Well the appointment went well, we left basically realising that if we want to make the move now, if we sell ours and buy another we won't get the best deal as only a few lenders lend to people on maternity leave AND also with me being self-employed - and with us relocating I can't give them the letter from my employer of 'Lucy is definately returning to work...' So of course we're going to struggle renting ours out and affording to buy another, with just Paul's wage, so the best option for now is to rent ours out, and rent up in Scotland - the quickest way too
Once I get back into work we can look into buying somewhere up there if we wish or maybe we'll enjoy renting - Paul sees owning a house as a noose round our necks! Also - just from looking online it seems we are able to rent nicer/bigger/more expensive houses than we can afford to get a mortgage for?!
We were shocked how much we may get pcm for our house, a few hundred a month more than the mortgage, and apparently houses are getting let out instantly around here at the moment.
Got a fella from the lettings side of the estate agents coming out to value it next Saturday and have a chat about terms and conditions of going through them to rent it out, i always shop around but this will help us answer a few initial questions.
Originally Posted by
Baileys Blind
I rent my house out
I put it in the hands of an estate agent, couldn't be doing with the hassle of it myself either.
I have nothing to do with it now they chase rent, do all maintenance etc all I get is an email saying i.e. toilets broken £?? to repair shall we go ahead?? They then take the cost of it out of my rent so I don't have to pay out anything.
They take a percentage of the rent as a fee - my only real 'worry' is if they trash it!!
I was advised though when you take out landlords insurance to take out the extra bit of insurance for carpets, flooring etc as if anything happens that can be quite a big bill. You have to declare it to the tax man too as the estate agents let them know
Bril, thanks for all that info. We would definately go through an estate agents too - especially being so far away, the one we had the appointment today with charge 7% (will shop around) a month, not bad at all we didn't think and very affordable, looking at our monthly mortgage payments and what we can rent it out for a month.
Originally Posted by
Jackbox
If you put the house in the hands of a agency, you will have to pay them a fee, and depending on the amount of rent you pay (there will be a cap in your area) you need to make sure the rent covers the mortgage and the agencies fee.
You will need to hold current gas and electricity safety certificates , and any deposit you take will have to go to the deposit protection scheme, an independent body that holds the deposit for the duration the tenancy, it is mandatory to do this and if you don't you can be fined . I cant think off hand, but its around 3/4 times the deposit.
The down side of going with an agency is they wont care if you get bad tenants, they will still claim their money from you, the good side is its hassle free for you.
Thanks Jackbox, the main thing that concerns me about bad tenants is my lovely neighbours and them having to put up with them, i am dreading telling them if we do decide to let it out - they have been such good neighbours to us, they keep their house immaculate and are retired now, so would hate for them to get new neighbours that disturb them daily, but i guess you take that gamble equally if you sell...
I'm not 'attached' to this house, i never did fall in love with it and always knew we'd only be here a few years (never imagined having children here and here we are!) so it doesn't worry me too much about it not being 'looked after', with our two hairy dogs, i think any tenant would keep it in better nick than we have
We've just had it redecorated for the baby's arrival and oh my goodness, when I got up close to some corners once the furniture was moved out...
. 'Trashed' though wouldn't be good so will look into cover.
Originally Posted by
Moobli
I have only ever rented and not been a landlord ... but just wanted to say great news about a possible job in Scotland
Whereabouts?????
Thanks Kirsty
I went for a scan at the hospital yesterday (as they thought baby was still breech so near the end -he's not btw!) and Paul got the phonecall halfway through and we were both just buzzing with excitement!
Paul's only been told the sites are "Around Glasgow" so far, he's getting the list of sites later this week, they will be VERY spread out I imagine, i reackon from the border as high up as possibly Perthshire, as east as Dundee and as West as there is judging by the sites he works between in the 'north-west' now, they go as far down as Stroud, as far west as Liverpool and as far east as Pontefract
so it'll always be a huge area - a bonus when deciding where to live - pretty much anywhere inbetween them! I do know there is definately one site in East Kilbride lol.
Originally Posted by
Jackbox
Just another tip, before you rent it out, go round with a camera/video and record the condition of everything, appliances, carpets decoration, this all helps in the vent of a dispute,
I would also make stipulations , no DIY or the like, but then that's what your deposit is for, if you have to redo what they have done, you will have the proof (camera/video) to support your case.
That is a FANTASTIC tip, thankyou xx
Oh Losos that's awful isn't it - god makes you realise the responsibility, and risk! If we do it, we're going to make sure we do it right, cover everything.