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Renting my property
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I appologise that my thanks button does not work ....but thats an excellent post chumpusRex...
OP ....there are many things to consider when newly renting out your property...it can be a minefield to begin with but with the correct guidance it can be very rewarding too...
I would suggest you consider the return on the property as its not a case of simply charging rent and pocketing that money...please also be aware that you may need to include your rental income in tax returns going forward.frugal October...£41.82 of £40 food shopping spend for the 2 of us!
2017 toiletries challenge 179 out 145 in ...£18.64 spend0 -
I'm happy to be a G_M substitute in this instance.
http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=120 -
One thing I'd recommend is family tenants. Maybe I was just lucky, but I was reluctant to let to families when I first let my old house (before I had kids). Seven years on, same tenants are still in place, house is very well cared for etc.
If I'd rented to young professionals as planned I'd have been on at least my 3rd set of tenants by now and I'd have had to have done a lot of work to avoid the place turning into a wreck!
I've done it DIY myself, but know that's not an option for anyone. One colleague once told me she'd let through an agent and despite her saying she'd wanted professionals with solid income only, they let it to a drifter who didn't have regular income, didn't pay up and wrecked the place, so it's worth keeping an eye on who they put in there if possible, whatever they tell you they'll do!0
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