wiggyrichard Posted April 17, 2012 Share Posted April 17, 2012 Does anyone on here rent out a property? Our house has been on the market for some 18 months, and having dropped it some £20k we are still no closer to selling the bloody thing. Toying with renting it out. Ive been told you can rent it out to the council. My main worry is not being able to rent it and being stuck paying 2 mortgages. Link to comment Share on other sites More sharing options...
Shillzz Posted April 17, 2012 Share Posted April 17, 2012 I was going to post that (almost exact) same message earlier Wiggy, but didn't want to hijack your autobiography question. Would be interested to hear if anyone has any experience. I don't want to sell my house, but the plan is to rent it out for 12 months while I go travelling. Link to comment Share on other sites More sharing options...
P3te Posted April 17, 2012 Share Posted April 17, 2012 just passed my canadian driving theory test! god love canada, they're all **** when i get behind the wheel of a car Link to comment Share on other sites More sharing options...
Stevo985 Posted April 17, 2012 Author VT Supporter Share Posted April 17, 2012 Does anyone on here rent out a property? Our house has been on the market for some 18 months, and having dropped it some £20k we are still no closer to selling the bloody thing. Toying with renting it out. Ive been told you can rent it out to the council. My main worry is not being able to rent it and being stuck paying 2 mortgages. I don't, but I thought about moving back home and renting my place out for a while, but opted against it. Make sure you factor in the tax you'll have to pay on the rent you receive. Once you've done that, you may find it's not as lucrative an option as you first thought. Link to comment Share on other sites More sharing options...
mjmooney Posted April 17, 2012 VT Supporter Share Posted April 17, 2012 Does anyone on here rent out a property? Our house has been on the market for some 18 months, and having dropped it some £20k we are still no closer to selling the bloody thing. Toying with renting it out. Ive been told you can rent it out to the council. My main worry is not being able to rent it and being stuck paying 2 mortgages.We do. About 7 years ago we bought a small house as an investment property, 'did it up', and sold it at a modest profit. Then we bought another one, intending to do the same thing - but the housing market became depressed and we couldn't shift it. At the same time the missus lost her job, and I ended up paying two mortgages (as well as all other expenses) - we quickly started running into debt. In the end we put it out to rent via a letting agency - they found a tenant pretty quickly. The rent just covered the mortgage payments, but over the next couple of years the mortgage rate went down somewhat and we it started to turn a slight profit. We're now on our third tenant, and it seems to work out quite well. We will have to sell it eventually, as it's on a buy-to-let (interest only) mortgage, but we are hoping that the housing market will have picked up by then. Link to comment Share on other sites More sharing options...
wiggyrichard Posted April 17, 2012 Share Posted April 17, 2012 Does anyone on here rent out a property? Our house has been on the market for some 18 months, and having dropped it some £20k we are still no closer to selling the bloody thing. Toying with renting it out. Ive been told you can rent it out to the council. My main worry is not being able to rent it and being stuck paying 2 mortgages. I don't, but I thought about moving back home and renting my place out for a while, but opted against it. Make sure you factor in the tax you'll have to pay on the rent you receive. Once you've done that, you may find it's not as lucrative an option as you first thought. Not trying to cash in mate, just want to get enough to cover the mortgage. The story is basically er'indoors wants another sprog and we need a bigger pad, we want a bigger place anyway but it just so happens she wants another. I wouldnt be to arsed about topping up the rent payments by say £100 a month to meet the mortgage repayment, im just worried about not being able to rent the place and being stuck with say £1600 to find every month!? Link to comment Share on other sites More sharing options...
