Renting out a not quite finished house ?

[Mosman]

What sort of discount off the market rate would you want for not perfect carpets, a few stains from the kids spilling things, an unfinished utility room - floor not the best. And I don't have curtains in the living room which isn't overlooked at all and leads to the back garden. I would also like to leave some stuff in the garage. It's a huge garage so they would still have loads of storage.
Just wondering what would be reasonable ?

Is this a furnished let or unfurnished?

To be honest I don't think many LLs give discount for the things you mention, houses are let as seen and a detailed inventory taken showing existing damage/marks etc. How unfinished is the utility room - is it all safe?

Unfurnished and yes all safe just looks crap

I know someone who has done this - get an agent to value it, and be flexible who'll take. They always let to dog owners, as few landlords will take them, or people with a short gap between selling and buying a place who needed a stop gap. Don't be tempted to let yourselves directly to someone you suspect will struggle to make the rent. Those lets are high risk and you'll probably end up out of pocket. Also be clear up front that it is a let as seen, and the rent reflects this, so no, you won't be doing a load of work on it any time soon.

I wouldn't have a dog owner in it because although it's not finished it's been done to a high standard I thought I'd be leaving that house in a box.
Funny you should mention about a direct let there is somebody I know who would like to rent it but they went bankrupt due to her sheer over spending on crap. It's a tricky one because they are nice ish people but it would worry me.

fgs do NOT let it to someone you know who has money problems. Seriously NO. Use an agent, get a proper contract, proper references, do it by the book. The only time I didn't (because she was lovely, and I liked her) the tenant did a load of damage, and as well as not paying the deposit, she did not pay the rent. Mahoosive PITA, and very expensive. I will never ever do a direct let again (and I've been a LL for 15 years so it's not like I don't know what I'm doing).

I have self managed and let for 10 years. I have given in and am starting to use an agent!!

Do not let to friends. No no no. And most certainly don't let to friends who are bad with money, when the chips are down it will be you that gets paid last. You need to deal with strangers IMO, renting out can get fraught on both sides, you do not want to have a link to the people.

Unfurnished does not need curtains, or anything really except flooring, and a cooker. (Obviously a fitted kitchen and bathroom). My rental house is literally empty, bar blinds at the downstairs window - and that is for my benefit while I'm waiting for a tenant). Sometimes they will ask for a washing machine. Leave nothing else in please. It is more to look after, and more to get damaged.

If you want to store your things in the garage, then do so and do not include it in the let. Lock it up and give them no access to it.

Then get an agent to value it as it is. There will be a standard rate for say a 4 bed detached in the area. It might be £900 - £1000. The agent will advise which price best suits your house. Even if you do self let, but with the greatest of respect you sound a bit too nice and a tad niave about renting out houses and it is a bloody minefield - trust me, so please consider using an agent who will keep you right. LLs get a bad press but trust me the law is stacked hard against is and one little slip up on something is heavily penalised.

Take a through inventory and get it agreed with the tenant about current stains etc.

And try to distance yourself from the house. I've said this on another thread on here today too - tenants will not treat this house as your home, they will treat it as theirs and that can be hard to get your head around, especially when you say you have done work to a high standard etc.

I've just finished my rental house, and I was looking at the lovely new floor and thinking - wonder how long untill that is scorched?! But then I have had my fingers burned

What about renting to the friend but via the agent ?

An agent won't let to her if she has been bankrupt. They do a credit search on tenants. You can over ride that, the agency does after all work for you but I strongly advise you not to let to this person.

There are various options with agents, including rent guarantee schemes which you would not qualify if you overrode (is that even a word?) their credit search. And if you don't take that option you have no more chance of getting rent if the tenant doesn't pay than you do flying solo. The agent mearly acts as a middle man passing on the monies via their bank account.

Not to mention the other dangers of renting to friends - the biggest problem being that you may very well lose the friendship.

I wouldn't call her a friend friend I doubt I'd ever see her again if we didn't let the house to her.
So if she had her parents as guarantors, paid a deposit and then u had an agency manage the situation does that seem workable.
I just know that she's really house proud and it reduces the risk of the house getting trashed.
We have let our home before through an agent and frankly the deposit didn't touch the sides of the damage done.

Well I suppose with them as guarantors that will make things alot more secure. For an agency guarantors have to be working and earning 13x the monthly rent - does that apply to her parents?

I'm not sure if you would qualify for the rent guarantee scheme with a guarantor but certainly it sounds a fair situation. I would ring a few agents and see what their terms,costs are.

No they've retired but I guess they must have equity in their house ?
I'll speak to a few tomorrow thanks for the tips though I wasn't going to bother with an agent as it didn't seem to make much blooming difference to the tenants behaviour last time, but the implication seems to be that it could be a lot worse without an agent.

Its a bit russian roulette with or without an agent to be honest. I have decided the benefits are there for me this time as a)I've just had a shocking time with the last tenant and the house and I don't want to hear another damned thing about the place for a while. b) I don't have a tenant lined up myself this time which I previously have so I will be picking blind and their credit and referencing checks are hopefully better than mine! They can also contact tenants employers etc which I don't think I can do.

Last time we did this the tenant gave her own mother as a ref the agents thought this was perfectly acceptable - rolls eyes - the employer she left a week after picking up the keys.
Honestly I'm tempted to just lock the doors and leave it but knowing my luck it would burn down and the insurers wouldn't pay out

Get a few agents out, and grill them. I had 4 out on monday, I threw lots of scenarios at them and listened to their response. I discounted one straight away. The other was more intrested in pushing me to sell - so I presume they sent someone from the sales side rather than the letting as that was who was free - which made me think they are not taking my property seriously.

The other two - one is a local but large firm who I have decided on and the other was Your Move who are national. I liked what they had to say. Of course I haven't tried and tested them yet but I like what they said.

For example WRT employers, they have to be employed for a certain length of time, and the guarantor has to provide the info I said above rather than just say they will vouch for the tenant.

Watch out for the repair side. Thats what I was most interested in as I do not want them to have carte blanche on the repairs. It seems standard that most agencies have a rule where they authorise and arrange any repairs without your consent and then bill you. This can mean a £10 part and an £89 labour charge for their staff. I chose the local company because they have let me opt out of this. I will arrange all repairs with the exception of an event when thay can't contact me and the house needs urgent attention - a water leak or broken window, then they can authorise a repair upto £100.