Are tenants worth the risk?

[Businessman]

I thinking of letting my house out but have heard a few horror stories about tenants trashing the place etc. Obviously I would get references etc but has anyone had any good or bad experiences with tenants?

[Chris]

I would say that most Scots have had a bad experience with Tennants at some time or other. ;)

[skyblueheroes]

Try going with a legit letting company who will vet the prospective tennants and manage work and payments for a percentage of the rent.

[Ramrod]

Rent to someone you know?

[grandmaster]

Rent to someone you know?

You get into the i'll pay you next month routine.....
then it gets ugly

[Nugget]

Rent to someone you know?

Actually, I'd never do that if I could help it. What would you do if they got behind with the rent or, worst case, had to get them evicted?

[punky]

Experiences vary. Our company owns a flat we let out. Some tennants are good, some aren't.

The one thing you have to know if things go wrong, everyone is against you. The government basically weight all support towards the tennant, even if they are at fault. They have all the rights, all the privledges, and as the landlord, you have very little.

Damage isn't a problem so much, depends on what they damage. The standard deposit is 1 month's rent. Not so bad in London, as that'll cover damage to walls etc, but cheaper flats up north could mean you have to chase some money. Any time you go through the courts will mean a lot of time, effort, money, and at the end, you still aren't guaranteed to get the money, even if the court awards it to you.

The thing you have to watch is non-payment, and them becoming legal squatters. They can remain in there, rent free for years. This happens a bit. Our company did manage to get some money from the council on behalf of the tennants, because they were claiming benefits before they became all out squatters, meaning it took almost a year to evict them, before they left, trashing the place and owing a lot. Now, we have a letting agent. Fee's aren't brilliant (10% of the monthly rent, plus an initial signing on fee), but they'll deal with the tennants completely, and that includes a rent insurance scheme. If the tennants don't pay, the letting agent's insurance company will, and recoop the debt themselves.

Its not so bad if you get a good letting agent, but be prepared for some grief if you don't They rarely go perfectly smoothly for us, but they do sometimes.

[Wicked_and_Crazy]

Actually, I'd never do that if I could help it. What would you do if they got behind with the rent or, worst case, had to get them evicted?

you mean people admit to knowing you:D

Renting to someone in the forces or who works in a bank can be useful. I was told that they can be dismissed if they get into rent arrears, not sure how true that is but worth checking out.

[Mike]

Hi

I have a number of properties which I rent out through a housing assocation/local authority. http://www.osla.co.uk/oslaguide.asp Much better than private tenants because the housing association manage it totally. Only pay one week rent per week in management fees. No real problems get paid even if there's no one there !

[Nugget]

you mean people admit to knowing you:D

Of course - who else do you think they come to for witty gags and snappy repartee?

:D

[Aragorn]

Try going with a legit letting company who will vet the prospective tennants and manage work and payments for a percentage of the rent.

I rented out a place a couple of years ago. Never even saw the house. Letting agent was a personal recommendation and he handled everything for a 13.5% cut.

If you can find a good 'recommended' agent then go for it. If you want an easy life, DON'T manage a let yourself!

I was signed up to the RLA (http://www.rla.org.uk/) who have there own forums and meetings.

HTH

[atlantis]

Found this info, it's in PDF format, seems to cover Legal rights for landlords and tenants:

http://www.clsdirect.org.uk/documents/leaflet04e.pdf

[Wicked_and_Crazy]

Of course - who else do you think they come to for witty gags and snappy repartee?

:D

i can think of a few others "Population of the world - 1 " :D

[Nugget]

i can think of a few others "Population of the world - 1 " :D

That's only because no-one wants to share your world :p:

[Angua]

We rented rooms out on a regular basis for years. The rules are somewhat more helpful to those who rent a room in their house rather than separate flats/houses. If possible get them to set up a standing order for the rent and make sure they are in employment, simply because they will be out for most of the day and not using the services.

[Tuftus]

Speaking as a Tenant...

I have known my landlord since I was 13, he is my mates dad, I have rented a property from him for the last 4 years with no problems on either side (not even a rent increase :) ), sure I have maybe not had enough to pay the rent maybe once in the time I have been here with my fiance but I made damn sure it was paid in full the next month.

Never had an inspection, just invited the family over for a bbq each summer and shown them around to let them see what we have done (we have a free reign to decorate as we see fit) and have never had a problem, he always says that we have to live here so we should make it as we like it.

We wanted laminate flooring downstairs, he financed it, we fitted it, after all we benefit as we get what we want and he gets the long term added value to his property.

The moral is, if you do rent out, get tenants like my fiance and I, honest people who are house proud that take a pride in our home. I do not mind spending a few quid here and there, if a tap need replacing etc I replace it as if the place was my own. Why hassle the landlord over a fiver? no need.

Some may disagree with the above but it works for us and we have bever had any problems and look forward to many more years here.