Letting virgin needs advice

[crappilot]

Hi all. Have been looking on forum for the last week as I am about to buy my first house to let. Can all you, been there, done it landlords, provide any advice to help me avoid the possible pitfalls? Should i use a letting agent to begin with or do it myself? The property will be let unfurnished. What do I need to provide eg curtains, fridge etc? Do you include any bills in he rent fee? Looking forward to the reading.

Thanks

Martin

[pugsy]

Firstly, are you getting a good price on the property and do you have a good interest only mortgage with a deal that stacks up? Hopefully that's a yes. Presume you've done your due dilligence on the rental market in the area and are buying in a btl new build ghetto, where there's only one light on at night in a development of 100 units!

My unfurnished units usually include curtains/blinds and white goods. Be prepared to be flexible on this though. No bills in rent, unless it is multi-occupancy. Council tax is exempt for 6 months on unoccupied and unfurnished properties, you need to apply for this, it's a simple email or phone call though.

Obviously your buildings insurance would be a landlord policy. Keep all documents and buy a good property accounting software or use a free online one, to make sure you keep on top of paperwork. Inform tax people and ask for self-assesement property supp. pages for next tax return. Even if you make a loss you must account for it.

Research property tax and law (and evictions, in advance so you can spot the early warning signs of a bad tenant). Maybe use an agent initially to find tenant, do AST, inventory, check in etc. This is quite easy to do next time around if you live local to your property, you could certainly manage them easily if you're close by. If you're not local and also work, then an agent is really the only way to go.

Always do a 6 month AST, you can renew it if need be, do a detailed inventory, including schedule of condition, photo's etc. help in the event of a dispute. Remember, deposits must be protected. Keep researching the forums, because you will learn so much.

[crappilot]

Thanks Pugsey

Have done some back ground work, but the tax and detailed inventory will need to look more in to this. What type of software would you recommend.

Thanks for taking the time to help.

Martin

[pugsy]

I use Landlords Property Tax Manager by Tax Portal, but as your rental business is small right now, you might want to look at Property Hawks free online property manager at [post=http://www.propertyhawk.co.uk/new_template/media/the_landlords_homepage.jpg]Click here.

Hope the link works, otherwise its propertyhawk.co.uk