lettings

droylsdenpete

hi can anyone help?,i have a house to let,but i also want to let a house off someone else,how is the best way to go about this,i.e. use agent or not many thanks.hope you get my drift!

real1314

erm, this seems a mad idea.

As the house you let out will generate an income, you'll be liable for tax on any profit. Conversley you'll then be paying out on rent.
Then, if the house you let out increases in value, you'll be liable for Capital Gains Tax on the increase in value when you sell it.

Otherwise, it's straightforward to let out a house - do it yourself if you feel able, bearing in mind all the regs and laws you have to comply with, or through an agent. Same with getting somewhere to rent - private or agent, sings and roundabouts.

outofmoney

Can't tell you much about all the laws but as a renter I would say avoid the agents. We have always gone direct with the Landlord.

From your side there should not be too much to worry about if you choose tenants wisely.

Young proffessionals might appear ideal but will come with the fact that they are rarely home and prpbably not planning for it to be a long term let so looking after the property will not be number one on the agenda.

Young families on the other hand, particularly those with no choice but to rent as many are now, will be looking for long term and somewhere 'nice and safe' to bring up their family so will no doubt keep the house in good order.

But there will always be exceptions to the rule. I have always rented, and did so when I was young free and single. I worked most days but still kept my place in good order and didn't go for wild parties.

I would say get references from potential tenants, and not just from their family, as they will be biased.

If you go through agents, you will get this all done for you, though having gone to agents ourselves they don't always inform the owner of alll the results! You will also have to hand over 10 - 15% of the rent each month for their time and trouble. This usually means a higher than average rent, making the property out of the price range of most families. So you will most likely get thew short term renters only.