Should we rent our house out or sell it?

Kit1

Hi
p
Not sure if this is the right place to ask this question but hope someone can help.

My husband and I are planning a gap year (didn't get the chance when we where younger as it wasn't the done thing :embarasse). We are in the early stages of our planning and want to get everything right.

We have a nice semi in a large village and don't want to leave it empty for a long period of time. I am not sure about renting it out as you hear so many awful stories about people coming home to find there lovely homes trashed or the rent not being paid etc. But if we sell we may not be able to afford to buy another house with house prices going up daily. Someone told us that some of the large companies are often on the lookout for properties to rent for their employees who may be with them from overseas, does anyone know how this works and could this be better than renting to just anyone?

Many thanks for your help.

G_M

There are inherent risks in letting your property-especially your 'home'. Having an emotional attachment is a problem - it will NOT be treated as you treat it and will NOT look the same when you come back. This can be emotional.

You also cannot guarantee to be able to evict your tenants straight away when you come back. Would you be able to stay with family? for months?

Company lets can be worse than 'normal' ones.
* quite likely there will be a high turnover of occupants (=more wear and tear)
* it would not be an AST, so your statutory protection is reduced

These posts may also help:

New Landlords (information for new or prospective landlords)
Letting Agents (Tips for selecting, and tips for sacking them)

I_have_spoken

Assuming yuo want to return to same house, then selling when you're just away for 12 months would be bonkers, the sell/buy fees plus selling into a rising market would leave you out of pocket.

If you do let it, you'll need the safety checks, then packing and putting all your stuff into storage. Plus trying to find a good tenant who is OK with 12 months max and won't get funny and belly-ache about 'umin rites when they get an S.21.

Depends on where you are, but corporate lets are usually for a min. of 3 years.

Are you sure several long vacations aren't a better bet than 12 months away? Depending on your age, you may quickly tire of living out a suitcase, not have proper home cooking and all comforts of your own house.

You can leave England for 2 months during Jan/Feb for Laos/Vietnam/Cambodia, in Spring do European city breaks and Moscow, Summer rent a Winnebago and tour England then Autumn do Canada and New England for the leaf fall.

G_M

I_have_spoken wrote: »

Depends on where you are, but corporate lets are usually for a min. of 3 years.

?? Is that true??

I once arranged a 6 month let by my company. We/they wanted to run telecoms trials in a specific town and took over a residential property to install equipment in, and put up the engineers.

ognum

I would not advise letting your home, letting is a buisness and the money you gain could easily be lost through wear and tear and damage to your home, you will never get it back as you give it.

Get a friend to look after it while you are away!

Kynthia

If you can afford the mortgage while away then maybe look into paying a house sitting company, and have someone you trust in the UK to keep an eye in things.

kangand

G_M wrote: »

There are inherent risks in letting your property-especially your 'home'. Having an emotional attachment is a problem - it will NOT be treated as you treat it and will NOT look the same when you come back. This can be emotional.

You also cannot guarantee to be able to evict your tenants straight away when you come back. Would you be able to stay with family? for months?

Company lets can be worse than 'normal' ones.
* quite likely there will be a high turnover of occupants (=more wear and tear)
* it would not be an AST, so your statutory protection is reduced

Just had to say on your point it will ''NOT be treated as you treat it and will NOT look the same''. The last three homes we have rented, two were the landlords home, we treated it and left it in a better condition than the owners themselves! So with the right tenant they will look after it the same, we didn't own the house but we still treated and cared of it like a home.

ognum

kangand wrote: »

Just had to say on your point it will ''NOT be treated as you treat it and will NOT look the same''. The last three homes we have rented, two were the landlords home, we treated it and left it in a better condition than the owners themselves! So with the right tenant they will look after it the same, we didn't own the house but we still treated and cared of it like a home.

I am sure there are tenants who are respectful of their rented homes and treat all the landlords belongings well but equally there are those who don't, is it worth the risk?

G_M

kangand wrote: »

Just had to say on your point it will ''NOT be treated as you treat it and will NOT look the same''. The last three homes we have rented, two were the landlords home, we treated it and left it in a better condition than the owners themselves! So with the right tenant they will look after it the same, we didn't own the house but we still treated and cared of it like a home.

Fair point. But I'd suggest you are the exception, not the rule.

Not worth getting into a debate on % tenants who treat a property as the owner would, but the point is, if letting your home you cannot expect this and must be emotionally prepared to come home and find things not quite as you left them.....

Thebestmumalive

We took a "gap year" and decided to rent our house out. It took 3 months to find a tenant. Then our plans unexpectedly changed and we had to come home early.

We had to sleep in a garage for a few weeks! Luckily our tenant was very good and moved out when the notice was up.

But it took a few weeks to get the house back to our idea of clean and tidy. And we received chasing letters for the old tenants for 12 months.

pawsies

I would rent through a housing association. At least it is out of your hands, they will do all the chasing for rent and consult you for repairs etc.