First time landlord... What have I forgotten?

[ILoveMondeo]

Well, I've finally bitten the bullet and with a fair wind I'll have my current house on the market to rent in January/February.

I'm pretty sure I'm solid with all the rules and regs, Home Insurance and Boiler cover / servicing moving to landlord policies next month (including gas safety cert with the service in early Jan)

Need to get the white goods tested and electrical safety certificate.

Agent will take care of all the contracts and stuff.

Mortgage sorted.

And other than that, I think I'm good to go.

What humongous oversight have I made / What have I forgotten?

Cheers

[TVR keith]

Photograph everything

[Countdown]

Got your EPC?

https://www.gov.uk/government/publications/energy-...

[BoRED S2upid]

Countdown said:

Got your EPC?

https://www.gov.uk/government/publications/energy-...

Agent will probably sort that.

Couple of smoke alarms? Not a requirement but good to have.

Insurance? Landlord insurance covers stuff like public liability.

[Countdown]

BoRED S2upid said:

Agent will probably sort that.

Agent will sort whatever you want, but will charge accordingly.

Mine asked for £65 for EPC. You can get them for £37

[anonymous-user]

If not already, register for self assessment with HMRC and ensure you keep good records of all your income and expenditure.

[Hainey]

Make sure you actively follow up on their references, don't just leave it to your agent.

That means finding them on Facebook and seeing if those references are actually just their mates etc. Also. the advice on photographs, so so true, photograph EVERYTHING as it can dig you out of a hole. It has me, more than once.

Good luck.

[ILoveMondeo]

Thanks, I forgot EPC... will get one sorted next week.

Photo session ... Check! Will be doing this after we've moved out and given it a good clean and a lick of fresh paint in one of the bedrooms>

Smoke and CO alarms ... Check! Two Smokies and one CO Alarm.

Insurance ... Check! (with public liability to 2-mill, was amazingly cheap actually, very surprised)

Self Assessment ... Check! (been self employed for years and years, so have very good accountant)

References ... Check! Will be doing Internet checks, speaking to employers, etc, same as we do for potential employees at work. Will be "no social", but fine with kids and pets.

Edited by ILoveMondeo on Friday 28th November 10:53

[Countdown]

Have you considered "Rent Guarantee" insurance?

http://www.simplerentguarantee.co.uk/

[ILoveMondeo]

Hainey said:

Good luck.

Thank you!

[ILoveMondeo]

Countdown said:

Have you considered "Rent Guarantee" insurance?

http://www.simplerentguarantee.co.uk/

It's on the maybe list.... I think I'm going to chance it without at first, will be a ball ache to lose out on rent, but at the same time I'm able to cover the mortgage comfortably if the worst should happen (or is that the inevitable??)...

It'll also be a strict "no scumbag" vetting policy on tenants, I'd rather let it for £200-300pcm less to a decent person/couple/family than a scummer, or someone I have the slightest hint of concern about, or for that matter just have it empty than run the risk of court/etc... cant be bothered with that. (maybe I'm being optimistic here, but I'm hopeful.... everyone I know who rents houses has had the place trashed, tenants skip out on rent, had to force eviction, or the best, had a weed farm)

Got a very friendly neighbour who will be keeping a close eye on tenants too, she's had nightmare tenants next door before, so she's going to call me at the slightest hint of any bother.

[Maty]

ILoveMondeo said:

It's on the maybe list.... I think I'm going to chance it without at first, will be a ball ache to lose out on rent, but at the same time I'm able to cover the mortgage comfortably if the worst should happen (or is that the inevitable??)...

It'll also be a strict "no scumbag" vetting policy on tenants, I'd rather let it for £200-300pcm less to a decent person/couple/family than a scummer, or someone I have the slightest hint of concern about, or for that matter just have it empty than run the risk of court/etc... cant be bothered with that. (maybe I'm being optimistic here, but I'm hopeful.... everyone I know who rents houses has had the place trashed, tenants skip out on rent, had to force eviction, or the best, had a weed farm)

Got a very friendly neighbour who will be keeping a close eye on tenants too, she's had nightmare tenants next door before, so she's going to call me at the slightest hint of any bother.

Don't bank on being able to filter out the scum bags. As a family we have a share in 7 houses and some of the tenants we've had where we thought they would be really good have actually turned out to be the worst, including the working family/decent/friendly types. Don't discount DSS either. We have found that yes some of them are a complete nightmare but others we have in have been in since day one, get their rent every month off the DSS and pay us straightaway, they look after the houses and have been great tenants.

