sueelward Posted May 11, 2007 Report Share Posted May 11, 2007 I own a newly refurbished 4 bed detached house in Swansea that I either intend to sell or let. I am sort of in favour of letting as I like the house and would like to keep it as a long term investment. Can some of you seasoned landlords give me some advice? I have heard horror stories about tenants. Would it be easier to let the house to sharers but if so, are they a higher risk than families? If the house is in 'new' condition are tenants more likely to look after it? Is there much call for 4 bed family homes in the rental arena? Should I allow pets? Should I employ an Agent to advertise it or does internet advertising work? Help! Link to comment Share on other sites More sharing options...
stephanie Posted May 11, 2007 Report Share Posted May 11, 2007 My opinion is that a family would be a better bet than people sharing. Problem with sharers could be that everyone thinks it's someone else's responsibility. I wouldn't have pets, they make a house smell. As regards an agent, I'm with an agent, but wouldn't again. They are expensive but don't do that much for their money. If you have the time you can do it yourself. My problem was no time to show tenants round and sort out references. If that's not too much of a problem do it yourself. There's loads of advice going on how to let through using the internet. This is an excellent source of information. Good luck. Scoobie Link to comment Share on other sites More sharing options...
landlordsdirect Posted May 12, 2007 Report Share Posted May 12, 2007 Hi suzi, as this is your first time I would say go via an agent. they do more than advertise. I dont use them myself, but without one you may find your self on the wrong side of tenancy laws, some of the penalty will see you in prison and not worth the risk. The responibility still rests on you even if you appoint an agent, its just less likely that you will find yourself in trouble. A family let is in my experience let work than sharing, but you will generally get less rent. My advise is to find a recommended agent from landlords you know or tust. Join a national and local landlord association learn how to deal correctly with your lettings and when you feel confident lose the agent. You need to forget about your lovely home if you intend to rent it out. You need to see it as a tool, and one which you will use to achieve very good potential capital growth and in the mean time could generate in income for minimal effort. Do it! Regards G Link to comment Share on other sites More sharing options...
Trenners Posted May 12, 2007 Report Share Posted May 12, 2007 Hi suze, I totally agree with landlordsdirect - you must detach yourself from the property. Buy-to-let is just like a game of Monopoly - you have a "green" 4 bedroom detached house on a square and every month the tenant lands on the square and pays you rent. As long as the tenant pays you rent and looks after your property - everything should be fine. I also agree that a family will take better care of your property than "sharers" but the demand for 4 bed properties is much less than the demand for 1 or 2 bed properties. Another thought, to maximize rental income is for you to rent out 5 rooms (4 beds + the dining room) to 5 individuals .... Good luck with your venture .... Mark Link to comment Share on other sites More sharing options...
laverda Posted May 13, 2007 Report Share Posted May 13, 2007 be carefull if you go down the sharers or letting out seperate rooms route as there are different rules for this as it may be classed as a house in multiple occupation and legaly has to be registered wth local council. Also you would have to have fire protection and alterations done to comply with rules also council tax issues to name a few I would advise doing a lot of research into tenancy law etc and let out to a family to start withas a first time landlord get a good tenancy agreement and would advise you use a good agent as there are many pit falls that can arise if you get it wrong when you have got some experience you can then easily do it yourself Link to comment Share on other sites More sharing options...
sueelward Posted May 13, 2007 Author Report Share Posted May 13, 2007 Thank you very much for all your helpful comments! particularly the bit about detaching myself from my nice house..... I suppose this means the new carpets etc as well..... Right - I am off to check out Agents tomorrow and will keep you posted Link to comment Share on other sites More sharing options...
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