Renting out a house.

KovacsC · **Posted:** Mon May 23, 2011 9:34

As I might have mentioned my house is up for sale, but the market is a tad slow.

I am looking into renting it out, has any one got any experience in doing this?

Thanks

Trooper · **Joined:** 4th Mar, 2010 **Posts:** 22423

I rent out my house up north for the same reason. What do you want to know

Squirt · **Joined:** 31st Mar, 2008 **Posts:** 6654

Quick tip - sort out all the pinhole cameras and hidden microphones BEFORE starting any redecoration before renting.

KovacsC · **Posted:** Mon May 23, 2011 9:49

Trooper wrote:

I rent out my house up north for the same reason. What do you want to know

Everything, EVERTHING!!!!

Curiosity · **Posted:** Mon May 23, 2011 9:53

KovacsC wrote:

Trooper wrote:

I rent out my house up north for the same reason. What do you want to know

Everything, EVERTHING!!!!

Here ya go!

KovacsC · **Posted:** Mon May 23, 2011 9:54

I have a meetign with the estate agents/renting company tonight.

Is there anythign I shoudl ask?

DavPaz · **Joined:** 27th Jun, 2008 **Posts:** 38815

You need to ask how much responsibility you will retain in terms of maintenance, if you need to change your mortgage, personal liability cover for tenants... and other stuff

Trooper · **Joined:** 4th Mar, 2010 **Posts:** 22423

DavPaz wrote:

You need to ask how much responsibility you will retain in terms of maintenance, if you need to change your mortgage, personal liability cover for tenants... and other stuff

And...

Find out how much they charge for tenant introduction (should be about a months rent) and maintenance (should be about 10-12%)
Call your mortgage provider and ask for consent to lease.
You'll need a gas/electricty/something or other safety certificate, which costs around £70, the estate agent will sort that though.
Change your house insurance to be landlords insurance (i.e. building and white goods/carpets)
If your monthly payments are over your monthly interest payments on your mortgage, then you'll need to pay income tax on the rent, so sort that out...
Prepare for your carpets to be trashed in ways you didn't think was possible.
Find out who the estate agents use for the maintenance works/plumbing/carpets/decorating/garden etc... and find out if they are any good, if not give them names of people you want them to use.

Finally, if you do get the estate agent to handle the maintenance of the property, then make sure you actually sit back and let them handle everything, don't get involved with the tenants. You pay the estate agent 10% for a reason, so let them earn it. The only phone calls I ever make to the estate agent regarding my house, is if the rent payment is late. I take a few calls once in a while, mainly that the tenant wants to paint a wall, or put up a shed or something, and they just want confirmation i'm cool with it.

Finally finally, do not accept a tenant with a dog, it really isn't worth the potential hassle!

Rog · **Joined:** 28th Jun, 2008 **Posts:** 75

Trooper wrote:

DavPaz wrote:

Change your house insurance to be landlords insurance (i.e. building and white goods/carpets)

I know an excellent insurance broker for this sort of thing (me).

Sir Taxalot · **Joined:** 5th Apr, 2008 **Posts:** 4965

Trooper's pretty much nailed it. it's actually not that hard to do.

You have to be reasonable with your rent demands.

Leave as little behind as you can, you might think you are doing the tenants a favour by leaving extra things but if it breaks then it's your responsibility to replace. We rented our flat out unfurnished and put all of our stuff into storage.

Also make sure if you leave it nice and clean when you move out - it should be vacated in a similar state.

We have someone else handle the maintenance - it saves us money but there is the potential for hassle.

Er... hope that you get nice tenants.

KovacsC · **Posted:** Tue May 24, 2011 8:30

Thanks for the advice... had meetign with the estate/rental agent.

I just have to sort 3 floors out and teh agrden, and we are good to go..

kalmar · **Posted:** Tue May 24, 2011 8:33

Trooper wrote:

Change your house insurance to be landlords insurance (i.e. building and white goods/carpets)

White carpets - a bit of a no-no in a rental property

KovacsC · **Posted:** Tue May 24, 2011 8:34

*makes note*

Squirt · **Joined:** 31st Mar, 2008 **Posts:** 6654

kalmar wrote:

Trooper wrote:

Change your house insurance to be landlords insurance (i.e. building and white goods/carpets)

White carpets - a bit of a no-no in a rental property

We rented a house with really light coloured carpets once, and took great pains to keep them nice. About a week before we left the letting agent came round and trampled mud all over them. We were not impressed.

