Renting out the house

#2
#3
You can do it yourself, however you have to be onhand for all the minor repairs, damage and general wear and tear that happens. I rented out my flat and had to sort out the waste disposal unit dropping off when I had tickets for Chelsea V Wimbledon one Sunday, not happy. Then you have to possibility of tenants no paying, so you have all that bollox to deal with, lawyers, eviction papers etc. For 12% its worth having letting agents deal with the agg.
 
#4
You can do it yourself, however you have to be onhand for all the minor repairs, damage and general wear and tear that happens. I rented out my flat and had to sort out the waste disposal unit dropping off when I had tickets for Chelsea V Wimbledon one Sunday, not happy. Then you have to possibility of tenants no paying, so you have all that bollox to deal with, lawyers, eviction papers etc. For 12% its worth having letting agents deal with the agg.
Agreed and I rent out 8 properties, what helps is having a shameless thug onhand who will straighten out payment issues whilst you are sat comfortably under CCTV in the local MacDonalds giving it the thumbs whilst some **** is getting dragged round their front room.
 
#5
There are bound to be some inefficient and ineffective agents. You need to choose good agents.

If the tenant pays the agent and then the agent in turn pays you, ther will be a delay between you getting the rent in your bank account. You need to ask the agent whether they have one particular pay day each month.
 
#6
Agreed and I rent out 8 properties, what helps is having a shameless thug onhand who will straighten out payment issues whilst you are sat comfortably under CCTV in the local MacDonalds giving it the thumbs whilst some **** is getting dragged round their front room.
Oooh, you frequent McDonalds, you filthy ******.
 
#7
From you username you could be from Scotland - I rent out one property on a Short Assured Tenancy and if going it alone the you need to register as a Landlord www.landlordregistrationscotland.gov.uk and also produce an Energy Performance Certificate - neither too onerous. Depending on your property in terms of location and suitability you could consider short term lets/holiday lettings - better returns by far. However would definitely recommend an agent for that for the first year.
 
#8
All, I am thinking of renting the house! How easy is it to do on your own without any letting agents?
Made that mistake once with my pad when I got posted to the other end of the country, thinking "I'll save a few quid, and G***** is a mate; what's the worst that could happen?"

F***ing hell. Place was trashed, to the extent that I ended up selling it not long after I moved back to the area. Gardens looked like an Attenborough documentary, and the house itself was absolutely minging.

Literally, this "mate" of mine had given the place no TLC or respect at all (and why would he, after all in his mind he was paying for it!!)

Tip - go to a reputable letting agent and let them take the worry off your mind. Trust me, it's worth it.

PM me if you want any further details.
 
#9
To use a cliche; it's a minefield!

However we all know that minefields can be successfully navigated with good info, the right level of awareness and a willingness to change direction if it all gets a bit sticky. We rented out our UK house for 7 years and despite a few short-term horrors, came out pretty well on balance. If you are not going to be around you will deffo need an 'agent', whether it is a professional or a switched on friend or relative.
 

Longlenny

War Hero
Book Reviewer
#11
I have a couple of properties that I let out, the first time I did it without an agent, the tenant paid the deposit and the first months rent and then nothing else, it took months to get him out, I had to stand all the costs of getting him out, the costs of the damage (considerable) and the loss of rent, I have had an agent ever since.
 
#12
There are so many traps for the unwary that it is better to use an agent. You can also further insure against a defaulting tenant. Both costs are allowable expenses against tax.

Litotes
 
#13
I have a couple of properties that I let out, the first time I did it without an agent, the tenant paid the deposit and the first months rent and then nothing else, it took months to get him out, I had to stand all the costs of getting him out, the costs of the damage (considerable) and the loss of rent, I have had an agent ever since.
Does the agent's percentage include, apart from finding suitable tenants, taking legal action on your behalf to evict/sue for unpaid rent etc,. as well as just collecting the rent or do you insure yourself against loss/damage/eviction ?
 
#15
Made that mistake once with my pad when I got posted to the other end of the country, thinking "I'll save a few quid, and G***** is a mate; what's the worst that could happen?"

F***ing hell. Place was trashed, to the extent that I ended up selling it not long after I moved back to the area. Gardens looked like an Attenborough documentary, and the house itself was absolutely minging.

Literally, this "mate" of mine had given the place no TLC or respect at all (and why would he, after all in his mind he was paying for it!!)

Tip - go to a reputable letting agent and let them take the worry off your mind. Trust me, it's worth it.

PM me if you want any further details.
Totally agree with this. I rented my property out to a friend of the wife whilst we lived down other end of the country. I returned from Op tour to find she had moved out and disappeared leaving the house trashed. POTL and Op Allowance spent decorating and cleaning the house so we could move back into it. The whole self-let process is a dog shit infested minefield which, in my honest opinion, is tailored for the tennant. Whatever you do, don't touch doleys.
 
#16
Go to a decent letting agency and meet/interview whoever wants to move in. Check credit history, etc. but make the decision on gut feel.

DO NOT attempt to do it yourself, unless your properties are shit or you do it full time.
 
#17
There are bound to be some inefficient and ineffective agents. You need to choose good agents.
Ayrforce1 : always go for an agent, regardless of cost - doing everything yourself will give you no peace, day or night, unless you are professionally involved. A good agent should cost around 12% of the rent charged. Years ago, I was one of many who rented out our houses because our work (FCO) took us overseas for long periods; and for those who chose not to use an agent, it ended in tears almost every time. Don't be tempted to let direct to a friend if the occasion should arise - that can go horribly wrong.

And as for agents, we used a London-wide one about 10 years ago who screwed us completely. They simply took my money and did nothing in return - cost me over £12k to put things right afterwards. The second one we chose a couple of years later was a local concern in Raynes Park (now sadly gone to the wall)- they weren't perfect (none of them are!) but they were loads better than L-T.

In short, choose local if you can. Good luck!
 
#19
It's been said. Have a pop at renting houses out in Gorton and Levenshulme then let me know how you get on when someone decides to spunk the rent money on B and H and White Lightening :)
Rather you than me HC the rest would be spent in the lord Nelson.
 

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