Moving abroad - to rent or not to rent

PaulArcas

I am moving to Asia for a minimum two year stay. I own a three bedroom dormer bungalow in the north and have a mortgage of around 50% on a property valued in the region of approximately £160k. Speculative rental value in the region of £650 to £950 pcm

My first thoughts were to keep the property empty, the cost of the mortgage repayments does not concern me as regardless of me using the house or not, I see it as money going to a good cause. Looking closer into other costs however I have become uncomfortable with the idea, for example paying the 150% unoccupied home council tax rate incurring in excess of £200 per month.

That would bring me to rental, yet I know little about it. I would need a fully managed scheme to cover the fact that I am out of the country, or a guaranteed rental scheme - can anyone offer advice or suggestions?

I guess I am just here to brainstorm ideas

HappyMJ

PaulArcas wrote: »

I am moving to Asia for a minimum two year stay. I own a three bedroom dormer bungalow in the north and have a mortgage of around 50% on a property valued in the region of approximately £160k. Speculative rental value in the region of £650 to £950 pcm

My first thoughts were to keep the property empty, the cost of the mortgage repayments does not concern me as regardless of me using the house or not, I see it as money going to a good cause. Looking closer into other costs however I have become uncomfortable with the idea, for example paying the 150% unoccupied home council tax rate incurring in excess of £200 per month.

That would bring me to rental, yet I know little about it. I would need a fully managed scheme to cover the fact that I am out of the country, or a guaranteed rental scheme - can anyone offer advice or suggestions?

I guess I am just here to brainstorm ideas

Fully managed would probably be best. Make sure you shop around and find an agent that doesn't charge too much. I pay 8% plus VAT. It is a lot but I feel it's worth letting someone else do all the repairs for me and update the gas safety certificate each year and just send me the money without me being involved too much. I can earn more money elsewhere.

That's quite a wide range of quotes £650 to £950....I would have expected the quotes to be much tighter within 5% of each other such as £775 to £825.

You'll either need consent to let or switch the mortgage to a BTL mortgage. The letting agent can sort everything else out for you. An EPC is essential, if you got gas a gas safety certificate is essential, smoke alarms are essential. If you've got a solid fuel fire a carbon monoxide alarm is essential. They will do all that for you if you don't have any of it.

PaulArcas

Thank you for the comprehensive reply. The rental speculation was my own hence the range!

Are there any companies you can recommend in the Greater Manchester region? I expected the fees to be much greater considering.