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Renting out my flat & going back to study
Chick
Posts: 140 Forumite
Hello all,
I am due to go back to university in september and I currently have a 1 bed ground floor flat (4 yrs old), with a mortgage on it.
Apart from giving up my job with the loss of income that will obviously occur, I need to get myself sorted in terms of renting the flat out.
As I will be at university in a different city, I am going to go down the route of a letting agent...ideally I would like to manage it myself but this really would not be practical.
I wonder if anyone can give me some good starting pointers- e.g. what kind of fee is average for a letting agent, pitfalls to look for, how long should I anticipate that it will take to get a tenant in (I know, how long is a piece of string). Anyhow, am looking to let the flat from the start of October so I really need to get my head around all this now. I just want some advice before I start contact the letting agents so they don't see how obviously ignorant/naive I am to the whole thing!
From a financial point of view, I am looking to cover the mortgage with maybe a bit left over for unforseen costs- definitely not expecting to make any income from renting the flat out. It all feels rather daunting as I will no longer be in employment come september & the financial implications of going back to study are weighing heavily in my mind, I want to try & get this sorted as well as possible.
Thank you in advance for any advice,
Chick
I am due to go back to university in september and I currently have a 1 bed ground floor flat (4 yrs old), with a mortgage on it.
Apart from giving up my job with the loss of income that will obviously occur, I need to get myself sorted in terms of renting the flat out.
As I will be at university in a different city, I am going to go down the route of a letting agent...ideally I would like to manage it myself but this really would not be practical.
I wonder if anyone can give me some good starting pointers- e.g. what kind of fee is average for a letting agent, pitfalls to look for, how long should I anticipate that it will take to get a tenant in (I know, how long is a piece of string). Anyhow, am looking to let the flat from the start of October so I really need to get my head around all this now. I just want some advice before I start contact the letting agents so they don't see how obviously ignorant/naive I am to the whole thing!
From a financial point of view, I am looking to cover the mortgage with maybe a bit left over for unforseen costs- definitely not expecting to make any income from renting the flat out. It all feels rather daunting as I will no longer be in employment come september & the financial implications of going back to study are weighing heavily in my mind, I want to try & get this sorted as well as possible.
Thank you in advance for any advice,
Chick
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