Renting our house out ..what do we need to know/do?

[Smellyanne]

Just that really,any tips/must dos or anything? If you've done it how did it work out?
TIA

You'll need;

• safety certificates for gas/electric
• to notify your mortgage provider and get permission to let (not automatically given and may only be given for a short term) or change mortgage onto a buy to let
• research lettings prices and consider using an agency to let property and for ongoing management if you don't want to do this yourself.
• ensure tenants deposit goes into the proper deposit scheme - agents should always do this, but make sure.
• make sure you get a decent inventory signed by tenants at beginning with photos, including any outside areas, to reduce issues with disputes when tenants leave

We've rented properties with not too many issues in the past, some tenants are great, very clean and tidy and respectful, others aren't. You have to be able to see your property as a business, not your family home in this situation. Remember that rental income will have to be added to tax returns, although you can claim back property related expenses during the rental period, make sure you check this out to ensure you'll make the money you need.

Thank you,thats really helpful :-)

I would add, make sure you get proper landlord's home insurance.

there are two types of insurance...normal landlords house and building insurance and landlords rent guarantee insurance

Check out prospective tenants yourself. LISTEN to your gut instincts. And always take up previous landlord references.

I've rented my house out twice - first were tenants from hell and did a lot of damage - I ended up paying them to go 2 months before their 6 month contract ran out.

Second lot were good, house well kept and still clean when they left. But I'd stipulated the (long) hedges had to be maintained (hell to do if left uncut) and guess what... they ignored the clause in their contract and made all sorts of lame excuses. Overall though I think that's as about as good as it gets.

If you tell your mortgage provider (and you must or risk it being withdrawn) they may well charge an extra .5%-2% interest. For me that was an extra £30 pm - so still well worth it.