Kez102 Posted September 28, 2006 Share Posted September 28, 2006 Hi, I've been thinking about letting my house. Unfortunatly i do not know anyone that has done this before to give me tips and advice. Does anybody know of a good agency? What exactly does it involve? Does anybody know what the agents look for when they value the property for rent? what exactly does furnished entail? ect bed? wardrobe,washing machine? any advice will be much appreciated. thank you! Link to comment Share on other sites More sharing options...
babychickens Posted September 28, 2006 Share Posted September 28, 2006 contact the university accommodation office if you intend to let to students - if you want them to list your house, it has to meet certain criteria. i'm sure if you ask nicely they'll send you a list. that way you wouldn't need an agent, but don't underestimate how much work a rental house can be for you to upkeep. also - be really sure that there is a rental market for houses like yours in your area - you don't want to be stuck with a house that you can't fill. don't take a risk if you can't take the losses. good luck Link to comment Share on other sites More sharing options...
WallBuilder Posted September 29, 2006 Share Posted September 29, 2006 I think most of the estate agents are now in the business of letting properties so I'd like to bet you'd get all the info you require by popping in and asking. Few things to remember, if you've got a mortage the mortage company may need to be notified and could even stop you from proceeding. Make sure it is let with a short term tenancy agreement which gives you some safety but the law still tends to favor the tennant. If it's furnished make sure there is a detailed list of everything in the house even down to light shades. The agent is usually the one who brings in workmen if anything goes wrong without you being contacted and they often use the most expensive workmen out there and you get the bill. Make sure the agents vet the tennants and get references from previous landlords they've had. Keeping the house insured can be problematical and contents insurance can also be difficult so it's worth shopping around. My info is a few years out of date which is why I suggest going to talk to an agency if only to get up to date advice. Link to comment Share on other sites More sharing options...
Tomataheeed Posted September 29, 2006 Share Posted September 29, 2006 I couldn't get anyone to give me contents insurance. And as regards your contents - the more you put in there, the more there is to go wrong that you have to get fixed. I wouldn't rent to students to be honest - the multiple occupany rules have made it much more hassle than it already is. If you do rent to students, get their parents details. The parents usually want to think that their delightful offspring are well behaved, so some parental policing is often useful. Link to comment Share on other sites More sharing options...
dizzy_chick Posted September 29, 2006 Share Posted September 29, 2006 Hi Try this link for advice from the Council: http://www.sheffield.gov.uk/in-your-area/housing-services/private-sector-housing/private-landlords. I would start by asking an agent to value you the house for sale and rental. My friend had Blundells to do this, but I am sure pretty much most of them will be able to do this for you. I would guess that the agent would look at obviously the house size and area and how much rental other properties are available at. I would think that they would look at condition as well. Once you have had this, you will at least have an idea of whether the finances will stack up in terms of the mortgage & insurances being paid. In terms of finding a tenant, an agent will advertise the property and vet any potential tenants (for a fee, of course!). If you don't want to pay them then find out how much advertising in the paper is. You can still ask for references but you will have to chase them etc. In terms of management of the property, an agent will do this. They will sort out the tenancy and any repairs which need doing. But they will take a percentage of the rent for this and this could be as high as 10%. If you decide to manage the property, then you need to find out about your repairing responsibilities, which you will have by law. You also need to find out about the tenancy arrangements, through a solicitor or the CAB. In terms of furnished or unfurnished, tomataheed's point is good- the more you leave in the property, the more damage can be done. If it is unfurnished then it is the tenants responsibility to get their own contents insurance. Maybe speak to the agent about this?? In terms of rental, try and consider 'void' periods when the property is likely to be empty, when you set your rent. Good luck. Hope this is helpful. C Link to comment Share on other sites More sharing options...
Kez102 Posted October 3, 2006 Author Share Posted October 3, 2006 Thank you everyone for you comments and suggestions. This is only an idea in the pipeline. just trying to gather my options at the moment. thanks again! Link to comment Share on other sites More sharing options...
misty3891 Posted October 4, 2006 Share Posted October 4, 2006 Hi there, One more thing - if you go ahead with renting it out, don't forget the taxman! It's on you to declare the extra income to the Revenue and Customs else you might get stung with an unforeseen bill. But if you use the rent-a-room scheme, you are allowed £4,250 per annum in income tax-free. See this link for more information: http://www.direct.gov.uk/HomeAndCommunity/RentingAndLetting/LettingYourHome/fs/en I'm not an accountant or tax specialist mind so seek some advice from a financial advisor, or simply call the Inland Revenue for more information, they're actually quite helpful!! :-) S Link to comment Share on other sites More sharing options...
vision Posted October 4, 2006 Share Posted October 4, 2006 I couldn't get anyone to give me contents insurance. And as regards your contents - the more you put in there, the more there is to go wrong that you have to get fixed. I don't find any problem with contents insurance. The problem is 'accidental' contents for obvious reasons but you can insure contents for theft and fire. Also if you insure contents then you will also be covered for liability - such as tenant tripping over rug and breaking neck. leg etc. I insure with Archway brokers - very reasonable. Link to comment Share on other sites More sharing options...
Tomataheeed Posted October 4, 2006 Share Posted October 4, 2006 I don't find any problem with contents insurance. The problem is 'accidental' contents for obvious reasons but you can insure contents for theft and fire. Also if you insure contents then you will also be covered for liability - such as tenant tripping over rug and breaking neck. leg etc. I insure with Archway brokers - very reasonable. I might give them a call - have you got a number? Thanks. Link to comment Share on other sites More sharing options...
critter Posted October 9, 2006 Share Posted October 9, 2006 contact the university accommodation office if you intend to let to students - if you want them to list your house, it has to meet certain criteria. i'm sure if you ask nicely they'll send you a list. that way you wouldn't need an agent, but don't underestimate how much work a rental house can be for you to upkeep. also - be really sure that there is a rental market for houses like yours in your area - you don't want to be stuck with a house that you can't fill. don't take a risk if you can't take the losses. good luck Plus, it could be rather expensive to meet university criteria: fire doors and staircase panelling.... Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.