Rabbit
11th June 2008, 09:35 PM
Just some tips on renting out UK property based on experience.
a) Agree a key contact who will manage your property strategically, if that contact changes you should be informed (otherwise you may have six people involved in managing your property on a tactical event basis with little insight, care or concern).
b) Ensure that you receive a property report quarterly or six monthly.
c) Ensure that as tenants come and go damages are recovered.
d) Agreeing to allow pets, structural changes etc (e.g. satellite wiring, new shelves, phone sockets, lighting etc) should be contractual in terms of putting things back in-order.
e) Where the tenant has kids, and they like to put-up posters, then these should use blue-tack, and rips to wall-paper and the associated costs of redecoration should be at the tenant’s expense.
f) Water leakages (e.g. from showers and bathrooms) should be immediately reported and rectified – to avoid long term or serious damage to ceilings.
g) Where maintenance is required, these should be carried out to an appropriate standard by qualified tradesmen.
h) Where there are damages to carpets and other fittings, liability in terms of cost of replacement.
i) In terms of garden maintenance ensure there is a clear expectation (cutting grass, weeding, tree maintenance etc)
Our experience of our UK letting agent is that they have taken the money and done very little. These agencies have a high staff turn-over and continuity in terms of contact is important.
So be clear up front in terms of expectations. As it may take a full 12 months rental income and several trips back home just to put things right.
A worst down-side may mean to return home for several months just to put things right in-order to sell, thus jeopardising the new life.
In hindsight, rental is no silver-bullet, fraught with liability and risk (Management Company / Tenants) with a negative return, especially in a falling market.
Do not expect future tenants to treat your loving home with equal care and respect (quite sad really).
Unfortunately, tenants from hell do exist, and management companies can be very complacent.
Rabbit.
a) Agree a key contact who will manage your property strategically, if that contact changes you should be informed (otherwise you may have six people involved in managing your property on a tactical event basis with little insight, care or concern).
b) Ensure that you receive a property report quarterly or six monthly.
c) Ensure that as tenants come and go damages are recovered.
d) Agreeing to allow pets, structural changes etc (e.g. satellite wiring, new shelves, phone sockets, lighting etc) should be contractual in terms of putting things back in-order.
e) Where the tenant has kids, and they like to put-up posters, then these should use blue-tack, and rips to wall-paper and the associated costs of redecoration should be at the tenant’s expense.
f) Water leakages (e.g. from showers and bathrooms) should be immediately reported and rectified – to avoid long term or serious damage to ceilings.
g) Where maintenance is required, these should be carried out to an appropriate standard by qualified tradesmen.
h) Where there are damages to carpets and other fittings, liability in terms of cost of replacement.
i) In terms of garden maintenance ensure there is a clear expectation (cutting grass, weeding, tree maintenance etc)
Our experience of our UK letting agent is that they have taken the money and done very little. These agencies have a high staff turn-over and continuity in terms of contact is important.
So be clear up front in terms of expectations. As it may take a full 12 months rental income and several trips back home just to put things right.
A worst down-side may mean to return home for several months just to put things right in-order to sell, thus jeopardising the new life.
In hindsight, rental is no silver-bullet, fraught with liability and risk (Management Company / Tenants) with a negative return, especially in a falling market.
Do not expect future tenants to treat your loving home with equal care and respect (quite sad really).
Unfortunately, tenants from hell do exist, and management companies can be very complacent.
Rabbit.