How to rent out your house

Nicksyb · #1 (**permalink**) 27-05-2008, 20:03

Just a few questions

We are looking to rent out our 1 bed house but have no idea where to start and also if it is going to cost us more money each month on top of the mortgage.

Here is things I know:
Inform the mortgage company, is it best to change the mortgage, we are on a 5 year fixed rate and only 2 years in with Northern Rock.

Insurance of course.

Decorate (I hate it) and fit smoke alarms, do we have to fit an extractor fan for the kitchen as it has no window?

Get a tenant - Looking at having an estate agent do this. But what are the approx costs for this? I know this will vary a lot around the country.

I think that this is going to cost us a lot of money each month, esp as we are also looking to rent elsewhere in the country. :sad1:

tommy · #2 (**permalink**) 27-05-2008, 21:27

Where is your place located Nicky?

Nicksyb · #3 (**permalink**) 27-05-2008, 21:32

Its in Dereham, Norfolk

tommy · #4 (**permalink**) 27-05-2008, 21:40

Where I live the local council are looking for properties to rent for either 3, 5, 10 year terms and they will even pay if no one is renting it, maintain it and that way you know that payments are not going to be late

So your best bet is to get in contact with the council and see if they are looking for properties to rent.

PremierPDS · #5 (**permalink**) 27-05-2008, 21:50

Hi Nicks, firstly, get an estate agent in to give you a rental value- it varies wildy and is dependant on a lot of factors, location being king. The estate agent/ lettings manager will also tell you your legal obligations. I know you have to have all your appliances tested on an annual basis (not sure if this just applies to gas though). For prices, try visiting the websites of the estate agents in your area under the lettings section- this might give you an idea as to what you can expect.

Nicksyb · #6 (**permalink**) 27-05-2008, 21:54

I've been doing a lil research and there is 4 exact houses on my street all up for rent at approx £400 a month, unfortunatly they have been the same ones empty for the last 5 months

I shall contact the council/housing agencies on Thursday.

PremierPDS · #7 (**permalink**) 27-05-2008, 22:04

Oh dear Nicks that doesn't sound good does it? Does your house have any advantages over those others though? I know when I was thinking of renting this place a few years ago they gave me an idea before they came to look at the place and they gave me the same rental value as the other two that were also up for rent in the street at the same time. When they finally came out to view it they gave me a rental value of more than the others because owing to the extension my kitchen is 3 times bigger than the other two properties which they couldn't factor in before seeing it.

Nicksyb · #8 (**permalink**) 27-05-2008, 22:34

It's a box house and you can't really do much to it. I've got to paint it throughout and put new carpets down before it gets rented. I just hope that someone wants to rent it otherwise it will be empty :sad1:

PremierPDS · #9 (**permalink**) 27-05-2008, 22:43

What's the crack with area Nicks, I mean is it desirable? I'm not too familiar with Norfolk! How far is it from the town centre? Is there space for parking? Has your property got anything the others haven't at all? Ask the estate agent but it may also be worth you advertising outside of the area especially if people use your area to commute which is what they do here for Liverpool. We're only about 7 miles away (just a trip through the tunnel) but Wirral is far more desireable than Liverpool as far as property goes!

Fuzzy · #10 (**permalink**) 28-05-2008, 06:13

Fuzzy can give you a contract if you would like ? - save a bit of money