Renting out the house

Discussion in 'Finance, Property, Law' started by Ayrforce1, Feb 24, 2012.

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  1. All, I am thinking of renting the house! How easy is it to do on your own without any letting agents?
     
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  2. 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.
     
  3. 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.
     
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  4. 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.
     
  5. Oooh, you frequent McDonalds, you filthy ******.
     
  6. 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.
     
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  7. 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.
     
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  8. 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.
     
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  9. Longlenny

    Longlenny War Hero Book Reviewer

    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.
     
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  10. 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
     
  11. 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 ?
     
  12. Many thanks for all the replies! I have taken the info and looks like we will start off by using the agent route.
     
  13. 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.
     
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