View Full Version : Renting my flat out
Jeff16v
21-09-11, 09:42 PM
Anybody on here got any experience about renting out? We are looking for a house and I would like to keep the flat and rent it for a few years till prices go up. Any advice part from no dhss?
Use agency? Costs? Etc
Jon_nova1
22-09-11, 09:09 AM
you can use an agency for the easy way, im unsure what the charge is, i'd expect around 10%
if you do it yourself, you can credit check your prospective tenants for around £8 to make sure they're not going to do a runner after a month without paying, make sure you get a decent tenant, give them a 12 month contract and there you go.
I rent a room out in my house and housing benefit contribute for her
Royston
22-09-11, 10:02 AM
Use an agent, it costs (I think it cost me @ 12%) they do all the checks, vette the applicants, look after the bond, enables you to be completely detached. They will also take action should it be required, do regular checks.
Good tenants are what you are after, a bad one can wreck your properyty quickly!!!!!!
Jeff16v
22-09-11, 10:13 AM
Making sure the property doesn't get wrecked is the thing i worry about the most, I presume as the owner I won't be able to check the property myself periodically? but was wondering whether the agents do?
If i go interest only on the mortage it should be around £180 pcm and the rent should be in the region of £850-900pcm so its an attractive option rather than selling it now, I also don't like the idea of loosing somewhere else that we really want due to not being able to sell it.
Royston
22-09-11, 10:51 AM
Making sure the property doesn't get wrecked is the thing i worry about the most, I presume as the owner I won't be able to check the property myself periodically? but was wondering whether the agents do?
If i go interest only on the mortage it should be around £180 pcm and the rent should be in the region of £850-900pcm so its an attractive option rather than selling it now, I also don't like the idea of loosing somewhere else that we really want due to not being able to sell it.
You could check it yourself if you organise it, but our agent checks @ 3 or 6 monthly I'd leave it to them if you use an agent imo
I am in a similar position regarding selling, although I actually have my house on the market as well, and an agreement with the tenant, which isn't normal I might add.
Bear in mind you should make an allowance for it being empty for @ 2 month per annum
Bear in mind that the excess over the mortgage is taxable!! So wouldn't be too keen to pull the mortage cost down, necessarily.
Jon_nova1
22-09-11, 11:56 AM
my mum rents a few places out and randomly knocks on the door to make sure everythings ok when shes around, just put a clause in the contract saying your allowed to enter whenever you want to check living conditions etc, you can download agreements on the internet, it depends if you want the easy life or more money life
Due to her not using an agency she can have cheaper rent, shes had a tenant for 3 years in one house as its cheaper than alot of places
Making sure the property doesn't get wrecked is the thing i worry about the most, I presume as the owner I won't be able to check the property myself periodically? but was wondering whether the agents do?
Our landlady gets the agents to come check every 6 months. They have to give 24 hours notice though. My friends mum rents places out and she just pops in whenever she likes to have a quick check. I suppose as long as it's in the contract and they're made aware of it then you can.
my mum rents a few places out and randomly knocks on the door to make sure everythings ok when shes around
Is she aware there's no legal right for the landlord to enter the property without prior arrangement (aside from to undertake repairs or in case of emergency)? I'd be careful about having that in a rental agreement too, as it could be grounds for making the entire contract void.
I'd go dip sh!t if my landlord decided to just pop round to check :wtf: should get at least 24 hours notice. In 7+ years of renting I've not had one visit from a landlord, I'd be moving out pretty damn quick if I was getting harassed off a landlord.
My mum tried to manage the renting of her own place and had a right mare, best off paying an agent to do the donkey work and forget about. Just put down cheap carpets, paint the walls a neutral colour and remove all appliances. Then there is not a lot of damage that can be done really.
One our lasses mates once rented a place and she was sat feeding her baby and the landlord just let himself in,also a window fitter once came round to measure up a window when she was in,again the landlord gave him the keys and he just let himself in.
I would have smashed fukk out of the landlord for that myself
i rent 2 places with the same agent and they give me a good discount, they do regular checks on the property and take care of repairs if needed after they move out. TBH DHSS are great tennants as the rent is always bang on time etc, just because they are on the social does not make them scum. We have a lovely single parent in our house and she is very considerate and a great tennant.
Again the best tennants i have ever had were a couple of students, they always called if they had a problem and it was solved instantly and the place was better after they moved out than before they went it. We also come to an arrangement for the holidays and they paid half rent for the summer as they were not there but by the time they moved out the place was inspected and new tennants found etc i would of been more out of pocket. They stayed for the entire duraction of there degree.
and i would NEVER just pop round without arrangement unless to get post but then i dont go in. The agents i use have to give at least 24hrs notice before entering.
also off the top of my head i think my flat costs me £30 a month and the house £50ish on a 500 and 750 rental values.
get an agent that is recommended by several people if you can.
i talk from having rented a couple of places & some of the agents were idiots... one tried to withhold my deposit cos i left on the 1st of the month, as agreed, but they didn't bother checking it till the 21st, and then threatened me cos i'd left dust, cobwebs & outside, i'd even left long grass.....
Dont forget to consider the income and CG tax implications of it all.
and also be a bit careful just how many items from b&q are for the rented property, and how many are for your home....
lol on the last day of my old house i was doing a tip run and the landlord came into the back yard with my stihl sawing a mk1 dash in half lol
He was sound,was really impressed with how we had kept it.
turbojolt
22-09-11, 02:36 PM
What the dash or house lol
Both,even more so it was a brown dash!!
Jon_nova1
22-09-11, 05:31 PM
Yes, she has a good rapor with her tenants so they don't mind, its more of a casual hows things not an inspection, obviously if your tenants arn't too keen on you they wouldn't be willing to have a little chat about how things are and you'd have to do the 24 hour notice lol
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