First time potential landlady

Lauramatt83

BungalowBel said:

 Several things I would say: do not expect tenants to look after your property as you do, remember that while they are under contract then it is their home, and that they may not leave when you want them to.

This is certainly something that’s on my mind and someone has also mentioned something similar. It’s been my home for several years and no one will take care of it as I have done, it may not be something I can easily overcome! 

Lauramatt83

Olinda99 said:

I have looked at letting in detail and here are my thoughts

firstly if you let it fully managed through a good agent where they do pretty much literally everything (a sort of let and forget arrangement) then you should be able to do it without too much hassle. they will charge you for it but then of course you will not have any workload or worries

however you should think about the reason for doing it. if it's to make money then you probably will be better off just selling the house and putting the money into a savings account as the returns on buy to let these days are very very variable but not huge. Do the calculations.

if the reason is an emotional attachment to the house and you can't bear to let it go then again I would try and get over this and consider selling

if on the other hand the reason is a sort of safety net - a bolt hole just in case things go wrong with your move in with your partner than this could be a valid reason to keep the house for a couple of years let it out through an agent

Thanks Olinda, the bolt hole idea is pretty much what I was thinking - a safety net ‘just in case’ and to rent it out mid to long term, then consider selling. Let and forget is also my preference once I work out figures and financial viability, I’m all about an easy life! Thanks so much for your thoughts 

Mutton_Geoff

How will you get back into your bolt hole when it's let and it's now your tenant's home?

All well and good paying fees for the agents top management/rent collection service, but I can tell you from experience as soon as anything goes wrong (non payment of rent etc), that agent disappears into the woodwork and you're on your own sorting it out because these issues most certainly won't be covered under the T&Cs of their contract.

Think very long and hard about starting this new business and all that it entails.

Olinda99

that has not been my experience - the letting agent took care of everything (a well known high st estate agent chain)

possession can be granted outside the fixed term now using S21 and if the owner is moving back when the new RR bill passes

markin

Usually when it ends bad with 'full service letting' the forum response is your are legally responsible, Why weren't you on top of them checking they are doing it correctly, So you still need to learn all the laws and make sure you have a good agent.

Just sell it in the summer, when its still in top condition.

theartfullodger

Lauramatt83 said:

theartfullodger said:

Do you have the financial AND emotional reserves to cope with tenant-from hell (or agent-from...) and eg being contacted pretty much anytime at your home or say having no rent for 7 months whilst having to pay mortgage and legal fees plus dealing with court etc?

Training in being a landlord is usually cheaper than the alternative, as i know to my cost 

Artful, Landlord since 2000

Thanks Artful, sounds like you’ve had a pretty negative experience with landlording, nightmare scenario perhaps. Selling may well be the better option but I’ll do my due diligence into all options! 

Nope, mainly good thanks.  Just concerned so many seem to go into Landlording thinking it's mainly profit and easy.

Best wishes to all, Humans, tenants, lanflords etc...

Lauramatt83

theartfullodger said:

Lauramatt83 said:

theartfullodger said:

Do you have the financial AND emotional reserves to cope with tenant-from hell (or agent-from...) and eg being contacted pretty much anytime at your home or say having no rent for 7 months whilst having to pay mortgage and legal fees plus dealing with court etc?

Training in being a landlord is usually cheaper than the alternative, as i know to my cost 

Artful, Landlord since 2000

Thanks Artful, sounds like you’ve had a pretty negative experience with landlording, nightmare scenario perhaps. Selling may well be the better option but I’ll do my due diligence into all options! 

Nope, mainly good thanks.  Just concerned so many seem to go into Landlording thinking it's mainly profit and easy.

Best wishes to all, Humans, tenants, lanflords etc...

I’m definitely not under the impression that it will be easy, I’m not even sure if it will be profitable or worth my while. I’m at the very start of my journey looking into this (plus other options) but thank you for your thoughts and input, lots to consider! 

Lauramatt83

Mutton_Geoff said:

How will you get back into your bolt hole when it's let and it's now your tenant's home?

All well and good paying fees for the agents top management/rent collection service, but I can tell you from experience as soon as anything goes wrong (non payment of rent etc), that agent disappears into the woodwork and you're on your own sorting it out because these issues most certainly won't be covered under the T&Cs of their contract.

Think very long and hard about starting this new business and all that it entails.

Obviously I wouldn’t expect to kick out a tenant overnight so I can move back in! I haven’t made any firm decisions on anything but if I decide to go down the rental route then I have a good letting agent lined up. I absolutely will look into everything though so thanks for your thoughts