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Becoming Landlords, it's a possibility!

Sunday, 8 July 2018

Way back in 2005, my then Boyfriend and I started discussing living together. He already had a council flat but we quickly decided that we wanted to get on the property ladder and buy our own house. By 2006 we had a mortgage on our first terraced home and after a proposal on our first Christmas Eve, a wedding to start planning. Exciting!

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We have now lived in our little terraced street in the small village we both grew up in for almost 12 years - where does time go? While most of the properties in the street are lived in by their owners, we also have a few private rental properties all of which are owned by the same Landlord.

Luckily he is very approachable and helpful when we have had any questions or issues about our neighbours - for example when we first moved in we discovered next door liked to party all night, every night! Thankfully he quickly let us know that due to this and many other issues, they were already in the process of removing them from the property. That is the only issue we have ever had and thought he must have changed his outlook on tenants after having to evict those ones.

Recently he popped round to let us know that he is in fact retiring and selling one of his properties in the street - next door - for way below market price as it needs a lot of work  doing. Suddenly we started discussing the possibility of taking it on to let out ourselves eeek!

We have been for a viewing and noted that a lot of the work required is cosmetic like modernising the dated kitchen and taking out the avocado green bathroom suite. While not a small job, it doesn't require any building work so costs can be kept down by doing the work ourselves and roping in family members in the trade. Once that work had been completed we would need to decorate and decide how furnished we would like the property to be depending on demand, decisions decisions!

One thing we do not need to discuss is using HomeLet. They provide referencing including a credit check, speaking to employers (to verify income), and contact the prospective tenants previous landlord for a reference, giving peace of mind that our property would be safe.

HomeLet also offer rent guarantee and buildings Insurance which automatically covers you for up to £500,000. Peace of mind indeed

We would also need to set up a deposit scheme to protect both us and the tenant, all things that need looking into before a final decision is made but it is definitely something we would like to do.

Do you have any experience as a Landlord? Any tips or pointers would be gratefully received!