How much would it cost me to rent out my apartment?

FIRSTTIMER

Hi All,


If I was to say rent out my 2 bed apartment for 6-12 months while I travel and went for a full management service via an estate agent, what costs would I be looking at % wise?


What's the real difference between let only and full service management? What's the best option for a first timer who's never rented their property out before....


Rent will be approx. 750-800 a month.


Thanks

csgohan4

Have you tried several EA ? they will be able to give you what it costs locally.

Don't assume they are responsible for everything as you the Landlord are ultimately responsible.

Do you know what it means to be a LL? the Costs involved for evicting tenants, legal obligations e.g gas safety checks e.t.c?

http://forums.moneysavingexpert.com/showpost.php?p=67759929&postcount=7

G_M

let only - 8%?

Full management - 12-14%?

Rent - 10 months pa?

Don't forget set-up costs, tax, repairs..........

See

* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?

from:

https://forums.moneysavingexpert.com/discussion/5180214

FIRSTTIMER

Wow, a lot to consider...my apartment is electric only...


Big difference between let only and full management then.

sparky130a

FIRSTTIMER wrote: »

Wow, a lot to consider...my apartment is electric only...


Big difference between let only and full management then.

Either way do not underestimate the responsibility you have. You don't abdicate it by having an agent.

teddysmum

I know the tv programmes are made to be sensational, but a number of people who let their properties while abroad, came back to find themselves homeless, as the tenants (some of whom trashed the premises) refused to move out.

csgohan4

Can't pay, we take it away

Nightmare tenants, Slum Land lords

Cakeguts

People assume that their home will be ideal as a rental property but it doesn't work like that. If good tenants are not looking for a property like yours then you won't get a good tenant.

AdrianC

You want to let it for 6-12 months, and be sure to be able to move back in to it on the day you return, right?

So let's assume you actually manage to find a tenant happy for such a short-term base, and he moves in the day after you leave, on an absolute minimum 6mo AST.

How much notice of your return will you be giving? At least two full rental periods - so up to three calendar months. And what if they don't leave on that date? That's the earliest you can start to get possession. Which may take months. Then you may have to repair all the damage they've left behind, and start court proceedings to get the cost back.

Sounds like you're giving yourself a shedload of pain for not that much benefit after you've paid for your lender's consent to let, paid the agency fees, paid the tax, paid the insurances etc etc.

FIRSTTIMER

negativity breeds negativity

sparky130a

FIRSTTIMER wrote: »

negativity breeds negativity

And naivity will cost both you and your tenant.