Does anyone rent out a property ?

[BADGER.BRAD]

Hello all,
I've just become a second property owner due to the death of a family member, and am thinking of the possibility of renting it out. As the property is some distance from me I was thinking of using a property agent but wondered what sort of cut they take and protection this would give me ? Any other pointers would be of help !

 

[Dave 123]

It's probably the best way to go. I can't remember the % we get charged but it certainly cuts down on headaches and hassle.

One thing to watch is when work needs doing and the agent gives you a quote from their contractor..... Always seems a little high to me. So that's when you have to spend time trying to get a better price=hassle!

 

[ianrauk]

@Brains is the man for info...

 

[shouldbeinbed]

http://www.cyclechat.net/threads/becoming-a-landlord.157586/

 

[BADGER.BRAD]

Thanks everyone for the info the link was exactly what I needed although I think the last poster may have posted to the wrong thread !!!!

 

[jhawk]

My apologies for that folks! I had two tabs open, both showing CC threads and thought that I was posting in the correct thread, when in fact I was posting in this one.

My apologies once again.

 

[Brains]

Hello all,
I've just become a second property owner due to the death of a family member, and am thinking of the possibility of renting it out. As the property is some distance from me I was thinking of using a property agent but wondered what sort of cut they take and protection this would give me ? Any other pointers would be of help !

Go in with your eyes wide open.
The property is just a business
The tenants are clients/customers, not friends. The relationship is business.
I would use a management company if the place is over an hour away from home/work
Find a smaller company, ensure they are members of ARLA (check the ARLA website, not the sticker on the door)
They will charge about 1 month of rent to get a tenant, do the checks and the legals.
They will then charge about 12% PCM as a management fee
You need to allow at least one month of rent PA to go towards your contingency fund
Try to do unfurnished if you can, but you supply the white goods
Think in terms of having to redecorate every 3-6 years, re-carpet 7-10 years and new bathrooms and kitchens every 15 years, in other words your maintenance costs are a lot more than a normal house