A Landlords Guide to Renting

elliewild

I couldnt sell my house in the current climate and im desperate to move. So ive decided to rent my house out (im moving in to a caravan on mums drive until i can buy a house) im renting it through a company who takes 10% commission and the guarantee the rent and project manage it. i needed a company as i dont know anything about 'landlording' and i plan to move away from the area (blackpool to lancaster)

just wondered if anyone wanted to share tips or potential worries to look out for.

I'm currently checking out landlord insurance - does anyone know a good one?

my central heating is being fixed as i type (been 3 years without heating/hot water) typical i can get it fixed and i want to move! and i'll be doing lots of painting to make the house attractive/cleaner looking. (packing all my stuff for storage has been a nightmare) and im not looking forward to going back to work (i work as a teacher and have exams 2 weeks in)

so any tips/advice would be grand. i have a prospective tenant coming on saturday and another on tuesday. trying to clear the clutter.

i'm happy to leave some furniture - but the company say it will be rented better unfurnished? wanted to leave sofa and chairs (leather in good nick) wardrobes and bed frames (single and double) what do you think?

any advice is appreciated!

sequence

Remember that ALL responsibility for the property is yours no matter what, so keep a very close eye on the agents.

With you knowing nothing about landlording, this could cause very big problems for you if the agents don't bother doing their job.

theartfullodger

http://www.amazon.co.uk/Complete-Guide-Residential-Letting/dp/1907765298

Product Description

Review

Useful to all landlords, from professionals with large rental portfolios to people letting rooms in their home... Covers everything landlords need to know about managing short-term residential lets. Written in a clear, easy to understand style. --Eastern Daily Press

A must-read for every landlord, whether novice or expert. --National Landlords Association

A well-researched and up-to-date title from an established and trusted specialist in the landlord sector, which no landlord should be without. --Landlord magazine

Product Description

Are you thinking of letting a flat or a house? Do you want to know what the realities of being a landlord are? This Lawpack Guide steers anyone who intends or already is letting property through the legal and practical issues involved. Revised for this eighth edition, it provides all the up-to-date information and tips that a would-be landlord needs. It will also alert existing landlords to the points of good practice that make a letting successful, and the legal obligations that they may not be aware of. This guide features: preparation of the property; finding a tenant; the tenancy agreement; buy-to-let; houses in multiple occupation (HMOs); eviction.

theartfullodger

I note your signature....

£2000 overdraft 17%
£2211 Barclaycard 19%
£1400 Personal Loan 12.9%

Now dealing with her debts!

You should ONLY rent out property if you have the emotional & financial reserves to cope with the letting-agent-from-hell/tenant-from-hell. Sounds very much like you don't have the financial reserves. Sorry to be blunt, but if you can't cope with 6 months of no rent, keeping paying the mortgage & legal costs to get tenant out - don't go ahead...

Cheers!

Artful

PS Oh, the "Rent guarantee will sort it all out"?? Aye, right... Excuse my cynicism but I simply don't believe you can rely on these "guarantees"..

elliewild

I havent changed my signiture, i am now debt free (apart from buying my new house) so i am financially alright to cope with renting. despite the pessimism of these posts i am optimistic about the future (for once) the tenants looking round have seemed like decent people and my house is in good shape so i dont think i'll have many repair issues. i of course will keep a close eye on my agents - im not paying them for nothing!

any supportive advice for me? im guessing the posts already have not had good experiences before, but when i was renting i was respectful of property and always paid my rent - there must be others in the world?!

thanks for refering that book, it will help a great deal.

Yorkie1

Also consider joining a national landlords association. You'll get great advice and support, plus (I think) access to insurance policies.

BitterAndTwisted

Have you bought and had a read of that complete guide artful provided a link to? If not, you are in danger of encountering problems which you will be ill-equipped to resolve on your own. I don't think that this is a pessimist's view, just a realistic one.

There are thousands of "professional tenants" out there and if you're unlucky they will find you and run rings around you, and could potentially cost you thousands if you're not careful.

Before you do anything, you should join a landlords association tout suite

franklee

elliewild wrote: »

i'm happy to leave some furniture - but the company say it will be rented better unfurnished? wanted to leave sofa and chairs (leather in good nick) wardrobes and bed frames (single and double) what do you think?

If you've selected a good agent (are they members of ARLA etc) then do what the agent says as they know the requirements of the local market. A tenant is paying to rent to space in which to put their own belongings so it is often off putting to have said space filled with the landlord's large furniture because they do not wish to get rid or pay for storage. Certainly furniture would be outputting for a family house round here, but for a top end short term flat fully furnished may be appropriate. By leaving only odd bits of furniture you're likely putting both camps off.

Oh and I agree with all the warnings above, plus did you get consent to let from your mortgage lender?

hunnie

Hi, I have rented off a flat before 'part furnished' ie all kitchen appliances as they were built in plus the eventual tenant wanted a sofa and a bed so I provided them (low end priced).

Now some relatives are renting off their home (like you -to buy another) and they have again left all kitchen things, cos built in, but no furniture as all who viewed had their own.

Good luck with this, its not just established landlords who can benifit from lettings!

Regards, Hunnie

Colincbayley

As a teacher, you will know that reseach is the key.
Get yourself a copy of 'Successful Property Letting' By David Lawrenson. Also have a look at his website for good, quality information into property lettings.

madeupname1

elliewild wrote: »

I havent changed my signiture, i am now debt free (apart from buying my new house) so i am financially alright to cope with renting. despite the pessimism of these posts i am optimistic about the future (for once) the tenants looking round have seemed like decent people and my house is in good shape so i dont think i'll have many repair issues. i of course will keep a close eye on my agents - im not paying them for nothing!

any supportive advice for me? im guessing the posts already have not had good experiences before, but when i was renting i was respectful of property and always paid my rent - there must be others in the world?!

thanks for refering that book, it will help a great deal.

I can tell you that renting out a former home has worked well for me. There is a lot to think about but it really doesn't take a genius to work through the issues. Do as much research as possible. I think the key points are (1) can you afford to pay the mortgage without the rental period coming in for a period of time (2) do you have approval from your mortgage lender (3) get landlord insurance (4) get your gas safety certificate done (for additional peace of mind you can get an electrical safety certificate done, although its not legally required) (5) get references done re any potential tenants (6) protect their deposit (7) be prepared to lose (alot of) money if you get bad tenants (8) you have to submit a tax return (and pay tax on any taxable income following appropriate deductions). A search through these forums will show lots of other threads where posters have asked the same question.