Renting out my house - total novice - advice please

G_M

Assume max of 10 months rent per year.

Have cash set aside for the mortage for 6 months in case you get a rogue tenant you can't get rid of, or the property gets trashed.

Don't assume that by appointing a management agent "it's all taken care of" - the legal obligations/responsibilities are yours, not the agents.

Consider this as a business you are starting - it takes time, causes stress and can go either way.

Learn what's involved - you only need to read back threads on this forum to see what difficulties amateur landlords get into.

clutton_2

use an agent... you have no idea of the large number of minefields you are about to attempt to cross

or

lower the price and sell up....

""You dont need contents as such but my landlord insurance cover windows and santiary wear etc."

wrong - yes you do need contents..... carpets, window coverings, whiteh goods.... who is going to pay for these if the tenants smash them or steal them ..

sorry OP i think you should not even consider doing this yourself....

HRV

As I said my buildings cover has an element that covers these things you stated (windows, santiary wear (bathroom) etc.)! If it's unfurnished you dont need to cover whitegoods/cutains

NEH

This really is a case of you have to sit down with a good old piece of paper and a pen and sit and work out everything and at the same time especially given the circumstances work out the emotional cost.....

That;s what we did, plus you should include redecorating after tenant had been in, any damage done etc just in case...Work out how much you'll benefit over a year - all the costs etc...

One sitcking point with us when we looked at renting out our flat was that even if we had an agent if something major had gone wrong with the flat then it would come back to us. Given my health isn't good the thought of receiving a call late at night when my husband is away on business and having to sort out a potential flat flooding or whatever was something that very much put us off....My point is if something major should go wrong who out of the two of you is going to be responsible for getting something sorted, what if both of you need to sign off on things....

I think particulary in your case you stand to lose a friendship and have to maintain a realtionship with your ex which is not ideal. I know a friend had problems selling his house that he had with his ex and he was so glad when it did sell it as it allowed him to move on, something which he desperately needed...Maybe taking a hit now would be worth it just to let go....at least that way not only do you get to move on but you also get to keep a friendship which might be strained if not damaged by ginig down this path...

clutton_2

HRV says "" As I said my buildings cover has an element that covers these things you stated (windows, santiary wear (bathroom) etc.)! If it's unfurnished you dont need to cover whitegoods/cutains""

HRV - and are you offering your property with no floor coverings ? every landlords policy i have come across in many years includes an element of landlords contents such as i have mentioned above for no extra on a proper BTL policy ....

detroidam

Theye don't have to get permission from their mortgage lender. What's the worst that could happen. I know loads of people who just rent out their house without saying anything. Don't bother, save yourself some money. They'll never check.

Cissi

detroidam wrote: »

Theye don't have to get permission from their mortgage lender. What's the worst that could happen. I know loads of people who just rent out their house without saying anything. Don't bother, save yourself some money. They'll never check.

That is seriously dodgy advice :eek:

detroidam

just living in the real world

DVardysShadow

detroidam wrote: »

just living in the real world

Yes, your real world, with victimless crimes, indeed.

If you do this and default on your mortgage, it is your tenants who will be evicted. It is your tenants who will have the anxiety of finding somewhere else at short notice and the fear of losing their possessions.

It is not the kind of thing a half decent person would knowingly do - it is more for the dishonest and the foolish.

a1a1a1

Detroidam - I wish I didn't have to tell them but I'm not sure it's wise.

I'll give them a call tomorrow and find out the verdict. Fingers crossed that it won't cost much. I'll also look into insurance.

To all those that don't think we should rent it out - I wish that I could take that advice and just sell up. I've had it valued but I just can't afford to sell the house as it will cost a lot of money that I don't have.

Thanks for you all your help. Although I'm sure I'll be back for more advice!!