House Rental?

[gillybean103]

Hi there

Do any of you rent out your house?
We have been offered our dream bungalow to rent for life and we are looking at somehone keeping our house that we own

We have no idea where to start. Does anyone have any experience of this that could help us.

Thanks in advance.

 

[orangio]

Let me get this right... You own a house... but you want to rent a bungalow? Whats the point? your just paying dead money and paying someone else's mortgage when you have your own house to live in.

Contact a local estate agent and they will tell you everything you need to know (Y)

 

[gillybean103]

Nope there is no mortage on the bungalow, and he wants someone to live in it rather than it sit empty so it's going to be minimum rent.

We want to keep our house as an investment and want to know the best way to go about it.

 

[Kaplow]

Move out of your current house and rent that out. Move into the Bungalow and pay the minimum rent. Pocket the profit Thats the ideal situation anyway but as a Landlord myself I know its not as clear cut as that. Theres lots of things to consider and you may not see a return straight away. Just remember that the rent you get will be classed as income which in turn is liable for tax :razz:

I would first speak to a few letting agents and find out how much rent you might get if you rent out your existing house, If thats what you want to do of course.

HTH!

 

[OneTen]

Speak to local estate agents who deal with lettings. They offer a managed service, looking after vetting of potential tenants, rent and maintenance...for a fee of course.

We moved into our dream cottage over two years ago and pay minimal rent because the landlord simply wants it occupied. I'd rather live here and 'throw money away' for the lifestyle it affords than buy my own place on some backstreet, since that's all we could afford on a low income.

For me it's about quality of life, not investment or profit.

 

[MG TF 135]

^^^ Well said. We are the only country in europe obsessed with home ownership. I would much rather rent a place and have a high quality f life than buy and not be able afford things i want.

As for the predicament, well make sure you are gonna make a reasonable profit out of it. It won't be worth the hassle of being a landlord if your only going to make a small amount. I would take the plung though, most of the most worthwhile choices are not the easiest ones.