Help with renting my house!

ChinUp_2

Hi,
I'm planning to rent my house out (whilst I rent somewhere else in a different location). I have no experience of this, other than things I've been told by letting agents etc.
I am wondering if I can manage the whole thing myself or whether I should let the agent take 10% of the monthly rental + vat as fees to manage the property/tenants.
I suppose the main concern I have is the chance that the tenants don't pay their rent and how I would manage. Can I get protection from this happening through insurance?
Any advice or experience would be great, thanks!

terryw

Some agents offer guaranteed rent schemes.

Renting out is not to be taken lightly. Use the search facility to read many rent threads on MSE and then come back with specific queries - it is really too big an area for general advice. I would go further and say that renting out is simply not for the amateur as there is so much that can go wrong for the unwary.

Nosht

Run it as a business.
Use an agent for peace of mind, costs vary from 7% to 13%.
Insurance available, shop around.
Permission from owner/mortgage company is needed.
Claim everything to minimise tax.

N.

clutton_2

jon national landlords association for excellent help and advice - but do get an agent as well.... its a huge business

ChinUp_2

Thanks for the replies.

Any websites that people can recommend would be great. I realise there is so, so much to read into!

I am going to go with a agent to start with, to see how things go. Do agents mind if you get the gas check and EPC done yourself through other companies? The quotes from agents on the EPC range from £75-£99. I have found it for £40 so was going to get it done with this company, should I be concerned that it's a bit cheap??

tbs624

ChinUp wrote: »

Thanks for the replies.

Any websites that people can recommend would be great. I realise there is so, so much to read into!

I am going to go with a agent to start with, to see how things go. Do agents mind if you get the gas check and EPC done yourself through other companies? The quotes from agents on the EPC range from £75-£99. I have found it for £40 so was going to get it done with this company, should I be concerned that it's a bit cheap??

There's your first mistake - you decide what you want the LA to do on your behalf, not the other way round. Letting agents are not required to have any training, qualifications or specific experience before setting up in business. The more you personally know about letting property the less likely you are to be ripped off either by an LA or a T.

The EPC is IMHO a useless piece of paper but we have to have them, by law, so go for the cheapest. Do anything via an LA and it will cost you extra, so sort your own on-hand plumber/electrician etc

Sign up to Landlordlaw, NLA, RLA - read up on gas safety, duty of care to Ts,tenancy deposits, HMRC obligations for LLs and so on.

G_M

get a good book on renting (eg tessa Shepperson's or similar, and/or browsing Landlordzone. Landlord Associations like the RLA or NLA can also provide lots of help, discounts, support and information. The membership cost is tax deductable.

There are several schemes to protect against lost rent eg this. Or try google!