Trooper · **Joined:** 4th Mar, 2010 **Posts:** 22423

kalmar wrote:

Trooper wrote:

Change your house insurance to be landlords insurance (i.e. building and white goods/carpets)

White carpets - a bit of a no-no in a rental property

Actually, the carpets in the house are cream, which is almost as bad. However, when I bought it, I wasn't intending to rent it out!

When the last tenants left, a huge red wine stain in the middle of the lounge, and a dog piss soaked carpet in the kitchen, was considered "wear and tear" Funnily enough, I disagreed...

devilman · **Posted:** Tue May 24, 2011 10:30

Squirt wrote:

kalmar wrote:

Trooper wrote:

Change your house insurance to be landlords insurance (i.e. building and white goods/carpets)

White carpets - a bit of a no-no in a rental property

We rented a house with really light coloured carpets once, and took great pains to keep them nice. About a week before we left the letting agent came round and trampled mud all over them. We were not impressed.

The last place I rented was like that - light-coloured throughout the house and really cheap and nasty too. It just looked grubby the whole time.

KovacsC · **Posted:** Wed Jun 29, 2011 13:34

My house is up for rent already...

http://www.rightmove.co.uk/property-to- ... 11571.html

JBR · **Joined:** 2nd Jun, 2008 **Posts:** 3344

Very nice, though honestly, man, the state of that lawn. Funnily enough I'm up there this weekend - Shifnal half is on Sunday. This is not an offer to go and do some gardening.

Cras · **Joined:** 30th Mar, 2008 **Posts:** 49252

Nice looking place - black wall in the bedroom though?!

KovacsC · **Posted:** Wed Jun 29, 2011 13:38

JBR wrote:

Very nice, though honestly, man, the state of that lawn. Funnily enough I'm up there this weekend - Shifnal half is on Sunday. This is not an offer to go and do some gardening.

The lawn was only laid a week or so ago... The gardener is coming back to sort it..

KovacsC · **Posted:** Wed Jun 29, 2011 13:39

Craster wrote:

Nice looking place - black wall in the bedroom though?!

There is a reason I have an ex-wife... :DD

I have painted a sparkly pink wall white..

Slightly Green · **Joined:** 26th Aug, 2010 **Posts:** 2069

KovacsC wrote:

My house is up for rent already...

http://www.rightmove.co.uk/property-to- ... 11571.html

Congratulations, and good luck with getting good tenants

Quote:

Excellent Sized Rear Garden

Mr Logan and Mr Preston would be proud of you sir

KovacsC · **Posted:** Wed Jun 29, 2011 13:42

Bonus Points if you can identity the picture on the wall in the lounge..

GazChap · **Posted:** Wed Jun 29, 2011 13:49

Shame it's in Broseley and not Shrewsbury, I'd have rented that off you. Need somewhere bigger but can't afford to buy, so I'd have rented yours and rented my flat out

KovacsC · **Posted:** Wed Jun 29, 2011 14:07

GazChap wrote:

Shame it's in Broseley and not Shrewsbury, I'd have rented that off you. Need somewhere bigger but can't afford to buy, so I'd have rented yours and rented my flat out

If you rent it you can move it

flis · **Joined:** 26th May, 2008 **Posts:** 3333

Are you letting it furnished....? For £595pcm? That's mental. We used to rent a shitty (I mean shitty, it had damp everywhere, it was cold, damp and dark) 2 bed flat for £575pcm. 5 years ago. I just had a quick look at a local estate agents and similar 3 bed unfurnished properties go for between £850 and £950pcm.

Anyway! Good luck renting it out, the back garden looks pretty big, might be a selling point with the summer here

(once the lawn is sorted).

kalmar · **Posted:** Wed Jun 29, 2011 15:06

flis wrote:

Are you letting it furnished....? For £595pcm? That's mental. We used to rent a shitty (I mean shitty, it had damp everywhere, it was cold, damp and dark) 2 bed flat for £575pcm. 5 years ago. I just had a quick look at a local estate agents and similar 3 bed unfurnished properties go for between £850 and £950pcm.

