Renting out property or hang fire - advice/tips please?

pawlala

dopester wrote: »

Don't come looking for sympathy from me on the forums, when you see the house you rent out, and the bigger home you purchase, crash significantly in value.

Even if they did (which is unlikely) with 617,000 members on here that's not going to happen

clutton_2

i would put it in the hands of a good agent for 6 months - spend that time reading up on your responsibilities as a LL and then possibly think about self-management....

"renting" by Tessa Shepperson is a very useful book to read

NLA also sent you a monthly magazine keeping yo up to date and they also have all the forms and notices etc you could possibly want

pawlala

thanks Clutton, that's more 'relaxed' advice than some others' above. Interesting

new_home_owner_3

I done the same last year and im not regretting it yet, i done it all myself, i was going to use agents, but bottom line if you have a !!!!!! agent the book stops with the landlord who is you.

I prefer to do everything myself, than someone who just wants their 10 percent, at least then i know its been done properly.

What i did was advertise on rightmove i used a cheap online letting agency, i used urban sales and lettings which cost me 50 pound, i then spoke to each tenant when urban contacted me and arranged viewings for ones that i was happy with.

When i found a tenant and i was happy, like wise the tenant was happy i used tenant verify to reference and credit check them, when this came back clear and they showed me their passports i offered them the tenancy for 6 months.

Now not using a agent i saved my tenants money has most agents charge the tenant 150 pound each, which i think is shocking, and i also save paying them any monthly fee.

On the day they moved in i took photos of all meters and got the tenants to sign to say they was accurate, i also got them to sign photos of different rooms and noted anything that was wrong which they signed and agreed with.

They paid a deposit which i paid to the dps, which then the dps send the login details to the tenants, which shows you do things proper, they also paid a months rent up front and i set up a standing order with them to pay me the following month.

Its all working great at the moment, ive one recomendation i would definately do is get cover for your gas, electic and plumbing, i use british gas homecare and they also give you a gas certificate every year, but there are cheaper options the bg.

Theres also all the other stuff, informing tax office, getting permission from lender, landlord buildings insurance, deposit schemes and a few more things, best thing to do is look on landlordzone, i was lucky has i have a friend who has 5 houses that he rents out, hes been telling me to do it for ages, but now i am i can see why its worth doing.

Im going to see how this one goes but i may have a look at buying another, i am what you probably call a accidental landlord, thing is if i never became one i would be 300 pound less off a month and has i am in it for the long haul hopefully in 10 years time the price might have gone up a bit.

Good luck, my advice is get a good book and look on landlordzone, but i dont think i would ever use a agent.

new_home_owner_3

Oh and as for the poll if you do hang onto your property and it does go up in price any bigger property you move to will also go up in price.

You rent out now and it covers the mortgage and pays you a bit more you have nothing to lose unless house prices fall again, but if like me you are in it for at least 10 years history shows house prices almost double every 10 years.

pawlala

thanks for the advice! I currently use homecare as well (for myself) so would probably just keep that going. Do British Gas need to know that the property they're covering for is let out?

new_home_owner_3

pawlala wrote: »

thanks for the advice! I currently use homecare as well (for myself) so would probably just keep that going. Do British Gas need to know that the property they're covering for is let out?

yes i pay 34 pound a moth it covers everything and they give you a gas certificate every year which you will also need.

pawlala

great thanks

pawlala

Does anyone else have any advice?

carolt

Treat your tenants as you would like to be treated as a tenant, and they will treat your property as you would like it to be treated.