Renting my home, any advice please?

FreeBetKing

Hi Lady, Here is another option:

http://forums.moneysavingexpert.com/showthread.html?t=432399

scrummy_mummy_2

1. Check any mortage docs you have to see if you need the mortgage company's permission before you can let it out....they might try to make you take out an investment mortgage on it if it is still mortgaged but no longer your PPR property (Prime personal residence)

2. If deciding is you should have full or part management from an agent you should consider what your skills/knowledge level is in relation to letting property?

Also decide if you are prepared to take on the stress of dealing direct with the tenants, or is you want someone else to handle it...how would you cope if some tenants trashed the house or you had to evict? Would you know what to do or how to find out what to do and indeed, are you prepared to do it professionally?

Letting and managing your own property even in part (individual or many properties) affects peoples lives, your and your clients and is a legal nightmare if you don't have a clue....there is a lot to learn!....even when you know what you are doing, you have to be on your toes!
Are you prepared to learn lots of info in a short time and put processes in place to manage your property? If so, how do you intend to learn it all and are you prepared to invest in yourself in terms of time and money to learn it all?............'No' is the answer to many of these questions when answered honestly by most people and why would you if you only intend to rent out your home for a period of 2 years or so?.
These are the reasons you should probably opt to get an agent to do it all for you.

3. If you do decide to get an agent to manage it all for you, get one that is NAEA or ARLA qualified, they have nationwide training programmes and constantly update the staff traning so you should have staff who have a clue rather than independents whose training may not be as good. (My own personal thought there...no offence meant to anyone (like me) who isn't ARLA or NAEA registered by DOES have a clue!)

4. Negotiate on their quoted rates..they will often come down.
5. Be flexible and don't be bullied by the agent...question EVERYTHING if it is a bill or you are asked to fund something.
6. Check all the bills they send you and keep receipts/copies for tax returns.

7. No you will not need an accountant, the tax returns aren't that complicated and the tax office has a helpline to help you complete them...remember rental income is taxable income and must be declared.

8. Do your sums carefully....unless you have a low or no mortgage on your current home, it is often not such a financially attractive proposition to rent out a house (I blame the TV numpties whpo tell us we can all be millionaires if we sell our grannies) Make sure you can cope with mortgage interest rate rises without HAVING to put the rent up.

9. Good luck