Any Landlords on here?(11 Posts)
My DC have inherited a rental property and (at east until we can extend the lease we are renting it out.). I'm trustee, dealing with the property on their behalf and am finding it a huge hassle. Are there any other landlords about who might want to chat/share experience?
What’s the hassle bit? I’ve always found that it’s work at the start - refurb + finding good tenants but after that it’s not too bad. Some admin or the occasional repair etc. Are you still at the stage of sorting everything out?
I own a flat that my parents are currently in but I have let it out before through agents and independently. It’s not so much of a hassle but annoying when things go wrong like the boiler and you have to pay for them. Ultimately I’m in profit though so can’t complain. I found it frustrating having an agent as they seemed to be paid a lot to do very little.
Similar situation here. I have a inheritance property of 5 years I look after on behalf of my DD.
I find it’s either plain sailing or a massive hassle and everything seems to go wrong at once.
Multiple issues with tenants wanting to leave early breaking there agreement. And realistically nothing I can do.
I have looked into selling it multiple times but as it’s currently in my name we will be loosing so much money to the tax man. Come to the conclusion to suck it up until it can do into my DDs name and she can then decide what she wants to do with it.
Go lurk on landlordzone. Make really sure you have all the legals and paperwork right - new legislation means some cockups now can't be fixed and you can end up with a tenant you can't evict.
If it is in Scotland, get rid asap.
Make sure the tenants deposits are protected in a scheme, even if they weren't before. There are HMRC webinars on taxation for landlords, and may also be worth looking at the nla (national landlords association) website.
If you hate it, consider getting an agent to do the day to day, but there are still lots of rules you need to know about, and you need to check the agent is doing things right, as you could still be held partly responsible if not.
Choose your tenants carefully. Especially if you are new to being a landlord. You will have a contractural relationship with them. Are they people you feel you can talk to and work with. Dont worry about dropping the rent if good tenants come along who might struggle with asking price. (Nurses at local hospital.) And dont market top rent but one which shoukd give you a good selection of tenants. Emphasise to letting agents that you will want to meet prospective tenants and for them not to bother with anyone who might prove tricky.
People who are straightforward and reliable cause little hassle. You make more money in the end. Trust your instincts. Your property is a major asset. Dont risk it.
Then make sure that every thing is in working order, and fix minor problems as soon as you can. Scruffy does not matter in that tenants will see this when they view. Unresolved maintenance problems do. If you respond quickly in the early weeks, things calm down and a good working relationship is established.
Can you get a property agent to handle it for you?
We rent out our house in the UK and the agent is fantastic, well worth the money.
We had two rental properties in London and in the end it was just too much hassle and stress so we sold them. We're originally from New Zealand and we were naive. Laws here just don't protect the landlord. One piece of advice: background check your tenants! Once they're in it's really hard to get them out.
One of our places was absolutely trashed by the tenants when we evicted them. The deposit didn't even cover the damage in one room and obviously they disappeared and we never saw a cent.
Definately get a good property agent to help you.
I own a portfolio of BTL’s (8) and have a FT job.
My advice would be to have a good set of tradesmen who can go in if there’s a problem and a good letting agent you work with. I do introduction only with the agent and manage the properties myself. If the agent finds you good tenants it’s no hassle at all.
What’s the specific problem?
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