Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Learning to be a landlord?

77 replies

ElizabethinherGermanGarden · 22/03/2021 22:10

I'm moving in with my partner. He doesn't have a mortgage so isn't charging me any rent - we're just sharing bills and food and day to day living expenses. It means that I can keep my own house and at the moment I just can't decide what to do with it.

I'm considering renting it out but I am very aware that I know nothing about how to do this - I haven't even rented on my own behalf for over 20 years so don't have relevant experience either as renter or landlord. Lots of threads on here saying 'don't do it' have put me off a bit. On the other hand, my house is empty most of the time and I'm paying the mortgage etc.

Is there a course or something where I could learn about what being a landlord entails? Is there some reputable body that offers something like this? Ideally, I don't want to have to do loads of research or learn from my mistakes - I want someone to teach me properly. Is this a thing? Does anyone have advice on where to start?

OP posts:
Conditionconditioncondition · 25/03/2021 17:43

@Loofah01

Never ever put your faith in the agent. They just want the money; even at fully managed service levels you have to put some cash in up front to cover maintenance which [some] tenants will eat into immediately. Agencies don't care about best value or best workmanship so any time the tenant calls the agent saying they've 'discoverd that 'x' is bust' then the agent calls the first person on their list who comes, turns a screw 3mm and charges a fee. Watch them like a hawk as 'good' agents are a myth.
Think you've been scorned.

Our agent, a small local one, is utterly fantastic and I cannot praise them enough

jackstini · 26/03/2021 10:00

I became an accidental LL 14 years ago when DH's parents split up and there was not enough money for them both to buy a property

FIL moved into rented, but it was so awful we decided it would be better for us to buy somewhere better and rent to him - at least we knew it would be decent

Since then we have bought 8 more and currently manage them all ourselves, although I work flexibly as a consultant and DH is a SAHD and does all the maintenence. If circumstances change, or as we get older, I will look into using an agent

In all that time we have only had 2 really bad tenants, probably cost me a total of £5k over 10 years, so a very small % in the grand scheme of things

Most of them have been lovely and we have had people in for over 10 years in some

I would definitely try and hold on to your asset, but if you are busy and/or unsure, use an agent to start with. However, agree what you expect from them with regard to repairs; asking you first if over a certain amount, always getting 2 quotes etc.

The tax return is not too bad but an accountant will probably do it for you for £300ish

Good luck!

New posts on this thread. Refresh page
Please create an account

To comment on this thread you need to create a Mumsnet account.

This thread is closed and is no longer accepting replies. Click here to start a new thread.