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1st Time Renting out Property
mich
Posts: 16 Forumite
I have a property that I would like to rent out for the 1st time. I do not have any mortgage against it but considering renting until I decide either to live in it myself or sell. It will need some work doing to it, ie taking the fires out as it has central heating, new kitchen and bathroom, some plastering but I am not sure if is worth all the investment. Thank you for any advice, especially in terms of what I need to pay out in advance and during the rental agreement, it is appreciated I just don't know where to start.
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Comments
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You'll be letting out the property, not renting it for starters because you'll be the LL.
See G_M's guide for NEW LANDLORDS: Advice and Information for New Landlords.0 -
What sort of fires are you talking about taking out? If it's a period property you will almost certainly affect the value (negatively) by removing fires.0
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gas fires, it is a terrace house, but I was told it is less risk if you do not have fires in the house. Thanks Pixie for the link0
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I rent a property with a gas fire and have yet to harm myself or anyone else. I suppose it depends on who your target tenant is as to wether or not it's worth taking the fires out.0
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youll need gas safety certificate for all gas items, its renewabe yearly as well,
landlords insurance etc
also make sure the deposit is protected from day one, if you dont protect it you could be fined.DFBXMAS15 £6600/£6600 100% #1430 -
what would you say percentage wise you pay out when renting? IE tax, insurance and anything else I have missed, thanks0
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