newbe

[bee]

hi everyone. i want to buy a property oppisite my house and rent it out (is close porximity a good idea) please dont shout NOOOooooo all at once! next Q what do i need to do by law to rent out a house? i know i need to get the electric and gas appliances professionaly checked but how many fire alarms, blankets, extinquishersdo i need.

Do i need to register somewhere to tell someone that the house is been rented?

Im only going to rent out for 6mths, but where for a contract, i know when i rented my landlord got his from WHS and i know i need to do an inventory but what if someone knicks something?

Also what is the going rate for deposits? my friend paid 1 mth up front plus 2mths deposit, is this standard?

i know this is alot of Qs but the house has been offered to us 4000 less than the asking price as they want a quick sale due to the fact that the family is about to double.

thankyou for your time and help, littlebee

[Melboy]

I'll see if I can aswer some of your questions bee. I don't know all the answer's even after 15 years of renting out property!!

1. First of all competition for Tenants is pretty fierce so your property has to be of a high standard otherwise the prospective Tenant will just move onto the next available property. The buy-to-let market is currently flooded with properties as every man and his dog is entering the rental game thinking it is a path to riches...it 'aint. Most Landlords have off-loaded some property to realise a capital gain and actually make some money from the years of having the property.

2. You can download Tenancy Agreements on this very Forum go to the home page and follow the prompts.......I use them all the time.

3. Inform the IR as soon as the property is rented out...they need to know asap.

4. Be prepared for periods when the property will be empty and you are still having to pay mortgage/council tax/gas /electric payments etc. A fact often overlooked!

5. The list of advice is endless so perhaps others on the Forum would like to add their advice.

Mel.