A drop of advice appreciated

Fire_Fox

If a tenant does not pay you may have no income for a few months, if a tenant trashes the place you may have to pay for all the repairs and not be able to re-let the property until you have fixed it so no rental income, if a tenant gives notice they can not permit you to do any viewings until they have vacated so again there is a gap between tenants.

Do you actually understand all the rights and responsibilities of being a landlord? Letting agents do far less than you imagine for their percentage, many are next to useless if you have a bad tenant. Your costs include repairs and maintenance, gas safety certificate and the like, buildings insurance not just insuring against non payers. When the property has no tenants you also have to pay the utility bills and council tax.

If you get made redundant or fall ill and cannot work, start a family and your income drops you will not be entitled to many means tested state benefits because you have an extra income stream and asset (value/ equity of own home is disregarded).

Vlm1986

Hello,

Thanks fire fox, This is why I started the thread to see everything we need to consider.

Yesterday however we were told of a property for sale and after a drive by I have fallen in love with it.

Have decided after all we would like a higher priced (smaller and unloved) property to put our stamp on again.

Our house will be going up for sale this week.

Thanks for everyone's input. I will be back to this thread in the future. But for now my mind is well and truly made up!

No I wosh it wasn't Sunday so I could speak o our mortgage company!