me and my boyfriend want to let our house out to cover the mortgage payments while we live rent-free abroad (relatives). We will be informing our mortgage lender and all the rest of it to keep it all above board.
Just wanted to see if any one has had experience of letting their home out and if they want to share any advice or warn me of anything! We were thinking about leaving stuff ie: washing machine, cooker..possibly bed..maybe most of our stuff that isn't personal to us. Any advice or stories? Thanks
2006-08-21 05:16:52 · 7 answers · asked by Estee 2 in Home & Garden ➔ Other - Home & Garden
Make sure that you do not charge them more than the mortgage payment or you will have to pay taxes on the "income" you will make. Also, main appliances; refridgerator, dishwasher, even washer and dryer is all you need. Unless you advertise as a furnished home and leave more than just your bed.
If your mortgage payments are too high you always have the option to refinance to lower your payments.
Please email me at mmorganloans@yahoo.com if you want to know more about refinancing your mortgage.
2006-08-21 05:28:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Hi we moved abroad a year ago and still rent our home out in the UK - had my reservations as took 3 years to do up and was really "my" home. We had all the rental agencies look around and finally went with one that manages everything for you. We left a list of tradesmen we had confidence in and they have used our list if there was a problem. We also left the house in tip top condition and took pictures of EVERYTHING! I also attended the survey to make sure everything was documented. I have to say leaving cookers etc you will be accountable for their maintenance and they don't add a lot of extra rent for you e.g. we have had to replace an oven door. Our rent was lower than quoted as we got good tenants who were over on a 5 year relocation and contracted that they would stay at least a year and then accept a longer contract - which they have. We went with a comapny called "Surelet" which is relatively small in the Uk and has been very good.
Good luck with your move!
2006-08-21 05:30:24 · answer #2 · answered by |Chris 4 · 0⤊ 0⤋
Many things not in order
take as many possesions out tht you can or they will form part of a inventory that you will have to replace if it goes wrong
ie washer, tv , fridge, mower, bed
check all items have a safety sticker or your liable,
Do not expect the agents to work for you as they are paid by the occupants , they will work hard for them!!!
Take photos of how it looks now
Ask a neighbour to keep an eye out and give a number to reach you.
Be at the transfer so you can mark everything and be very picky
on the inventory.
Get a power of attorney you trust to step in for you
check water electric, gas etc write the readings down.
Ensure carpets or any potential repairs are done before you go.
If you need anything else email.
I have tenants from hell!!!
2006-08-21 05:39:49 · answer #3 · answered by pete 3 · 1⤊ 0⤋
I never heard of "informing a mortgage lender" about anything like that....sounds very strange to me. I don't know a mortgage lender would even agree to that. Plus, anyone renting your home may use it for a marajuana party, and when you come back the home would be in shambles.
The best thing to do is to pay someone to housesit. There are organizations that do that, they check out the person's criminal history and all.
2006-08-21 05:25:35 · answer #4 · answered by sophieb 7 · 0⤊ 0⤋
Any personal stuff store ELSEWHERE. You never know if the tenets are going to be nosey. We stored stuff in an attic space, and the teenagers of the family that rented the house got into it sometime during the year they lived there.
Also - be prepared to fix some wear and tear on the house when you get back - but that's still preferable to the house being unoccipied. Oddly, that can be harder on a house than the rigors of a family living in it.
2006-08-21 05:25:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋
choose your tenants carefully, and I wouldn't advise leaving randoms in your house. They could simply change the locks and stop paying rent and claim squatters rights.
Also anything you leave in the house do not expect to be in working order when you return and be prepared to re-decorate and fix things up. Tenants do not look after stuff because it doesn't belong to them
Also make sure there is someone around to look after the place- if the boiler breaks down, pipes burst, washing machine explodes, whatever, its up to you to sort it out and get it fixed- very difficult from another country.
2006-08-21 05:25:33 · answer #6 · answered by billy 5 · 0⤊ 0⤋
ALOT OF RESPONSIBLE COLLEGE STUDENTS OR MEDICAL STUDENTS WOULD BE MORE THAN HAPPY TO RENT OR LOOK IN YOUR PAPER AND SEE IF ANY ONE IS NEEDING A TEMPORARY [LACE CHECK THEM OUT AND HAVE SOMEONE YOU TRUST TO WATCH OVER THE HOUSE AND REPORT TO YOU IF ANYTHING IS GOING ON BAD OR DAMAGING I WOULD LEAVE THE FURNITURE AND REMOVE PERSONAL ITEMS I SEE NO HARM IN LEAVING DAILY LIFE APPLIANCES BE SURE YOU GET EVERY TING IN WRITING AND A LIST OF EVERYTHING IN THE HOUSE SIGNED BY BOTH IN FRONT OF A NOTARY PUBLIC PLUS A LEASE STATING THE LENGTH OF TIME AND WHEN THAT PERSON OR PERSONS HAVE TO BE OUT ANY DAMAGE OTHER THAN NORMAL DAILY LIVING OR STRUCTURAL THAT IS NOT THEIR FAULT OR ACT OF NATURE
2006-08-21 05:24:48 · answer #7 · answered by jk poet 4 · 0⤊ 0⤋