tips please - we are thinkg about renting out our house.

[schneebly]

DH has a new job and we are moving. The new job has a tied house with it so we will have no rental/mortgage costs there. We are thinking about keeping this house in the meantime and perhaps renting it out with a view to selling in 2 years maybe when the new golf course here is finished. Is there anything in particular you would tell us to do/watch out for etc.

TIA.

Same situation as us then! We're relocating to Munich, though. We got three agents round and chose the best of the bunch. Gone for full management by them, so they are in charge. I advise going down this route if you can afford it (ours is 12.5% of the monthly rental), as they collect the references and credit check them, plus check the pproprty every 6 weeks. Our agents denied someone our property the other week because of a credit glitch.
Also, learn to "let go" of the house, as someone is going to come in and live in it. I found some prospective tenants' comments on the hosue being too small a bit hurtful, but you've got to ignore it.

Do it all professionally through agents with solicitor-written agreements, don't let anyone in before you have had the deposit and the cheque has cleared, never ever let to friends/relatives/family.

I have had much better tenants finding them myself than through agents. I get tenants through the online websites and choose them based on their grammar and spelling in email exchanges. I have yet to have a bad tenant using this method.

But failing your ability to do the above....Don't let pets in, as they can be really hard on a house. Try to include as few appliances as possible as when they break, you have to fix them. Don't leave anything you care about in the house. Some years ago I had some tenants (very last ones I got through estate agents) who broke my antique glass chandeliers and had my stone lions from the front of the house "stolen," (I think they sold them themselves for cash).

Make sure any agent is ARLA and NAEA (plus another organisation who can recall)accredited,as they have a code of practice. Ensure they can carry out inspections periodically and allow them to deal with minor repairs (up to a certain amount per month) without pre-authorisation from you. They can also organise things like pre-rental Electrical inspection and annual Gas Safety Certificate. Be careful about leaving small appliances and soft furnishings/sofas/beds as they have to conform to specific safety standards.

You have to monitor any income/expenses and complete a tax return showing any net "profit". You can split this between you and dh for tax purposes if you own jointly. If you are out of the country the Non Resident Landlord scheme(based in Nottingham) applies - you can fill ina form to receive your income gross and pay tax at the end of the year, otherwise the agent has to deduce tax before passing on the rental income.

hth

thanks very much Useful info! Sounds complicated!

Can I hijack and ask Sophia which websites do you use??