wiggyrichard Posted April 17, 2012 Share Posted April 17, 2012 Does anyone on here rent out a property? Our house has been on the market for some 18 months, and having dropped it some £20k we are still no closer to selling the bloody thing. Toying with renting it out. Ive been told you can rent it out to the council. My main worry is not being able to rent it and being stuck paying 2 mortgages.We do. About 7 years ago we bought a small house as an investment property, 'did it up', and sold it at a modest profit. Then we bought another one, intending to do the same thing - but the housing market became depressed and we couldn't shift it. At the same time the missus lost her job, and I ended up paying two mortgages (as well as all other expenses) - we quickly started running into debt. In the end we put it out to rent via a letting agency - they found a tenant pretty quickly. The rent just covered the mortgage payments, but over the next couple of years the mortgage rate went down somewhat and we it started to turn a slight profit. We're now on our third tenant, and it seems to work out quite well. We will have to sell it eventually, as it's on a buy-to-let (interest only) mortgage, but we are hoping that the housing market will have picked up by then. See thats the thing Mike, im really pissed off at lowering it £20k anyhow. Would it be a good idea to do similar to you and your wife then? ie. put it on an intrest only mortgage and rent it until the housing market picks up then get shot of it a price we would be more comfortable selling at? The other problem Mike is that our deposit for a new place is tied up in equity in our current house. Link to comment Share on other sites More sharing options...
wiggyrichard Posted April 17, 2012 Share Posted April 17, 2012 I was going to post that (almost exact) same message earlier Wiggy, but didn't want to hijack your autobiography question. Would be interested to hear if anyone has any experience. I don't want to sell my house, but the plan is to rent it out for 12 months while I go travelling. Ive been told that the council will rent your place off you no questions asked and they pay the rent so there is no worry of renter not coming up with the money every month. Maybe that would suit you just for 12 months? However, you may not get market rent value and may have to stump up a little cash to supplement the rent payments to pay the mortgage. Link to comment Share on other sites More sharing options...
mjmooney Posted April 17, 2012 VT Supporter Share Posted April 17, 2012 Does anyone on here rent out a property? Our house has been on the market for some 18 months, and having dropped it some £20k we are still no closer to selling the bloody thing. Toying with renting it out. Ive been told you can rent it out to the council. My main worry is not being able to rent it and being stuck paying 2 mortgages.We do. About 7 years ago we bought a small house as an investment property, 'did it up', and sold it at a modest profit. Then we bought another one, intending to do the same thing - but the housing market became depressed and we couldn't shift it. At the same time the missus lost her job, and I ended up paying two mortgages (as well as all other expenses) - we quickly started running into debt. In the end we put it out to rent via a letting agency - they found a tenant pretty quickly. The rent just covered the mortgage payments, but over the next couple of years the mortgage rate went down somewhat and we it started to turn a slight profit. We're now on our third tenant, and it seems to work out quite well. We will have to sell it eventually, as it's on a buy-to-let (interest only) mortgage, but we are hoping that the housing market will have picked up by then. See thats the thing Mike, im really pissed off at lowering it £20k anyhow. Would it be a good idea to do similar to you and your wife then? ie. put it on an intrest only mortgage and rent it until the housing market picks up then get shot of it a price we would be more comfortable selling at?Well I don't know what the market is like round your way, but it works for us at the moment. You can make more profit if you advertise and maintain it yourself, but we've found it worth paying the fee to the letting agency to save us a lot of hassle with maintenance etc. They are a good buffer between us and the tenants, who we never have to deal with directly. We usually go round and give the place a quick redecoration between tenants, but other than that we just leave things alone. Link to comment Share on other sites More sharing options...
wiggyrichard Posted April 17, 2012 Share Posted April 17, 2012 Does anyone on here rent out a property? Our house has been on the market for some 18 months, and having dropped it some £20k we are still no closer to selling the bloody thing. Toying with renting it out. Ive been told you can rent it out to the council. My main worry is not being able to rent it and being stuck paying 2 mortgages.We do. About 7 years ago we bought a small house as an investment property, 'did it up', and sold it at a modest profit. Then we bought another one, intending to do the same thing - but the housing market became depressed and we couldn't shift it. At the same time the missus lost her job, and I ended up paying two mortgages (as well as all other expenses) - we quickly started running into debt. In the end we put it out to rent via a letting agency - they found a tenant pretty quickly. The rent just covered the mortgage payments, but over the next couple of years the mortgage rate went down somewhat and we it started to turn a slight profit. We're now on our third tenant, and it seems to work out quite well. We will have to sell it eventually, as it's on a buy-to-let (interest only) mortgage, but we are hoping that the housing market will have picked up by then. See thats the thing Mike, im really pissed off at lowering it £20k anyhow. Would it be a good idea to do similar to you and your wife then? ie. put it on an intrest only mortgage and rent it until the housing market picks up then get shot of it a price we would be more comfortable selling at?Well I don't know what the market is like round your way, but it works for us at the moment. You can make more profit if you advertise and maintain it yourself, but we've found it worth paying the fee to the letting agency to save us a lot of hassle with maintenance etc. They are a good buffer between us and the tenants, who we never have to deal with directly. We usually go round and give the place a quick redecoration between tenants, but other than that we just leave things alone. Thanks for the advice Mike. I added a little bit to my previous reply... The other problem Mike is that our deposit for a new place is tied up in equity in our current house. Any ideas? Link to comment Share on other sites More sharing options...
