To not want to be a landlord

[CandleWithHair]

I’m relocating with work next year, within this country but a long way from home. I don’t know the new city well enough to be sure where I’d want to live, plus obviously want to see how well the new job goes too. I’m only moving because of the job and a possibly foolhardy sense of adventure (I have no other commitments e.g. DH, kids). With that in mind I thought it would be most sensible to rent my house out rather than sell, and rent in the new city. But now I’m wavering.

Being a landlord sounds like bollocks to be honest, and expensive in the beginning getting everything sorted. If all goes well work wise, I’d realistically sell my home in c. 12 months and buy in the new city so I don’t know if rental income in that time frame (a few k after tax and costs) would be worth the hassle.

Should I just sell my house now and save myself the faff of landlording? I’m a bit worried about Brexit and house prices r.e, selling, and also what I’d do if I end up wanting to move back here (a lot of friends and family in the area). I know no one else can make this decision for me, but what would you do wise MNers?

I would sell tbh, can't be bothered with the faff of renting out.

Don't rent it out. When your tenant stops paying and decides to trash the place, the stress consumes your life. I'm an accidental landlord and I cannot wait for the day the damn place is sold.

Rent it out. Having a decent agent (they should charge about 6-8%) is very helpful and they sort out any work that needs doing. Basically, they find the tenants and do finance/reference checks. They will tell you how much to charge, will do the tenancy agreement/contract etc. They even organise the gas safety certificate and put the deposit in the deposit scheme.

Keeping the house is a safety net in case you want to come back but be aware that tenancy agreements tend to be 12 months.

Do you have any friends, family or acquaintances who would be interested in renting it from you at a reduced rent which would cover the mortgage?

This would be better than renting to a stranger through letting agent

If you do rent it out, please make sure your tenants know you plan to sell. Don't be like my other landlords,and tell us at the end of the first year.

Imo it is something you have to take seriously. Work out what it will cost you (insurance, fees, safety checks etc) and what you might make. Then, if you want to go forward find a good agent. This is not necessarily the same as the agent who promises the most profit - ideally you want one that is popular with tenants.

And yy to letting prospective tenants know it's likely to only be for a year.

Where is your house? Some parts of the country have already peaked (London, South East) whereas some areas up North are still reporting growth. I'd base it on whens best to sell rather than is it worth renting out.

Sorry, if not when. Obviously only the tiny minority of tenants are like this and I've had bitter, bitter experience!

I'm a LL and I hate it. I bought it on my own at market peak, Met DH and was able to buy together but my house was in negative equity so couldn't afford to sell it.
Every time I save some money I end up having to spend it on the rental. I wish I could do so much work to the house I live in!! Tennant's assume LL are money pits and things that you'd wait to sort out of you were living in it , you have to find the money for and sort out immediately. My first Tennant was a dream, but my last couple have been a pain. It might sound mean but I can't wait until next year when I can kick them out and finally sell the bloody place.

@Startinggrid I am currently SE, hence my fears over selling right this minute, although selling in 12 months would also be anxiety inducing! I’ve noticed a number of properties near me have been hanging around on the market like a bad smell for quite a while (although a few have sold v quickly).

I don’t know how likely I am to want to stay in new city forever vs coming back here but I just feel like I shouldn’t base my life on what ifs. Selling does seem neater, it just doesn’t given me the escape hatch, as it were!

I’m sorry to hear PP’s stories of LL woe, this is exactly what’s putting me off doing it tho!

I'd sell unless you know someone who you would trust to rent to for a reduced price, too risky the other way

Don't rent it out. Being a landlord is bloody awful if you get a bad tenant. Really not worth the risk. I sold a house recently after a tenant had fucked off cos I couldn't bear the stress any longer.

It can be stressful, but also you can get fantastic tenants who trest the house beautifully.

I am in your position, and am renting out my very much loved home in January.

I have a buy to let as well, which I use Open Rent to let, and will be using Open Rent for my home too.

You get to meet the tenants yourself, so the choice seems a little more informed.

I can't bring myself to sell in this market. My house was on the market and 'sold' (chain collapsed) 18 months ago. Since then I have spent £8k on it, but the value has gone down by £30k.

I will rent it out but be very careful who I rent to. Which is no guarentee I know.

That's the problem. You can be as careful as you like and yet it's still a gamble.

I'd sell unless you know someone who you would trust to rent to for a reduced price, too risky the other way.

No, don't do this!! This is a trap a lot of accidental landlords have fallen into! This is possibly the worst advice I've read on this thread.

As soon as someone is renting your property, they have a whole raft of rights and you have a whole heap of responsibilities - and costs - and you may find you can't get our house back if/when you need it. We all know what the law says, but tenants don't always adhere to the law and YOU could be one who is homeless in a year's time. Or with a trashed house and even more expense to put it right.

Take plenty of advice, like you are doing. Read the Landlord Zone forum. Letting is a minefield and it's no game for accidental or casual landlords.

I used to rent out one property. Did it for 4 years. Not doing it again. Make a proper business out of it or don't bother, is my advice.

Thanks for the opinions and useful pointers - that Landlord Zone forum is an eye opener! Definitely need to give this some very careful thought

Sell it. We rented our home when we relocated and used an estate agency to manage it. Worst decision ever. The agency was useless, the tenant changed the locks and trashed the house and stopped paying rent. We nearly had it repossessed by the bank. We ended up having to sell it at a reduced price due to needing a quick sale.