Also, why are you paying an agent to do something you could do yourself?

Ok so we have a little experience of it through the FiL but last year we took the step ourselves and rented our own 'first' property out. I've became the landlord, did everything you've already covered above and interviewed the tenants myself. The first one (DSS, single girl about 25 on her own with a little one), fantastic tenant, paid her rent a few days early every month and the only issue we had was that the house was a little 'grubby' when she left but no damage. She was in for a year. Second tenant, woman on her own with little one and DSS again is shaping up to be exactly the same.

I'm under no illusions that we will eventually get a bad one but the way I've looked at it is my mortgage has been paid for me by someone the last year and I've had to do very few repairs.

[ILoveMondeo]

Maty said:

Also, why are you paying an agent to do something you could do yourself?

Understood about scum filtering, I'm sure I'll get good'uns and Bad'uns...

Don't have any time what-so-ever for viewings etc.. 70-hours a week at work put paid to that, unless people want to view at 9pm when I get home, or at 5am before I leave for work!

[Spudler]

ILoveMondeo said:

Need to get the white goods tested

Bad move supplying white goods.

Only supply the three 'Cs', carpets, cooker and curtains.

[ILoveMondeo]

Spudler said:

Bad move supplying white goods.

Only supply the three 'Cs', carpets, cooker and curtains.

Understood, dishwasher is integrated, so cant really whip that away, no skin of my nose to nab the fridge/freezer and washing machine when we move.

I guess this is just a pain keeping the things working?

[Sir Bagalot]

ILoveMondeo said:

Spudler said:

Bad move supplying white goods.

Only supply the three 'Cs', carpets, cooker and curtains.

Understood, dishwasher is integrated, so cant really whip that away, no skin of my nose to nab the fridge/freezer and washing machine when we move.

I guess this is just a pain keeping the things working?

Never heard the 3 C's rule before but agree. Some houses you have to supply white goods, personally I agree with trying to avoid it. If you supply it then you have to fix it. I know someone who goes through a washing machine every two years because she buys cheap and overloads it.

In your first post you say your house.... Is this your present home? If so then things are a bit harder as you have to emotionally detach yourself from it in case you get stty tenants and they cause damage.

Best of luck.

[DB7 pilot]

I have a few houses too and have rented them all out privately for 15 years or so. All the advice on here is sound. Most white goods I do supply and will continue to do so, these are the washing machine and fridge freezer. Oven and hob are integral in worktop and base units and are a doddle to replace.

I've found that a mid market fridge freezer is the most reliable item, I've not replaced one in about six years. The washing machine I view as a disposable item and replace with an Argos special or BEKO, cheapest available. I've had a few ex-display models with a dent or missing instructions (which are all available over internet).Some don't let with white goods, I just find it greases the wheels of attracting potential (better quality) tenants if there isn't a gaping hole in the kichen when showing them round.

The lifespan of the washing machine works out at two and half years per property over five properties over ten years. Nowadays High Street suppliers will install the new one and remove the old item for a tenner extra. Don't attempt to repair them, they will fail inside the following six months. As you're going with an agent anything you ask them to do will incur costs, even the most elementary things, I think that's why I could never go with them.

As a first timer using an agent is probably the way to go. There'll be a few things to learn, both with the tenant and the agent so the first year will be an eye opener, after that you may consider letting it yourself. It is worth doing, if you're localish to your property and you can spare a couple of hours a month for the admin, cleaning the odd gutter or driving round to replace a set of keys left in a taxi at midnight (doesn't happen that often), it will save you the agent's costs, you're also going to be able to spot problems earlier and action them before they start costing. It isn't trouble free, but it's your property, who better to handle it than you? All IMHO of course.

[Rhodr1]

Some good tips above. Don't forget to notify your council that you are going to be vacating the property, and it's going to be empty until you find a tenant. Pointless you forking out for council tax whilst the property is vacant.

[contractor]

compare your agent fees with u-pad. I used u-pad and it was ever-so-easy.

[ILoveMondeo]

Sir Bagalot said:

In your first post you say your house.... Is this your present home? If so then things are a bit harder as you have to emotionally detach yourself from it in case you get stty tenants and they cause damage.

Best of luck.

Yeah, present home, only been there 3 years and not emotionally attached, it was a cheap house to buy into the area and see if we liked it, needed very little work, etc..

Thanks!