Have you rented out your house? What did you need to do? Any advice/tips?

[HarmonyHunter]

Thinking of renting out our house, not for profit but because I hate we live. I want to rent this out and then we rent somewhere smaller.

If you have rented out your house what did you do with regards to your mortgage, insurances, did you hire an agent?

Any advice or tips gratefully received

I haven't, but I am a tenant and I know a bit about it.

You need to check it with your mortgage provider and insurer first.

You need to get a gas safety certificate every 12 months, and an Energy Performance Certificate before renting it out.

You need to make sure any deposit taken is put into a protection scheme even if you use an agent as you are liable for court action and a fine if it is not.

Thanks AnarchyAunt

We had a HIP done a few months ago, I know they tested engery performance and rated us - I wonder if that counts as a certificate.

I rented mine out when we moved abroad. I employ an excellent letting agent who vets the tenants and keeps a close eye on the place.

Mortgage wasn't a problem as we are Armed Forces, so were allowed to let and kept the fixed rate we were on. Insurance, you'll need buildings insurance - Norwich Union currently good policy and not too expensive -a void Letsure like the plague - huge hike in prices last year as change in owners and underwriters.

Mine was let prior to EPCs so don't have one of those. Have the boiler serviced once a year and expect I'll need a new electrical check in a couple of years.

You'll need to pay tax on any income from the property, unless your mortgage interest is larger than the rent (mine is), and you can also set off any maintenance to the building against tax, and carry a loss over at the end of each year, to set against the next years rent, before you set off mortgage interest, maintenance etc.

Hope that helps. A shit hot letting agent by personal recommendation was the best thing I found, as mine guided me through all the pratfalls etc and has been invaluable.

Be very careful if you use an agent - I've lived in two places where I have ended up contacting the landlord directly because the agent was so useless. In fact, there are agents now that we actively avoid as we are so annoyed with them. We've had good agents too though, so they are around (we have lived in a lot of rented places - we've moved around a lot). Do you know anyone who is renting in your area? It's good to get a personal recommendation if you can.

Also, all the boring stuff that you see on property shows is right - a tin of magnolia paint is your friend.

I manage our home ourself and it has been fine. Have only had to deal with one minor problem and I like knowing my tenants directly.

We have home emergency insurance on our buildings insurance which pays out if there is a leak or the central heating breaks down - it is great and of course it is a tax deductible expense.

Harmony - I am considering this (having difficulty selling) but I am terrified that the house will get trashed. Ive heard some horror stories. I am a bit scared to do it TBH.