Rent and rent? Can't sell but would like to move.

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Our house has been on the market for over a year. We need a bit more space and are considering renting out our home and renting elsewhere. Has anyone done this as an alternative to selling? If so, would you recommend it? Thanks.

I'm considering this exact thing, so bumping and hanging around eagerly!

It's a good thought

The only thing that would put me off would be the idea of another family living in my house and wrecking it. Presumably you might still want to sell in the future.

Also, I'd be put off by the fact the landlord could turf me out and the possibility of not being able to move my tenants out when I needed to. In realisty I'm not sure how much of a problem these issues might be - but they do run through my mind!

Would it be economically viable? Probably would where I live.

I have done this a while back, due to relocating for work.

It can work, it is best if you have some savings if you are relying on your tenants paying their rent to pay yours.

It can be difficult ensuring that your agreements all start and end at the same time.

You are obviously taking the usual risks anyone takes when letting a property.

No great reason why it can't work.

We are currently renting out our house in the UK because we're living overseas. I've found the costs are much higher than we expected - things go wrong and you would live with them but for tenants you have to fix them. And you should expect to have some times when it's empty, and you will have to redecorate more often. And then you have to pay a percentage of the rent to an estate agent unless you find your own tenant. And there are inventories, and deep cleaning. And then you have to pay tax on any profit.

So I'd have a very careful look at the likely costs before you go ahead.

Thanks for your replies. We would probably use an agent so know there would be a cost there. I think we would have to budget for tenancies not matching up exactly. We are keen to move to something more suitable to our current needs, but would I lie awake worrying about our own house?! Maybe once you rent and move you can put it to the back of your mind? I am not house proud etc, but I would be conscious of trying to do things right. No easy way to move house I guess!

Hi,

We are also planning on doing this as we are currently in a 2 bedroom flat and the market where we live is saturated with them.

I have rented out this flat before. My experience is to ask round lots of people to see if anyone has used or is using a good letting agent. Get some agents round as well to see what you think of them.

Our flat was not left in a very hospitable state by our last tennant (not trashed by any means but he didn't look after it at all and it looked very run down after 2 1/2 years). But as it was our first time we had rented it out, we thought this was the norm but we have since found out from other letting agents that the tennant should leave the property as they find it and anything less will be deducted from their deposit. I had a couple of letting agents also telling me that it is mandatory for their clients to take out a special rental house insurance to cover things like a stain on the carpet etc.

Sorry, have rambled on but i think in the current climate, it is something a lot of people will be considering which is why I have started the ball rolling already.

Hope that helps? :)

yes, thanks, all help gratefully received! Good to get the experiences of others.

Please remember when doing your sums that you will be taxed on the rent income you receive. Also even if you give notice to quit if your tenants continue to pay rent they can stay until you go to court and get an eviction notice. This has happened to a friend cost thousands of pounds to get the tenant out when they wanted to move back into their own hands.