hello people, i was wondering if anyone on here has had any experience with renting out a property? im after some advice, but feel estate agents etc may not advise me right as they will be biased.

 

basically i want to move out of the house im in now, which im paying a mortgage on. and move to a different area. my house has been on the market for 3 years now and dosent look like selling any time soon (theres at least 5 houses for sale on my road) so, i was wondering about renting out my house and renting a property for myself where i want to live. but i don have the first idea about how to go about it.....

 

can anyone point me in the right direction? or reccomend someone i could speak to who would give honest advice?

 

cheers Folk!

dont bother trying to do it yourself, get an estate agent to do it, you will still get ya pant's pulled down but not as much, it's what i do for a living (well not my propperty's) i work for a private landlord and i can honestly say i wouldnt (unless i had a shit load of cash behind me) buy and rent out a house

 

if your moving away from where your house is then this is a terrible thing to do as a property manager wont look after your interest's only his own, so he wont look after the property untill the rent isnt being paid anymore and then they are only gonna chase their 10%

 

reduce the price mate, renting is like throwing money in the air and see how much you can catch

 

and one thing to really avoid, i mean really avoid with everything you have no joke and no lying, DO NOT RENT TO FRIENDS, THEY WILL FOOK YOU OVER BIG STYLE, SEEN IT HAPPEN TO SO MANY PEOPLE, DO NOT RENT TO FRIENDS

can speak to you on this tomorrow matey and put you in touch with someone who can advise local

 

chris

hope i never have friends like stellaZ's

we bought a new flat about 5 years ago but moved out after about a year, we have been renting it out ever since with no real trouble. we use an agency and they take their 10%, but they do deal with any maintenance issues once they have asked us etc. we live about an hour away so cant always get over there.

 

it is in quite a nice area and isnt at the cheap end of the market so it does tend to get better looked after.

 

just my experience

cheers people :-)

hope i never have friends like stellaZ's

 

i have never rented to friiend's lol, but i have heard a lot of story's of people letting to friends

 

one guy let to his brother's ex (she had a kid to his brother), she wrecked the place and piled dirty nappie's up in a room and she pushed sh1t down all the plughole's, cried harrasment once and threatened him with sexual harrasment, all because she thought it was better to spend the rent an dthat a "mate" shouldnt hassle her for rent as she is a "mate" lol

True you can get some tennants who are a complete ball ache and by using a letting agency all of the pain is taken away (for a fee!) but if you get a good tennant/family in then you can do away with letting agency completely

 

 

We bought our first house many years ago and initially employed a letting agent to deal with all the niff naff and trivia, but after the first year we ended up doing it all ourselves anyway.

 

Some tennants can be testing at times but if you don't dick about and you pull them in line from the off, they then know exactly where they stand; because some will try it on (late rent, sob story etc)

 

We're moving back to where we grew up so this house will also be let but we know now what needs to be done from lessons already learnt

 

of course we bought when house prices were at their lowest, I wouldn't even consider buying another for the rental market now, it just wouldn't be economically viable

Does anybody rent any of their properties to students. We live pretty close to the town centre and already have 4 or 5 student houses on our road as it is. I know you could get more money out of students but the house will be empty throughout the summer holidays.

In 2006 bought 2 appartments in the east end of London for the 2012 games, if i had the experiance then i would not of bothered! We get a lot of phone call by our letting agent, about tennents not being happy with things. The best advice if you rent it out do not rent furnished! The tennets exspect the furnture if they break to be replaced. We have just paid out for a new settee and chair. Get insurance. against tennents doing runners! We also had a couple who signed up for a 12 month lease then after 3 months did one! leaving us out of pocket! also the gas and electric have to be inspected each year due to insurance. Have a letting agent they also take 10% of the letting fee for finding a tenent that means the first month you might not have any rent coming in!

Edited September 26, 201114 yr by cheshire300zx
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dont bother trying to do it yourself, get an estate agent to do it,

 

I couldnt dissagree more!!!

 

I own a rental property and would never use an agent.

 

An agent will put anyone in your house, they dont care who goes in. Most of the checks they do mean nothing at all.

 

I interviewed about 20 familys before deciding on letting one have my house (and thats how the market is, you decide who gets it), 18 of the familys asked to take it and I turned them down cos I didnt want them in my house, it took about three weeks. Well worth it as they have been there for four years now and never any problems, keep it clean and look after the place.

 

Contracts can be drawn up online for free. YOU get all the money and dont pay an agent to do nothing!

I agree ^^^^

I couldnt dissagree more!!!

 

I own a rental property and would never use an agent.

 

An agent will put anyone in your house, they dont care who goes in. Most of the checks they do mean nothing at all.

 

I interviewed about 20 familys before deciding on letting one have my house (and thats how the market is, you decide who gets it), 18 of the familys asked to take it and I turned them down cos I didnt want them in my house, it took about three weeks. Well worth it as they have been there for four years now and never any problems, keep it clean and look after the place.

 

Contracts can be drawn up online for free. YOU get all the money and dont pay an agent to do nothing!

 

all fine and well if your confident and are going to be close, rob hasnt done this before and is obviousely unclear on it all

 

if your moving away from your house and your not sure then an agency is the way, yes they put anyone in, yes they get 10% but everything will be done accordingly

 

you dont have to stop with them, do it for the first tennant then get shot and do it yourself once you have learned a bit more

 

it's upto you though rob, really be wary of doing this, dont think it's easy like they say on tv

cheers for all the replys, to be honest, i want to have as little to do with the place as posisble :-( ill be moving over 100 miles away, so dontwant to keep cummin back and forth. i think an agency is theway to go for me, at least till i find my feet. cheers again

Thats why i use an agent i live in cheshire my apparments in london.

 

it's upto you though rob, really be wary of doing this, dont think it's easy like they say on tv

 

cheers pal, but im doing it more out of necessity than desire :-( my house has been on the market for about 3 years now, and theres no way in hell im letting my little un grow up on these streets! so im not doing it to make money, just so i can move house lol :-)

yeah i understand bud, i would do the same, but i alway's think if you go into it thinking the worst could happen then if it does it doesnt seem as bad lol

 

you never know, you may end up with great tennant's that look after the place, stipulate that you want older tennant's, we usually have over 35's and they can still be idiot's but not as bad

 

do not take single women if you can help it, they can be terrible and are usually nowt but trouble