My fiance and I are getting married next year and as he is in the RAF, we will be getting some married quarters, which will help us save money for when he leaves in years to come. Currently we own a house in Leics, which I live in all week alone, and he is based at High Wycombe and comes home at weekends. We have 2 choices. We can rent the house we own now through an agency, which would mean we could save money and stay on the housing market or we could sell and save any money we have. He is signed up for the next few years and wants to continue in the RAF beyond that. We are just worried that we are too young and niave, we're 25, to be renting our house. Are we too young and will we be taken for a ride? Any advice would be appreciated.
2007-07-10 00:13:30 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Hang on to it,it is an investment for the future.Find a local reliable letting agent and take out an insurance to cover periods when the house may be un tenanted etc.Once you are out of the property market,it is very hard to get back in.Make a lot of conditions of rental to attract a better type of tenant.For example;- No smokers,No animals,No anti social behaviour,no rubbish etc in garden. Let it unfurnished as your own may get ruined and anything electrical you will be responsible for if they go wrong.Good luck with your marriage and future.
2007-07-10 06:02:36 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Don't sell your house and get off the property ladder. WIth married quarters you will be in an excellent position to save for the future, with an additional rental income. Renting out your house is not as bad as it sounds, trust me, I have done it. Make sure the place is tidy and presentable (it makes sense to leave it as a furnished let, but don't leave all your personal stuff, just minimal furniture is usually fine - there are legal reasons for this as unfurnished tenants have more rights. Get reputable local agents round to give you an idea of how much rental you should get. The easiest thing to do is pay them a fee to get a decent tenant in (they take up personal and financial references). Make sure you get "decent" tenants - you are within your rights not to accept someone who you don't think will be able to pay for example. Some agencies then offer to manage the tenancy for you - this probably won't be necessary and will cost you a further fee as a proportion of the rent. Just agree to the agency dealing with the initial let and preparing a standard form of limited assured shorthold tenancy agreement. That means that the tenant is assured of 6 months, which is then extendable in yearly periods, with a notice period after the first 6 months of (usually) somewhere between 1 and 3 months. 3 months would be better for you because it would give you more time to find another tenant if the first one gave notice.
Any soft furnishings you leave must be fire retardant (if you bought them recently, it shouldn't be a problem)
Finally, new legislation came in recently which means that the tenants' deposit (which is held against damage to the property) is held in an independent account, called an escrow account, which can only be released to them at the end of the tenancy if you BOTH agree on the amount due to them. This is in both your interests and is generally seen as a positive thing. You are not too young to do this - just make sure you get good advice - you can also involve a solicitor if you would like to make things watertight. Go with your instincts and only rent to people in employment with good references, and you should be fine. Good luck, with it all :)
2007-07-10 00:35:38 · answer #2 · answered by Miss Behavin 5 · 0⤊ 0⤋
Whatever you do keep your house!! Use an agency to rent it as this offers you the most protection. We were in the RAF and did not buy our own home when we had the chance. This was a mistake as we found out when we left and had to get onto the property ladder. Prices had increased far beyond inflation from when we had the opportunity to purchase our first home. Even if you never live in your house again at least you can sell it when you leave the RAF and it will be earning income and increasing in value whilst you are serving.
2007-07-10 00:34:54 · answer #3 · answered by witchnanny 4 · 1⤊ 1⤋
The trouble with tenants is that you might get ones from hell who would wreck your home and leave you with massive repair bills. On the other hand you might have the perfect tenants who treat your home with respect. If you sell you get cash instantly, if you rent you'll get small amounts that will take a while to build up. And if you rent your house you will also be responsible for repairs and they could potentially eat away at your savings. If you're going into married quarters anyway maybe it's best to sell your house and add a nice lump sum to your savings?
2007-07-10 00:54:20 · answer #4 · answered by ♥ Divine ♥ 6 · 0⤊ 0⤋
I'd turn it over to an Estate Agent who handles property management. I served in the US Air Force for over 21 years and acquired a number of properties in the US and UK over the years. As I moved on to new postings I let out the home that I had purchased and then purchased a new one at the new posting most of the time. When I took my pension 10 years ago I had a substantial real estate portfolio that has enabled me to enjoy a much higher lifestyle than I would have otherwise.
I've sold off my holdings and moved on to other less stressful investments, but I'm very glad that I hung on to the properties that I purchased throughout my career. It's a simple way for the common bloke to amass a tidy bit of scratch!
All the best!
2007-07-10 02:10:34 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I have no idea whether it's better to rent the place out or to take your equity and stick it in a high interest savings account. But I do have some advice on your last point:
If you do decide to let the property, I would recommend doing it through a big agency (most high street estate agents have a lettings department). That way you won't get quite as much money as you would from letting it yourself, but you absolve yourself of any responsibility, and won't get taken for a ride.
2007-07-10 00:27:58 · answer #6 · answered by Steve-Bob 4 · 0⤊ 1⤋
I dont' think youth has anything to do with it, get clued up (there are lots of laws about what you have to do but they are easy to get hold of) but DO NOT get off the property ladder, it's soooo difficult to get on it now, imagine how it will be in 2 years!!
if you want to rent but are worried then use an agency, shop around for who takes what commission and what they do for that money
Getting off the property ladder really would be a mistake in my opinion
2007-07-10 00:18:18 · answer #7 · answered by Jody W 4 · 1⤊ 0⤋
Goodnight, lovely<3
2016-05-22 04:35:07 · answer #8 · answered by lorie 3 · 0⤊ 0⤋