What would you do ? Rent or leave empty

lisyloo

Yes, but this seems to be a contracted fixed term?

Pretty sure you don't have much in the way of employment rights, but happy to be corrected as DH is a contractor.
For example pretty sure you don't get redundancy pay.
A fixed contract doesn't guarantee it's going to last that long.
In every redundancy/restructuring I'e been through the contractors get let go first so it's less secure than permanent employment.

lisyloo

Read thread "Landlord wants to move back into property" that's currently running on this sub-forum to start with.....

What is the relevacne of this please?


It's very diffferent moving a family with kids than it is moving from a work bolt hole.
We moved on the bus and found a new place in 2 days, so different kettle of fish entirely.

He says that if he needs to move back to his old town he will not be able to afford it

One of the reasons I wouldn't sell my "dream" home is that I might not be able to get a similar one back again (I simply mean there might not be one for sale).


but if a particular maeket does boom e.g. gentrification, then it can be prohibitive to get back on that particular ladder again.

pertgave

If you decide to let your property, my advice would be to not charge the highest rent possible, but to rather screen and pick the tenent with great care. My neighbours let their house to families of US soldiers, where the US army pays the rent. If you can get a state employer to pay the rent, you pretty much avoid the risk of not getting paid.

restless6

Ok so I moved for my new job, into a deprived area, with my two kids ( single mum ). I am renting a house here and paying the mortgage in my old house .
My old house is in a nice area and if I sold it and then had to move back - I would never be able to afford it on my own. That’s why I am relucatant to sell.

My future is very uncertain. If I rent my house out I could use the income yes , but I don’t know about all the responsibility and I do have an emotional attachment to the house too yes - I lived there a long time.

I have a lot of thinking to do.

Murphybear

1974Marie wrote: »

Hi. I hope you dont rent it out. I hate people that do that.

I worked hard all my twenties to make sure I got a good credit rating. Got my mortgage no problem. Problems started when I realised people in the same block as me were "sub let"

They dont look after their area. They make me sick. Landlords make me sick. People like you should sell their interest. Spare a thought for people like us.

You would rather the many people who were not in a position to get a mortgage should sleep on the streets?

There is nowhere near enough social housing available

Money_maker

Which is probably down to RTB.

EachPenny

restless6 wrote: »

Ok so I moved for my new job, into a deprived area, with my two kids ( single mum ). I am renting a house here and paying the mortgage in my old house .
My old house is in a nice area and if I sold it and then had to move back - I would never be able to afford it on my own. That’s why I am relucatant to sell.

My future is very uncertain. If I rent my house out I could use the income yes , but I don’t know about all the responsibility and I do have an emotional attachment to the house too yes - I lived there a long time.

I have a lot of thinking to do.

In your circumstances I'd be very reluctant to sell - the house you own gives you and your children long-term security if things don't work out as you expect, even if you had to wait some months for tenants to move out.

Is the new job with the same employer? If so, is there any possibility of them needing to help colleagues find a (temporary) place to live? The risk of some of the problems you might have with letting might be reduced if your employer introduced the tenant to you.

xylophone

My future is very uncertain. If I rent my house out I could use the income yes , but I don’t know about all the responsibility and I do have an emotional attachment to the house too yes - I lived there a long time.

Renting out a home to which you have a strong emotional attachment could be problematic - and when a property is rented out, it is not possible for the owner just to walk back in again at will.

If the "two year contract" is in fact as "loose" as lisyloo suggests ( ie, not assured employment for two years but able to be ended with a week's notice either side), perhaps your best bet is to be on the look out for work in your home area as soon as possible?

Although with schools to consider, this too creates problems?

Ratkin007

I echo what others say, if renting do it properly. Get a good tenant who pays and you'll be alright. It also surely comes down to finsnces, if you can afford to pay the £400+ water rates, standing charge for gas and electric per month. I let a family member rent my property below market rent. My fear was getting a bad tenant who wouldn't pay. Family member failed to pay and caused damp within property, but I saved on gas, electric, water and council tax 😂😂. I imagine family member would have paid managing agent, but, well I had faith in family member. more fool me and that wasn't the end of it. It can be diffiicult to rent out your home as you are running the risk that it will not be looked after as you would look after it. In addition, it seems you can take out insurance for non-payment of rent. As much as there are the bad tenants programmes there are also good tenants. That was a good suggestion about checking LHA rates as unfortunately there are people in receipt of benefits/tenants that give others a bad name.

arlenewei

if you are shorts of money,of course,rent the house