Just wondering if anybody had any advice for me. Would it be better to do it myself or let an estate agents manage the property. What would be the pros and cons of doing either?
Very important you vet the tenants yourself how you rent depends on the cost of the agent it's ok taking the money and you been happy but the neighbours may not like your tenants. Please check them out your self or get tenants you know personally
most managing agent's will ask about 10%+vat (shop around), so up 2u if you think its worth it, you will need to draw up a contract, you have to inform your insurance.mortgage companies etc and have gas safety certificate etc.
Check with other people who use the agents to manage their property. Many agents do absolutely sod all, apart from take your cash. If you're willing to be hands on when it comes to arranging repairs etc and you don't live too far away, then manage it yourself. Just let the agents do the search, references etc. If you don't want the hassle, go for a managed contract but make sure the service is good
Like other have said, 'if you can be arsed, do it yourself'..estate agents are nothing more than a pack of hyenas..
do it yourself. it's a pretty easy thing to manage. 90% of the time, residential agents will do sweet fa for their money. just make sure you get good tenants, the house is set up (gas safety, check boiler/heat apps etc) and you will have very little to do after that bar manage wear and tear. depending on the market you're in, go unfurnished as well - far less hassle. i've managed my own from overseas for last 7 years and only problems came with rushing in the first set of tenants. i vetted all others and met them and they take responsibility, which significantly reduces the work/stress you need to put in.
Make sure you state that your past electricity bills have been unusually high due to your interest in DIY horticulture which may have an effect on estimated utility bills.
My young un couldn't sell their flat in Surrey when he had to move for work so they rented it out using one of these management companies. When the tenant left after 15months they had about 6 viewings to rent it again and could not understand why people were not interested so he got a couple that they knew down there to arrange a viewing with the "management" company. Afterwards his mate phoned him to tell him that the flat was f***ing wrecked - the tw*t that was in had ripped out all of satallite cabling to put his own in - drilled holes in the UPVC window frame, kitchen cupboards doors hanging off, tab burns in the carpets {of a non smoking rental} and these all had to be replaced - well you probably get my drift. The "management" company were supposed to check the property every three months - when our young un pointed out the carpet burns they said there was too much rubbish on the carpet for them to notice them - these "management" companies are leeches stay away from them
Let this be a lesson to the op.. I fooking hate estate agents, (sorry id you are one, but your chosen profession sucks). Vultures, the lot of them....
Hmmm, great advice thanks. I like to get as much opinion as I can before I ever do anything and not just yourselves but the majority have all advised me to keep away from the estate agents and manage it myself. The only problem is, im not a hands on guy as such and need to find myself a handy man who would be cheapish or it could become quite expensive for me to pay professional workmen. The property is in very good nick though.
Harps back to what has been said then mate... Do your homework, check out any potential tenants, don't be shy in telling people to get ****ed, it's your property... Groundwork first, no problems...most tenants are good, i have both rented myself, and also rented property out. Keep away from students..
DIY is best if you have the time and the property is close enough to where you live. Just be ready to deal with the tenant calling you every time something breaks down! Collecting the rent in cash yourself is also handy
Most definitely this. Apologies to students on here, but most have no clue about looking after the place they live in. I've been one.
The only thing that no-one has mentioned either is getting a proper tenancy agreement in place - please get one drawn up by a decent lawyer (ought to cost no more than a few hundred quid) because if the agreement is crap then getting the tenant out can be difficult. Clearly not a drama until you want to serve notice to quit but if the agreement is properly done you find yourself in a mess - please please please stay away from the ones you can buy off the shelf on line or from WHSmiths...the documents themselves are OK but you need to follow the instructions exactly and most people don`t... Not touting for work (I do a different type of law altogether) but if you PM me I am sure I can find a firm in your area that is well regarded and won`t take the piss
If you rent private make sure you provide proof that their bond has been entered into a bond scheme. it is the law.
