbitt Solicitors, advised that "letting a property has become a lot more onerous in recent years".

She added: "Gone are the days when a landlord could draft a basic tenancy agreement on his own and simply get the tenant to sign.

"Landlords now need to be informed about the procedures they must follow when letting a property, the rights of their tenants, and most importantly, how to protect themselves.

"Legal advice should always be taken, even for experienced landlords, as the law in this area continues to evolve."
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