I'm not going to tell you what I pay for my 4 bedroom farmhouse in the middle of the countryside then. Including massive garden and several outbuildings.

KovacsC · **Posted:** Wed Jun 29, 2011 16:20

flis wrote:

Are you letting it furnished....? For £595pcm? That's mental. We used to rent a shitty (I mean shitty, it had damp everywhere, it was cold, damp and dark) 2 bed flat for £575pcm. 5 years ago. I just had a quick look at a local estate agents and similar 3 bed unfurnished properties go for between £850 and £950pcm.

Anyway! Good luck renting it out, the back garden looks pretty big, might be a selling point with the summer here

(once the lawn is sorted).

Not completely furnished, I have not had chance to clear the house out yet.

Grim... · **Posted:** Thu Jun 30, 2011 9:52

KovacsC wrote:

Bonus Points if you can identity the picture on the wall in the lounge..

Looks like a map.
Middle Earth?

Zardoz · **Posted:** Thu Jun 30, 2011 10:29

Cleethorpes?

KovacsC · **Posted:** Thu Jun 30, 2011 11:08

Grim... wrote:

KovacsC wrote:

Bonus Points if you can identity the picture on the wall in the lounge..

Looks like a map.
Middle Earth?

yes

gospvg · **Joined:** 7th Nov, 2008 **Posts:** 2306

Are you also still selling the property?
It will take longer to sell depending on the contract you give the tenants.

gospvg · **Joined:** 7th Nov, 2008 **Posts:** 2306

Do not rent to students, stick with professionals only.
Your house looks lovely & I dread to think what it will look like in 12 months

devilman · **Posted:** Thu Jun 30, 2011 14:26

gospvg wrote:

Are you also still selling the property?
It will take longer to sell depending on whether you leave the picture of Middle Earth up or not

KovacsC · **Posted:** Fri Jul 01, 2011 8:37

Ultimately I want to to sell it, but I think i need to wait for the market to recover.

I will take the pic down....

Curiosity · **Posted:** Fri Jul 01, 2011 10:10

flis wrote:

Are you letting it furnished....? For £595pcm? That's mental. We used to rent a shitty (I mean shitty, it had damp everywhere, it was cold, damp and dark) 2 bed flat for £575pcm. 5 years ago. I just had a quick look at a local estate agents and similar 3 bed unfurnished properties go for between £850 and £950pcm.

Anyway! Good luck renting it out, the back garden looks pretty big, might be a selling point with the summer here

(once the lawn is sorted).

You really don't want to know how much I'm paying for a two bed place in Blackheath.

KovacsC · **Posted:** Mon Jul 04, 2011 10:37

my grass is getting better

not looking forward to my water bill

angela · **Joined:** 4th Jul, 2011 **Posts:** 1

I think you should take help from Executors Of Estates, I hope it would be work for u definitely.

Curiosity · **Posted:** Mon Jul 04, 2011 11:21

Definitely.

Cras · **Joined:** 30th Mar, 2008 **Posts:** 49252

angela wrote:

I think you should take help from Batman, I hope it would be work for u definitely.

I think you should die in a fire.

KovacsC · **Posted:** Thu Aug 11, 2011 14:22

The house is to be rented for 6 months from the 22nd....

They are a French couple so can't do a full credit check, but they have to give 6 months rent in advance...

myp · **Posted:** Thu Aug 11, 2011 14:29

Craster wrote:

angela wrote:

I think you should take help from Batman, I hope it would be work for u definitely.

I think you should die in a fire.

My wife needs to be treated with more respect. She's just trying to get her new career off the ground.

Cras · **Joined:** 30th Mar, 2008 **Posts:** 49252

She's Batman's PA?

myp · **Posted:** Thu Aug 11, 2011 14:46

Craster wrote:

She's Batman's PA?

Shhh.

MrChris · **Joined:** 1st Apr, 2008 **Posts:** 30498

Craster wrote:

She's Batman's PA?

No, that was Bruce Wayne.

Be Excellent To Each Other

Renting out a house.

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