Forum Home Search Login Register
+  Landlord Forum
|-+  General Category
| |-+  Landlord Advice & Help
| | |-+  Renting Guidience?

Renting Guidience?

Pages: [1]
Print
Author Topic: Renting Guidience?  (Read 107 times)
Newbie
Posts: 3

I like property

« on: November 04, 2020, 12:06:17 PM »

Hello everybody I'm new on here and this is my first post.

I have a 3 bedroom house wich I want to let out individual rooms. But really dont no how it all works I mean how do I pay the electric,gas,water and council tax. Could someone on here give me some advice please? when i say electric gas water how do i keep an controll on everything

Thanks
Global Moderator
Hero Member
Posts: 3723

I like lots of things

« Reply #1 on: November 04, 2020, 12:41:22 PM »

I know some people suffer from medical conditions that don't allow them to spell correctly, but this is a serious question back to you... because it's also clear that there are many successful business people out there who haven't had an education or anything like that... but, with your spelling - is that a condition you have or a general lack of any care or attention-to-detail? I want to seriously ask you this because it has a bearing on responses here... which is it? Being a Landlord, especially of something like a HMO, is fraught with administration tasks and things that you must keep on top of to remain legal, and to keep your Tenants safe... are you up to it?

You sound ill-prepared at this moment (this is the only insight we have into you)... and even though you may want to do this... you could easily get yourself into trouble and end up wishing you hadn't.
Newbie
Posts: 3

I like property

« Reply #2 on: November 04, 2020, 01:16:50 PM »

I know some people suffer from medical conditions that don't allow them to spell correctly, but this is a serious question back to you... because it's also clear that there are many successful business people out there who haven't had an education or anything like that... but, with your spelling - is that a condition you have or a general lack of any care or attention-to-detail? I want to seriously ask you this because it has a bearing on responses here... which is it? Being a Landlord, especially of something like a HMO, is fraught with administration tasks and things that you must keep on top of to remain legal, and to keep your Tenants safe... are you up to it?

You sound ill-prepared at this moment (this is the only insight we have into you)... and even though you may want to do this... you could easily get yourself into trouble and end up wishing you hadn't.

No i dont have any special conditione. But my education was very limited when growing up in Afghanistan.
Global Moderator
Hero Member
Posts: 1025

I like property

« Reply #3 on: November 04, 2020, 02:21:58 PM »

I have been a landlord for a long time,and have a good command of my native language.I would be way too scared of all the complications involved in an HMO.Even letting your house out to one family would involve a lot of legislation to follow.Really,you could so easily get into trouble and lose a lot of money.If you still want to do this,I would strongly advise you to take a reputable course online before you event think about it.Whatever you do,never let rooms to friends or family.Good luck.
Global Moderator
Hero Member
Posts: 3723

I like lots of things

« Reply #4 on: November 04, 2020, 02:22:52 PM »

OK, that's good... you're going to need to do some proper research and find out whether this is for you. Please be prepared to learn it might not be because it's not as fruitful as many people believe. You have many expenses, many administration tasks (none of which are free) and plenty of tax to pay. Start off by looking around at other properties in your area where there is a room to rent... then try to find out how much the Landlord is getting. Then you can multiply that out by three, for you, and take a run at guessing your expenses... be prepared to require some modifications to the property... possibly locks on doors, fire safety, maybe even utility meter work if you are thinking along those lines... but I'd try to keep it simple.

What you could do is invite an Agent around to crib from... they'll not tell you all their secrets, but they may be able to set your expectations regarding possible returns and actions you need to take before you can let it out. You don't have to use the Agent... but you can learn from them by being friendly and listening carefully, after asking the right questions.

Last thought... why not let it out in the simplest way at first... to a family or a couple..? HMO territory is a lot more complicated. Yes, there are rewards to be had. But is the property better suited for a family? Are you thinking along the lines of individual rooms because the property is more suited to that, or because you think it will make you the most money? What's your driver?
Newbie
Posts: 29

I like property

« Reply #5 on: November 04, 2020, 04:42:41 PM »

Join the NRLA and do their key distance learning course before you let the property.
Newbie
Posts: 3

I like property

« Reply #6 on: November 04, 2020, 11:10:51 PM »

OK, that's good... you're going to need to do some proper research and find out whether this is for you. Please be prepared to learn it might not be because it's not as fruitful as many people believe. You have many expenses, many administration tasks (none of which are free) and plenty of tax to pay. Start off by looking around at other properties in your area where there is a room to rent... then try to find out how much the Landlord is getting. Then you can multiply that out by three, for you, and take a run at guessing your expenses... be prepared to require some modifications to the property... possibly locks on doors, fire safety, maybe even utility meter work if you are thinking along those lines... but I'd try to keep it simple.

What you could do is invite an Agent around to crib from... they'll not tell you all their secrets, but they may be able to set your expectations regarding possible returns and actions you need to take before you can let it out. You don't have to use the Agent... but you can learn from them by being friendly and listening carefully, after asking the right questions.

Last thought... why not let it out in the simplest way at first... to a family or a couple..? HMO territory is a lot more complicated. Yes, there are rewards to be had. But is the property better suited for a family? Are you thinking along the lines of individual rooms because the property is more suited to that, or because you think it will make you the most money? What's your driver?

So have done some homework 3 bedrooms let at 100pw each monthly income 1200

minus

35 monthly Landlord insurance
130 monthy council tax
13 monthly Tv license
20 monthly broadband
40 monthly Electricity estimate
40 monthy Gas estimate
35 monthly water estimate

leaving me with 887

i have looked at rightmove and zoopla and simlar propertys to mine are going for 750 a month as a whole house so i will be making an extra 170 odd a month by renting rooms.


Global Moderator
Hero Member
Posts: 3723

I like lots of things

« Reply #7 on: November 05, 2020, 12:01:55 AM »

EICR? GSC? Marketing? Remedial work? Smoke alarms? Keys? EPC? Any HMO Licence? Repair budget?

You sound like a recipe for disaster to me, I will watch your career with interest...
Global Moderator
Hero Member
Posts: 1025

I like property

« Reply #8 on: November 05, 2020, 10:10:46 AM »

That extra 170 a month will quickly reduce if you get void periods,arrears,repairs etc.You do realise you will owe income tax if you have other paid work?  And then there is the aggravation that comes from people sharing a house. A family would be more likely to look after your property,and they could settle in long-term.If you are hoping to make a quick buck you will be very  disappointed.Property is investing in the future. Really,think again.
Pages: [1]
Print