Renting out my 3 bed-semi...advice please..

[Donza]

Hi all,

currently in the midst of giving the house a lick of paint, putting some semi-cheap carpets in and giving it the once over.

I had my house in Leeds valued yesterday, and i was gobsmacked at how much they have fallen.

I am being offered in the region of, once the property is spic-span around £650-700 a month.

So i have decided to do this instead.

Since i am moving to the West Mids, do you think i should let a letting agency look after it on my behalf? piece of mind and all that.

My father who has been in the property business for years and years is advising me to do this. For the sake of £70 i might just allow them to do so.

Buy-to-let market from what i gather is clamouring for 3-bed semi's in decent areas.

Now i gotta go find a job. Even thats nigh on impossible. Companies refusing to budge etc.

If anything, this experience/recession has made me realise i really need to start acting like a right tight sod.

Roll on 2009!

 

[whizzkid11]

Using an agency takes out most of the hassle, but then everything will need to be spic and span and all neceesary saftey certificates etc obtained.

You may also need to look at the Income declaration side of things as well any mortgage stipulations on any mortgage that may be on the property.

Thats to do it the safer way...

The ideal option would be to get a letting agency that has contracts with local businesses whereby you may be able to let the house to a local company - safest option. You may get some professionals who won't be having parties every weekend.

Another option is local council - as they are always on the look out for providing accomodation to foreign asylum seekers with tax payers money. (The poor people who pay upto £20,000 to get to a UK airport). That could be a real earner based upon how some councils work. Possibly get a 4 figure sum!!

 

[kjay]

A Letting agency would seem the safest bet.
Although you pay a commision, they'll be responsible for the rent - even if the tenants default.
Be prepared to spend some money on refurbishment between tenants though.

One of my family has rented out a property for years. Overall it's been a good investment but not without hassle.

Good luck, which ever route you go!

.

 

[Donza]

Using an agency takes out most of the hassle, but then everything will need to be spic and span and all neceesary saftey certificates etc obtained.

You may also need to look at the Income declaration side of things as well any mortgage stipulations on any mortgage that may be on the property.

Thats to do it the safer way...

The ideal option would be to get a letting agency that has contracts with local businesses whereby you may be able to let the house to a local company - safest option. You may get some professionals who won't be having parties every weekend.

Another option is local council - as they are always on the look out for providing accomodation to foreign asylum seekers with tax payers money. (The poor people who pay upto £20,000 to get to a UK airport). That could be a real earner based upon how some councils work. Possibly get a 4 figure sum!!

i was considering the council tax avenue, but i hear they are clamping down hard on it.

I will enquire about it.

My father leases properties out via companies etc. The executives/big wigs have never caused him a problem. But we are talking about 5-6 bedroom houses here.

I will enquire about this also.

 

[scumbag]

i was considering the council tax avenue, but i hear they are clamping down hard on it.

.

council tax is paid by the people who rent the home, not you.

I have a house in west yorks, currently let. I use a local rental only agent.

Linley and simpsons are Leeds based and I used them for another property I had in Leeds. They do all the work and charged 10%. Currently I am paying 8%.

Sell it when the housing market picks up again.

 

[crockers]

Hi all,

currently in the midst of giving the house a lick of paint, putting some semi-cheap carpets in and giving it the once over.

I had my house in Leeds valued yesterday, and i was gobsmacked at how much they have fallen.

I am being offered in the region of, once the property is spic-span around £650-700 a month.

So i have decided to do this instead.

Since i am moving to the West Mids, do you think i should let a letting agency look after it on my behalf? piece of mind and all that.

My father who has been in the property business for years and years is advising me to do this. For the sake of £70 i might just allow them to do so.

Buy-to-let market from what i gather is clamouring for 3-bed semi's in decent areas.

Now i gotta go find a job. Even thats nigh on impossible. Companies refusing to budge etc.

If anything, this experience/recession has made me realise i really need to start acting like a right tight sod.

Roll on 2009!

If you have an "expert" in the family............use his advice.....

 

[whizzkid11]

Although you pay a commision, they'll be responsible for the rent - even if the tenants default.

.

Thats not always the case, depends on the agent, and the commision rate/options you take.

All the agent will hold do is 1 months deposit in advance - which you can use towards refurbing the propoerty or replacing anything have damaged once they leave.

If theyhaven't damaged anything you can hand it back to them - but DO NOT let them use it as the final months rent, you won't anything left if you do to carry out any repairs with.

 

[scumbag]

If you have an "expert" in the family............use his advice.....

hmmmmmmm


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[davidjpowell]

Do not forget to budget for a Gas Safety Certificate and a EPC. You would probably be best advised to use an agency who is a member of ARLA or similar body. Ensure that the agency are complying with the rules on deposits (TDS), which must either be lodged with a authorised body, or insured by an authorised body. If agent runs off with deposit (it happens!) you are still responsible.

 

[whizzkid11]

hmmmmmmm


http://www.avforums.com/forums/lcd-...7lg6000-please-give-me-your-opinions-buy.html

.....

WOW - you actually have all of Donza posts saved and linked....

I see lurveeeeeeeeee

 

[crockers]

Jeez Scumbag...............are you stalking him....

 

[Carrotchomper]

Jeez Scumbag...............are you stalking him....

I find the emphasis on the body building forums especially worrying

 

[Dieselman]

I find the emphasis on the body building forums especially worrying

Maybe it's those oiled, shaven chests....

 

[Carrotchomper]

Maybe it's those oiled, shaven chests....

I never knew you and Scumbag were so close

 

[Dieselman]

I never knew you and Scumbag were so close

We're not. But he told me once he definately prefers his Girlfriends without a chest wig..

 

[Carrotchomper]

We're not. But he told me once he definately prefers his Girlfriends without a chest wig..

Beggars, choosers... Any hole's a goal etc

 

[Dieselman]

Beggars, choosers... Any hole's a goal etc

Remind me not to stand in front of you at the checkout...

 

[A-AvantGarde]

Another option is local council - as they are always on the look out for providing accomodation to foreign asylum seekers with tax payers money. (The poor people who pay upto £20,000 to get to a UK airport). That could be a real earner based upon how some councils work. Possibly get a 4 figure sum!!

I have a number of friends that do that - councils have been paying good money too - sign up for longer periods too with a decent level of protection.

 

[Piff]

I used to use a letting agent for a flat - a proper registered estate agent. They found tenants, checked they were able to pay (no ccj's etc), set up contract (unknown to me they charged the incomming tenant for the contract work), took a deposit and then collected the rent, charging me 10%. The rent was supposed to be paid by standing order, proving the tenant had a bank account.
However, I always had to wait for the rent to clear through the agents account, with me chasing them.
When the rent stopped with one particular tenant, I ended up going to the property and found that the tenant had dissappeared 3 weeks earlier leaving the key in the door. Tenant had left all sorts of belongings including various paperwork regarding the re-sheduling of county court debts, baliffs letters, etc. So much for the agents checks on the quality of tenants.
I sacked the agent cleared the place out & re-let it myself.
A couple of months later the old tenant broke in to try to recover stuff he had left behind. Police were familiar with this guy and knew it was him as he left fingerprints everywhere. They would not prosecute as I was unable to guarantee that I had wiped/cleaned every surface after he left, therefore his prints could have been there from when he was a tenant.
Havn't used an agent since (about 5 years).
Chose your agent with care!!!!

 

[janner]

If you don't need the house then why not sell it? Sure, the price is lower than last year but it will probably be worth even less next year. Renting is usually okay but it only takes one bad tenant to give you a real headache.

If you do decide to rent be wary of Vietnamese gentlemen with an interest in horticulture