New to Renting out - have I covered everything?

DannyboyMidlands

Personally I'd drop the price until it sells and move on. Who's to say it won't be worth even less in a few years time. You pays your money and takes your chance I guess. Good luck.

sequence

tiny_tear wrote: »

That is why you are getting so much!

I was doing calculations myself for a similar situation and with:

- mortgage
- insurance
- service charge/ground rent
- agency fees
- emergency fund

I will be lucky if I see £50 a month out of the rent...

People seem to always forget that they're getting someone else to buy their house for them....

Newbie2saving

Dannyboymidlands, you confirmed what I knew deep down, good to get impartial thoughts on this kind of thing. Won't be renting it out unless I really need to. Going to have another go at the sales market..... Wish me luck....

dorset_nurse

sequence wrote: »

People seem to always forget that they're getting someone else to buy their house for them....

Not always... depending on the price of the house, mortgage and size of the deposit- the money may make more interest being sat in a bank.

GAH

Just a few other things that you may have missed off your list as well:

Gas Safety Record (if you have Gas) to be done every 12 months

Energy Performace Certificate (this will last 10 years) (you may have one from when you were trying to sell.

Professional Inventory

andfear_2

Were renting our house out what do people think of our figures
rental income £600
mortgage and all other extras £540 (50,000) left on mortgage

leaves us with £60 - nice house in popular area

were new to this - thanks

DannyboyMidlands

andfear wrote: »

Were renting our house out what do people think of our figures
rental income £600
mortgage and all other extras £540 (50,000) left on mortgage

leaves us with £60 - nice house in popular area

were new to this - thanks

£60! I think that your figures are insane.

I'd sell the house and invest the money elsewhere. Obviously I don't know how much equity you have but £100k should generate at least £400pcm.

tiny_tear

DannyboyMidlands wrote: »

So surely it's not worth the hassle is it?

It kind of is because I will be using the year it will be rented out to extend the lease which is why the flat isn't selling...

and £50 a month income is better than £500 a month loss with an empty flat that isn't selling...

tiny_tear

sequence wrote: »

People seem to always forget that they're getting someone else to buy their house for them....

why am I forgetting this? why quote me on this post?

and in fact I only have mortgage in about 60% or less of the property... I have paid for most of it myself already...

I wasn't really complaining, more like stating a fact...

googler

The OP seems quite attached to the home, but can you put a price on the heartbreak of seeing your former home devalued by a tenant or tenants who don't take care of it?