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

AdrianC

FIRSTTIMER wrote: »

negativity breeds negativity

<shrug> It's a great idea, nothing could POSSIBLY go wrong.

Keep us updated.

Dird

Where is this located?

I would avoid people with long term views. Aim for 2/3 students or Air B&B if a touristy area. Get a friend/family member to handle checkin/out for a cut of the profits

vqmismatch

I'd let a few rooms out via spare room and if happy with the tenants then go away. A schoolmate lived in a place where the landlord was often away for several weeks at a time, it seemed to work very well.

Cakeguts

FIRSTTIMER wrote: »

negativity breeds negativity

You are making the mistake of thinking that people are being negative for the sake of it. It might be a good idea to have a think about the fact that people who are making comments that you mistake as negative actually have much more knowledge about renting property than you have. If you have a property that people do not want to pay you to rent you have no idea of how wrong this could go because you will not be able to choose the kind of tenant who lives there. You are making an assumption that your property will only attract the kind of tenant who will pay the rent on time and look after your property and you are doing this without any knowledge of renting as a business or the kind of properties that good tenants are looking for.

So here is a question for you. What are you going to do if you choose a tenant who then sublets your flat to several other people and stops paying the rent? You could arrive home to find that the flat has been wrecked by having a lot of people living in it and you haven't had any rent. It could still have people living in it.

FIRSTTIMER

I could die tomorrow, all for realism but surely there is some benefit somewhere

sparky130a

FIRSTTIMER wrote: »

I could die tomorrow, all for realism but surely there is some benefit somewhere

Yes you could.

But you're not addressing the practical problems others have pointed out. It almost sounds like you're having a mid life crisis.

csgohan4

I wouldn't want to rent somewhere where I know full well You will be coming back in 6-12months time, tenants like stability, they are not here for a quick buck for you

teddysmum

Unless a tenant needs a short term because of job commitments (our neighbour let his mum's home to two foreign doctors, here for a fixed term speciality study, via an NHS request for furnished accommodation), they will prefer to stay longer, as every move costs them money.

teddysmum

As the OP hasn't had the responses he wanted, we must let him go ahead, then moan , on here, when things don't turn out the way he wished.


Regarding type of tenants: some of the troublesome tenants refusing to vacate for returning owners, were professional people (a teacher and an accountant come to mind), who had seemed to be the perfect tenant, paying on time and keeping the property in good order....until required to leave.

KiKi

Just so you're absolutely clear: as a landlord, apart from all the responsibilities that go with it, you cannot just end the tenancy of your tenants when you want to return, and that's probably your biggest risk. Many people don't appreciate that (unless they hang out on these forums a lot!), but even if you give notice to the tenants, they don't have to leave. They can stay until you choose to take it to court and a court evicts them. So if you want your place back at a very set time, and want a guarantee that you won't have to wait months for your place returned to you, then don't let it out.

Of course, you may get great tenants, but that's the risk you take. The longer you're away, the more the risk is probably worth it. For 6 months, I wouldn't risk it. I lived in Australia for 6 months, and let a friend stay for free. Got my place back on the day I arrived in the country, and it was well taken care of. It suited us both at the time.