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Renting out my first property, any advice please?
shush
Posts: 7 Forumite
Hi I have my first property and am looking to rent it out, does anyone have and intital advice for me please, I am a first time buyer and letter!
Is it good to get a few agaents in to price it upo and advertise the property to rent out?
Or shall I try and find my own tennants?
What shall I include int he property to make it more presentable to tennants?
Aslo is giving the house or considering it to housing assocoiation a option?
If anyone can give me advice on this it would be great, like i said i am totally new to this and need all the help i can get.
thanx
Is it good to get a few agaents in to price it upo and advertise the property to rent out?
Or shall I try and find my own tennants?
What shall I include int he property to make it more presentable to tennants?
Aslo is giving the house or considering it to housing assocoiation a option?
If anyone can give me advice on this it would be great, like i said i am totally new to this and need all the help i can get.
thanx
0
Comments
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hi there welcome :wave:
You have asked the equivalent of "how long is a piece of string" as letting a property seems a legal minefield.
have a look about this section, plenty of people ask this fairly regualry:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Yes, welcome shush :wave:
First Its a good idea to get agents round to give you an idea on the rent you can expect.
Why don't you try going with an agent for say 6 months to 1 year. Watch what they do and then do it yourself after that. Thats what I did and Ive been finding my own tenants (adverts in the local papers), collecting rent etc ever since (about 10 years now). I understand you can pick up a 6 months assured shorthold tenancy agreement in WH Smiths.
Of course there are new laws coming in regarding the deposit you take, but I don't think the government have sorted the finer details yet.
You could also take a look at Sarah Beenys book too (From the Library of course) on renting out, she really goes into detail on all sorts of things ie pros and cons of whether to furnish or not.
Hope all goes well.It is unwise to pay too much but it's worse to pay too little. When you pay too much, all you lose is a little money... that is all. When you pay too little, you sometimes lose everything because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot...it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run and if you do that you will have enough to pay for something better (John Ruskin - 19 ctry author, art critic & social reformer)0 -
do you have a Buy to Let mortgage?
have you found out how much rental income you could get? ect
spoke to management companies?0 -
I know roughly how much rent can be achieved, I do not have a buy to Let mortgage im renting as situation has changed and cannot move in yet
Would getting agents in to advertise and then for me to manage it be better?0 -
Depends what you want to pay & how much you want to be involved.
Some agents will just charge you a set amount for finding a tenant. If you go down this route why don't you try putting an advert in yourself and see what the response is like (Make sure you get references).It is unwise to pay too much but it's worse to pay too little. When you pay too much, all you lose is a little money... that is all. When you pay too little, you sometimes lose everything because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot...it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run and if you do that you will have enough to pay for something better (John Ruskin - 19 ctry author, art critic & social reformer)0
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