Laura Posted September 12, 2007 Posted September 12, 2007 Hi, my parents have a property in Leicester (near the Audi garage) and they rent it out through a Housing Association. They signed a contract for a set amount of time in which the association is required to pay them the rent even if the property is empty. The association also looks after the maintenance of the house up to the standard they received it (parents did it up before renting), the only thing they don't maintain is the boiler. They split the property into two non furnished flats (apart from fitted wardrobes and things like that) with two bedrooms in each and get just under 1k a month in rent. You have lots of really useful replies already, just thought I would join in with what I know! Laura
Ladders Posted September 12, 2007 Author Posted September 12, 2007 You have lots of really useful replies already, just thought I would join in with what I know! Laura Yep, thanks for your help everyone! certainley pointed me in the right direction! Dave
zaker Posted September 12, 2007 Posted September 12, 2007 I have a couple of terraced houses that i let out part furnished ie carpets and curtains only. Started out fully furnished ten years ago but most of it got wrecked (although it was only mfi stuff which never lasts long anyway) I have had tennants in work, on dss, at the moment on dss and rent paid directly to myself via housing benefit , i dont go through an agent but tbh if i lived a few miles away i would they seem to take around 10- 15%. Could go on and on but you allready have good advice.... pm me if you want a chat. Good luck !!
Howard Posted September 12, 2007 Posted September 12, 2007 I'll do you a NICEIC BS7671: 1994 electrical test for a beer or two and a bag of chips. Edited to add chips.
Whiz Posted September 12, 2007 Posted September 12, 2007 Just another thought to throw in the pot! If you rent it out you will always have somewhere to come back to if, unfortunately, things didn't work out. You never know what's round the corner...If you sell, you've burned all your bridges, yes your money will be earning interest but will you have to spend that renting somewhere to live while you look for another property to buy. Even though you'll be in a good buying position, completion will take at least 6 weeks!! Alison
Ladders Posted September 12, 2007 Author Posted September 12, 2007 I'll do you a NICEIC BS7671: 1994 electrical test for a beer or two and a bag of chips.Edited to add chips.Cheers! Just another thought to throw in the pot! If you rent it out you will always have somewhere to come back to if, unfortunately, things didn't work out. You never know what's round the corner...If you sell, you've burned all your bridges, yes your money will be earning interest but will you have to spend that renting somewhere to live while you look for another property to buy. Even though you'll be in a good buying position, completion will take at least 6 weeks!!Alison Had crossed my mind!
Speedster Posted September 12, 2007 Posted September 12, 2007 Just another thing you may need to think about, you will need to contact your mortgage provider to let them know you are renting the property out as you have probably got a residential mortgage. If you are looking to rent out for a long period of time you may need to convert your mortgage to a buy to let dependant on who your mortgage is with.
Stumason10 Posted September 12, 2007 Posted September 12, 2007 Hi Ladders, a mate runs the largest letting agency in Derby:- Pro Lettings. Give them a bell and I am sure they can recommend an equivalent in Nottingham... Stu
kimbo Posted September 12, 2007 Posted September 12, 2007 I'll do you a NICEIC BS7671: 1994 electrical test for a beer or two and a bag of chips. Edited to add chips. There you are told you Dave ........ MLOC to the rescue again!! Howard ..... does 2k sound about right for a total house rewire on a small 2 bed terrace (incl chasing and consumer unit and VAT) sound about right? kim
Howard Posted September 13, 2007 Posted September 13, 2007 I'll do you a NICEIC BS7671: 1994 electrical test for a beer or two and a bag of chips. Edited to add chips. There you are told you Dave ........ MLOC to the rescue again!! Howard ..... does 2k sound about right for a total house rewire on a small 2 bed terrace (incl chasing and consumer unit and VAT) sound about right? kim Very reasonable. dont forget to get the certificates and Part P registration and insurance warrenty, I know a builder who did his own rewire, no paper work, I'm having to redo the works.
fentuz Posted September 16, 2007 Posted September 16, 2007 When my parent decided to rent their flat in center of Paris, they worked out - monthly mortgage, - Building charges, - maintainance cost, - Insurance - And a little benefit... then they had a look at average prices in the area... Dave, where are you going? or might go?
Ladders Posted September 17, 2007 Author Posted September 17, 2007 Dave, where are you going? or might go? Bill, thinking Surrey/somewhere my G/F can commute to London.
fentuz Posted September 17, 2007 Posted September 17, 2007 Bill, thinking Surrey/somewhere my G/F can commute to London. We're both in the same boat... I'm looking for something there and for the same reasons...
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