What do we have to provide?

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    What do we have to provide?

    Due to my receiving an inheritance, we are almost certainly going to be in the very fortunate position of buying our new home without selling the old one.

    So, one option is to rent it out.

    It can be unfurnished or partly furnished, as we are downsizing so will have some furniture left over.

    We will be taking our white goods (washer, dishwasher, tumble drier, fridge freezer) with us. However, the fitted hob, oven and integral fridge in the kitchen will stay. The appliances we are taking are in a utility room so don't affect the look of the kitchen at all.

    Do we need to provide a washing machine? Or anything else? Does it make a difference if it is unfurnished or partly furnished as to what we need to provide?

    We do have some experience of renting, but it was to our son and some of his friends and because we were intending to return to it (which we have now done), we just left everything in it.

    There is no mortgage on the property.

    All advice gratefully received.

    #2
    Originally posted by scampicat View Post
    Do we need to provide a washing machine? Or anything else? Does it make a difference if it is unfurnished or partly furnished as to what we need to provide?
    It's entirely up to you - there's no right or wrong answer; the important thing is that prospective tenants know what they are getting so they don't move in and find eg that the property is missing all the white goods that they were expecting wouid stay.

    It would be daft, though, to remove the likes of fitted carpets and curtains, as no tenant is going to want to have to buy new for a short-term tenancy.

    To be honest though, as a relative newbie you have an awful lot of much more important stuff to be concerned about than this: try reading http://forums.moneysavingexpert.com/...29&postcount=7

    Comment


      #3
      As Eric says, leave what you want to, there is no requirement. Just remember what you leave you are responsible for so making a rod for your own back to a degree.

      I hope you can emotionally detach yourself from your old home. I'd imagine it could get quite distressing to see it deteriorate compared to just a property you bought to rent out.
      "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

      What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

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        #4
        Another option is to let the property as fully furnished.

        This will enable you to claim the tax-break for the Wear & Tear Allowance. It is 10% of rental income (net of any landlord expenses usually paid by a tenant). You do not have to actually spend that amount (or any amount) each year.

        The property may also obtain a higher rent than an unfurnished one - your Letting Agent should be able to advise.

        Comment


          #5
          I rent unfurnished.
          There's too much that can go wrong and where I rent, furnished doesn't get much of a premium (other than the 10% tax allowance).

          I find that good renters are attracted to properties with washing machines and dishwashers, but they are prone to be the things that break down easiest and cause most bother to fix.
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

          Comment


            #6
            Dont bother with your proposed plan.

            Sell your old house, put the money in the bank.

            You now have a mortgage freehouse, ( or will have ) which now is in place of renting out the 3 rooms in your older house that you are doing at the moment.

            Sit back in your mortgage free house, enjoy the money from the old house, and have NO hassles with letting, HMO's, council tax, rent loss, knowing that the sale of the old house now means you no longer have the hassles of letting to earn extra money, when the extra money is now in the bank from sale of new house.

            Done, simples, enjoy your hassle free life.
            Forget being a landlord as you will have the extra money, so no need to be a landlord.

            Put all this to your partner and you both would be stupid not to do as above.

            No need to come back with "But where is my son going to live" -- he can either move in with you or rent his own place.

            Comment


              #7
              I agree. Don't get into this game with a single property. Either have ambitions to get more and do this more meaningfully or don't do it at all. Dipping your toe in is no good for you and no good for your Tenants, who will probably end up being a frustration for you.

              What's your other options? Go with one of the others.

              Comment


                #8
                Our son now his now buying his own flat where he lives with his partner, so that is not a problem.

                If my inheritance is of the size I have been led to believe, we will have two mortgage-free houses.

                We were not thinking of letting it as rooms this time, that just suited while we were abroad. We envisage a young family wanting to rent it, possibly someone from our church. I understand they would have to have a proper tenancy agreement and a gas certificate, etc.

                We don't have any carpets, we have either laminate, wooden or tiled floors. We will be leaving curtains . We will also be leaving a woodburner and a brand new summerhoujse that we only put up in 2014, when we thought we were not going to move.

                Thanks everyone for your advice, this is most useful. We'll maybe have a rethink.

                Comment


                  #9
                  Originally posted by Ericthelobster View Post
                  To be honest though, as a relative newbie you have an awful lot of much more important stuff to be concerned about than this: try reading http://forums.moneysavingexpert.com/...29&postcount=7



                  Thanks for the link. I am a prolific poster on Moneysaving Expert (under a different name) and may already have read, or even contributed to, that thread I'll read it now.

                  Comment

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