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

[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

[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.

[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!

[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?

[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!

[ILoveMondeo]

RC1 said:

thought about how to handle the deposit ie custodial vs non custodial scheme etc

Agent will be sorting this for me!

[ILoveMondeo]

dazwalsh said:

Rhodr1 said:

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.

Homeowner still pays the council tax when house is empty.

Yup, which is of course complete bks but that's council tax for you! I think I get a discount when it's empty, on the list to check with the council!

[ILoveMondeo]

Thanks again for all the advice and links!

Looking like the new place needs a lot more work than I had anticipated so may not be moving in until May/June next year now, so gives me loads of breathing space.