Renting out a house

[Tractor]

Anyone on here rent out property?
I will be renting my house out soon and im undicided on wether to use an agent or not.
Apparently you can get DIY contracts off the net.
If i go down the route of doing this myself whats the best way to market the property?

Basically, any advice much appreciated.


Cheers

[TheChipPrince]

Tighty rents something i'm sure, he may be able to help...

[jizzemm]

I have just started renting out my house...

I have used a Residential Letting Kit available from WHSmith for abotu £15 to draw up the contract etc.

A friend of mine who rents out property told me that its not worth using an agent, unless u cant get the price that you want and an agent can get a better one, minus their commission. Also with agents, he advised me that if I was going to use one, to make sure that you dont have them looking after everything (i.e problems with the property, electric, heating etc) as they will basically have their own list of people and you will end up getting charged a fortune for stupid things.. i,e tenants cant change light bulb and the agents will call out an electrican for instance and u get charged for it..

I have personally have a seperate bank account for all my rent to be paid in (going in on time so far) and any bills for the house goes out of that account so its easier for tax purpose (if ur going to pay it)..

Another suggestion (that I have taken up) was put to me, to use British Gas landlord cover for Gas & Electric (approx £29.00 per month) and they will give you all the cover for your heating and electric (should anything happen) for no extra fee. They will also do the yearly checks that you have to do on appliances as a landlord..

I'm still in early stages of my first rental but give me a PM if you need any other details..

[byronkincaid]

good forum imo

http://boards.fool.co.uk/Messages.asp?mid=11434342&bid=50096

[cia260895]

I have personally have a seperate bank account for all my rent to be paid in (going in on time so far) and any bills for the house goes out of that account so its easier for tax purpose (if ur going to pay it)..

Another suggestion (that I have taken up) was put to me, to use British Gas landlord cover for Gas & Electric (approx £29.00 per month) and they will give you all the cover for your heating and electric (should anything happen) for no extra fee. They will also do the yearly checks that you have to do on appliances as a landlord..

this FTW

 I use  an agent as they guarantee rental income for 3 years although if you have a problem with the tenant it can be a pain in the ass,

[TheWhisper]

make sure that you dont have them looking after everything (i.e problems with the property, electric, heating etc) as they will basically have their own list of people and you will end up getting charged a fortune for stupid things.. i,e tenants cant change light bulb and the agents will call out an electrican for instance and u get charged for it..

I experienced this when I was a tenant, they sent out someone to repair the boiler and then someone else just to change the fuse.
I was annoyed for the landlord, it was a total rip-off

I am now in the situation of letting out my house and think I will look after the arrangements myself. Its not like they give you much support if you have an iffy tenant.

[Tractor]

Thanks for all the replies, im going to have a go at doing this myself.
Defo going to get the gas cover thingy and the DIY form from WH Smiths.
Just going to work out how to advertise it and were off Well hopefully.
Any other advice much appreciated.

[thetank]

Vet your tennants as carefully as you can, don't take the first set that apply.

It's a piece of piss game if your tennants are nice folks, and a pain in the arse back breaker is they're not and start slipping with the rent and treating your gaff like shit etc.

Don't rent to young folk who have just moved out of the family home. Big time -EV.

[Rookie (Rodney)]

Don't rent to young folk who have just moved out of the family home. Big time -EV.

GFY and your prejudice!

[thetank]

It is prejudice, I won't deny it.

Those sorts of lets carry a higher risk. Insurance companies get to charge that demographic more, but landlords will charge the same.

It's not just the obvious party party thing, but a group of younger people together in their first flat are more likely to have personality clashes and stuff coz they're not used to living with people who aren't family and making allowances etc.
One of them moves out and the ones that are left have a hard time paying the rent for a bit (especially as younger people will usually has a lower income.)

Not saying all young people are shit lets, but it's a numbers game.
Like a random Chinese bloke raises your flop bet in the first level of a comp and you need to decide what to do with TPTK. Is his nationality going to factor into your desicion?

[cia260895]

also if you drive a Todd Carty of a car this will be marked as -EV as well

[lazaroonie]

Vet your tennants as carefully as you can, don't take the first set that apply.

It's a piece of piss game if your tennants are nice folks, and a pain in the arse back breaker is they're not and start slipping with the rent and treating your gaff like shit etc.

Don't rent to young folk who have just moved out of the family home. Big time -EV.

i rented many flats out to many tenants over many years and never had any problem collecting the rent.its all down to getting the right people in. and carrying the right weapon.

[Colchester Kev]

To be fair Laz, if you knocked on my door by mistake and asked me for rent ... I would pay it !!

[jizzemm]

To be fair Laz, if you knocked on my door by mistake and asked me for rent ... I would pay it !!

jesus kev ur on fire today

[lazaroonie]

To be fair Laz, if you knocked on my door by mistake and asked me for rent ... I would pay it !!

ha, seriously though, i often found the dss were the best payers. prompt payment, and always knew they werent getting their deposits back.