Renting out a house help!!

mattjh_2

I bought a house on a buy to let 4 years ago, and had the same tenants for 4 years paying me a rent of £425 a month. Unfortunately they gave notice 8 weeks ago, and moved out on the 23rd July

The lettings agent are trying to get people in, but having no joy, even after dropping the rent to £400 a month

Ive been told to maybe try a housing association. Would people recomend this. As i really want the house occupied and is becoming a bit of a nightmare

DannyboyMidlands

You could try a housing association - if you want the future tenants to trash the place.

A 5% reduction in rent is not likely to make much difference. If things are gettiing tight why not drop to £350, advertise the place yourself (gumtree, local papers, newsagent window) and do away with the letting agent?

birduk

Is it on rightmove? What do the pictures look like? Have you had any viewings?

Remember nowadays that letting a property has much more in common with selling a property.

teeni

DannyboyMidlands wrote: »

You could try a housing association - if you want the future tenants to trash the place.

A 5% reduction in rent is not likely to make much difference. If things are gettiing tight why not drop to £350, advertise the place yourself (gumtree, local papers, newsagent window) and do away with the letting agent?

you could try a housing association as your rent is guaranteed and if you had an unfortunate position where the tenant caused damage the housing association would deal with the repairs for you.

Why the automatic assumption that people whoi have social housing wreck it, many tenants are just people who want a decent home.

iluvmarmite

DannyboyMidlands wrote: »

You could try a housing association - if you want the future tenants to trash the place.

A 5% reduction in rent is not likely to make much difference. If things are gettiing tight why not drop to £350, advertise the place yourself (gumtree, local papers, newsagent window) and do away with the letting agent?

This is the second post Ive read that assumes all those who are with a housing association or council are skanks who would trash the place. Its so unfair to think like that as there are thousands and thousands of decent law abiding families who are in council accomodation.

What about those who end up with their homes reposessed, they go to the council to be rehomed, does it automaticaly turn them into house trashing, fag smoking, drug taking chavs?

DannyboyMidlands

It's not an assumption. The risk of damage and rent arrears are significantly higher if you rent to people on benefits. I'm not saying that ALL people on benefits are scumbags but a fair proportion are.

Those guarantees aren't worth the paper they are written on. Tenant stops paying, LA terminate contract and leave you to deal with the eviction process. At the same time LA advise tenant to fight the eviction in order to avoid being classed as intentionally homeless.

Also local housing allowance rates are being cut so not worth the grief.

Mrs_Z

You could also enquire if any housing associations in your area do 'private sector leasing'. You would in effect lease your house to them for a fixed period of time; say 2-3 years. The rent they will pay would be lower than your market rent but it's guaranteed and you would not have to worry about void periods etc. They would also take care of routine maintenance if I remember correctly. Do check though what the arrangements would be for any tenant damage.

Equally, as already suggested above, you could try advertising privately and ditch the Letting Agent. I was recently recommended 'upad' as an on-line agent by fellow forum members and placing an advert with them cost me £120 and the flat is in all major sites. Few enquiries trickling in but no tenants yet... fingers crossed.

iluvmarmite

DannyboyMidlands wrote: »

It's not an assumption. The risk of damage and rent arrears are higher if you rent to people on benefits.

Those guarantees aren't worth the paper they are written on. Tenant stops paying, LA terminate contract and leave you to deal with the eviction process. At the same time LA advise tenant to fight the eviction in order to avoid being classed as intentionally homeless.

Also local housing allowance rates are being cut so not worth the grief.

Again another assumption that all those in council accomadation are on benefits, its not a rule that you have to be unemployed to get a council house you know.

DannyboyMidlands

I didn't say it was. Why so chippy?

00ec25

Mrs_Z wrote: »

. They would also take care of routine maintenance if I remember correctly. Do check though what the arrangements would be for any tenant damage..

there is one professional LL on this forum who has posted lengthily about his experiences of HA failing to remedy damages caused whilst the property weas rented to them

if you go down this route then ask the HA if you can speak to some of their current LL and take up references from thos LL.
It is unilkely the HA will reveal details of ex LL (Data Protection issue) but you can always ask

mattjh_2

ive had 3 people view it, 2 of them said it was to far from work, (the house is in a village), the other fell through yesterday. I dont know why yet

When i originally let it, i had a pick of 4 tenants. Now i cant even get one!!!!!

The good thing being im on a 2.5% standard variable mortgage rate, but the bad thing being ive lost a fortune in equity on this house. Hindsight is a wonderful thing though

Ive contacted the local housing authority and they said they will get back to me

Thanks for you help