View Full Version : Short/Long term let- house share - what do you think?
edayhouse
24-Feb-08, 09:51
Hello
I have a question for you guys....
I am thinking about buying a 3 or 4 bedroom house in Thurso so that i can eventually do B&B however i am not ready for that level of commitment just now and was thinking that initially i could rent out each of the rooms to students at the college or long term lets - i.e. each person gets a room and can use kitchen and bathroom facilities without me actually living there although i would check the house every day and be available for any queries etc.....
However when i have spoke to people about this they have said that there is not really a need in Thurso for this sort of accomodation anymore...what do you guys think?
Was thinking around the £150 mark per room let
Thanks for listening to my ramble!
Would love to hear your views good or bad!!!
The cost of setting up the house as an HMO would take you a while to recoup at that rental level.
i would say there is a market for it there is plenty students looking for accomadation were they can share with there mates but u reallty need to have a proper lease aggreement with the tenents and you would have to have the house at a certain standard for tenenants.
But if i was a tenant i would take a very dim view if the landlord was checking up on me everyday that would wind me up u only really need to inspect the property twice a year and if u dont live in the property u have to give them written notice when u want to view the property u cant just go there anytime u want tenants have rights.
You have to read up in all your rights as a landlord first £150 a month for a room to let is actually quite cheap but i would expect a sitting room as well
the other thing as well u would have to get them to pay there rent directly into another bank account rather than handing u money so then u have record of there payments so if they stop paying u as a some bad tennants do u can prove it and take them to a small claims court
But i would i would say the buy to let market is a lot harder to get into and there is more regulations in it were u have to be clued up on it before u start
the other thing is well what i would say to u is i wouldnt think it would be the kind of thing were its a nice little earner every month i think were u would make your money in that is 5 to 10 year down when u sell the house you will make a very good profit due to the price of the house going up in value
j4bberw0ck
24-Feb-08, 10:58
Edayhouse, there are a fair few potential pitfalls in what you're thinking of. To avoid ending up with tenants you can't evict, see a lawyer about Short Assured Tenancies. To avoid breaking a raft of laws as a landlord, see your local authority about registration and any bye-laws that dictate things like smoke alarms and what-have-you.
brokencross
24-Feb-08, 10:59
Agree with EDDIE you would not get many takers if you said you were going to check the house every day.
My 3 daughters have recently finished the student house/flat experience. In each case it was in the written agreement that the landlord had to give written notice of any intended visit; there was an understanding that the landlord could call unannounced but they were not obliged to let them in to the house. They had to pay a substanial bond before moving in which was repaid at end of tenancy assuming there was no damage or breakages. There was aslo a very comprehensive inventory listing every single bit of fixtures and fittings. Their rent was in the region of £54 per week for each person in house, gas electricity water etc was aslo paid by tenants. The tenancy was also for a full 52 week year so even when the students were off from college university and maybe gone home, the landlord still gets the rent.
As EDDIE says private landlording is a mass of pitfalls so I would get reading and find out all the rights of tenants and the full obligations of the landlord.
edayhouse
24-Feb-08, 14:06
Thanks guys for your replies - much appreciated - lots to think about and lots of paperwork/legislation etc to look into.
Might be easier sticking with the B&B idea!
brokencross
24-Feb-08, 18:27
Probably lots of Health and Safety Issues with B & B as well and if successful, very hard work. Good luck anyway
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