Anyone rent out property?

[MisterTommyH]

Any advice? Do's, don'ts, things to be prepared for, what service to get from an agent etc, etc......

[tonyk]

Take a VERY CLOSE look at the estates agents contract, some if not all states that EVERY year on renewal of the contract they get a cut, as much as one months rent FFS............so if you get a tenant staying fo 10 years they get 10 months rent...FT.

YOU can change that clause...but you have to threaten them first...

Try to get some history of the tenants, works, prev house etc.

[Red Herring]

Are you buying to rent out, ie: is it a business and you just want to make money, or are you renting your own home out for a while? Two very different scenarios, each with their own pitfalls.

[L3nny]

I looked into it a while ago, actually posted advice on here and got a few horror stories of houses being trashed.

Looks like there are umpteen laws to protect the tennant but nothing to protect the landlord.

In the end I decided to sell as I couldn't be doing with the hassle.

if you know someone to rent the property out to do it. I have an agreement with a mates brother and it's working ok so far. Had a light break and fixed it. Simple as.

However if you have awkward tenants and an estate agent creaming 10-15% off your income then i would say no. Any issues or questions i can assist with ask,

[yorkie_chris]

My folks have one they rent out, they do it privately, no hassle so far touch wood.

Except for the first lot who had cats and destroyed the kitchen floor, did take a week of work to get the fookin smell out. Strictly no cats now and a lesson learned about not being scared to be a bit harsh in keeping a reasonable amount of deposit to fix things.

[MisterTommyH]

It wouldn't be a business thing, more a hesitation to sell now I've got a foot on the ladder......

I own a one bed coach-house + garage, starting to get to a point where I'm thinking about moving in with the GF.

My place is perfect for me, but definitely too small for 2.... Having gone through the pain to get deposit etc.... I don't really want to sell to go back to renting. We'd be hesitant to buy together straight away for a few reasons, so I'm looking for routes that keep most options open......

Renting seems..... Do-able. But I have concerns.

[Tomor]

My sister and I rent out two properties. Its fine if you have the right agents, but make sure you are close enough if there are bigger things that need doing. If you get a good tenant, do everything you can to keep them, as 1 months notice (generally) and they are gone!

[Red Herring]

Small pads like that are generally safer and easier to rent out due to the customer base, generally either professionals who have just moved the the area and need a base whilst they find something permenant, of blokes who have just been kicked out of the nest and need somewhere to hide until they can settle somewhere else....

It's been a few years since I was in the business but we used to do six month contracts and keep a hold by providing the property furnished and "serviced", meaning we sent in a housekeeper once a week (included in the rent). The rules may have changed now but it's worth considering.

[L3nny]

Originally Posted by MisterTommyH

It wouldn't be a business thing, more a hesitation to sell now I've got a foot on the ladder......

I own a one bed coach-house + garage, starting to get to a point where I'm thinking about moving in with the GF.

My place is perfect for me, but definitely too small for 2.... Having gone through the pain to get deposit etc.... I don't really want to sell to go back to renting. We'd be hesitant to buy together straight away for a few reasons, so I'm looking for routes that keep most options open......

Renting seems..... Do-able. But I have concerns.

In that case I'd say go for it. As RH said you'll be most likley to get another single person moving in who is less likley to trash the place than a large family. Most places put a no pets rule in but IMO this is a bit over the top, if someone has one cat or a small dog it's unlikley to cause too much mess and you can put a clause in the contract that states the carpets need to be shampooed before they move out.

It also gives you a place to go back to if it all goes pear shaped with the GF