Stevo985 Posted April 17, 2012 Author VT Supporter Share Posted April 17, 2012 Does anyone on here rent out a property? Our house has been on the market for some 18 months, and having dropped it some £20k we are still no closer to selling the bloody thing. Toying with renting it out. Ive been told you can rent it out to the council. My main worry is not being able to rent it and being stuck paying 2 mortgages. I don't, but I thought about moving back home and renting my place out for a while, but opted against it. Make sure you factor in the tax you'll have to pay on the rent you receive. Once you've done that, you may find it's not as lucrative an option as you first thought. Not trying to cash in mate, just want to get enough to cover the mortgage. The story is basically er'indoors wants another sprog and we need a bigger pad, we want a bigger place anyway but it just so happens she wants another. I wouldnt be to arsed about topping up the rent payments by say £100 a month to meet the mortgage repayment, im just worried about not being able to rent the place and being stuck with say £1600 to find every month!? Fair enough. I wasn't really talking about cashing in, just saying basically make sure what you get will cover the rent. Depending on what your mortgage is and rental rates where you are there's a chance your rent might not cover the mortgage. That being said, if you can afford it and you've got enough money to buy a new house and keep the old one, I'd definitely go for that. In the long run it'll be a solid investment Link to comment Share on other sites More sharing options...
irreverentad Posted April 17, 2012 Share Posted April 17, 2012 If you're a fan of Sport biographies, hae you read "A Life Too Short: The Tragedy of Robert Enke"? If not, I'd recommend it. Absolutely this!!! One of the best books I have read in the last 12 months. Link to comment Share on other sites More sharing options...
maqroll Posted April 17, 2012 Share Posted April 17, 2012 Link to comment Share on other sites More sharing options...
chrisp65 Posted April 17, 2012 Share Posted April 17, 2012 utterly lacking in context and can only help propogate the 'you started it first' 'no, you did' 'no, you did' quality of debate this usually kicks off (for the record, both the Israeli's and the Palestinians deserve to be treated as humans with rights, families and aspirations) Link to comment Share on other sites More sharing options...
CI Posted April 17, 2012 Share Posted April 17, 2012 Out for dinner tonight with my lad and we were having the craic playing a game of Celebrity looky likeys in the restaurant I spotted Paddy McGuiness (No Likey, No Lighty) and it actually was him, out with some 20 yr old, class Top Banana Link to comment Share on other sites More sharing options...
The_Rev Posted April 17, 2012 Share Posted April 17, 2012 He has probably nailed a different girl from that show every week since it started. He knows they are single and up for it, or they wouldnt be there in the first place. Link to comment Share on other sites More sharing options...
coda Posted April 17, 2012 Share Posted April 17, 2012 Out for dinner tonight with my lad and we were having the craic playing a game of Celebrity looky likeys in the restaurant I spotted Paddy McGuiness (No Likey, No Lighty) and it actually was him, out with some 20 yr old, class Top Banana His wife? Link to comment Share on other sites More sharing options...
Stevo985 Posted April 18, 2012 Author VT Supporter Share Posted April 18, 2012 Well I wouldn't be out with anyone else if that was my wife! Link to comment Share on other sites More sharing options...
Eames Posted April 18, 2012 Share Posted April 18, 2012 :shock: Punching above his weight a bit isn't he? Me likey... Link to comment Share on other sites More sharing options...
villa4europe Posted April 18, 2012 Share Posted April 18, 2012 is it just me or does she need a good meal? Link to comment Share on other sites More sharing options...
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