Things to do for people renting UK property out
Oct 9th 2012, 10:01 pm
#1
BE Enthusiast
Thread Starter
Joined: Oct 2008
Location: Brisvegas
Posts: 460
Things to do for people renting UK property out
O.K. from someone who's learned the hard way and done it all wrong, here are some recommendations for renting your UK property out....
* Get an estate agent to value your home - keep the valuation and date of valuation
* Get a surveyor to assess rebuilt costs of your home (you may be able to claim depreciation if built after 1985)
* Keep receipts for additions like new boilers, cookers, carpets etc as these can be depreciated
* If you're able, and can afford it remortgage to increase the interest proportion of your mortgage - this is offset against the income from rent alongside expenses etc... and if you make a loss on the property this can be claimed
* Get an estate agent to value your home - keep the valuation and date of valuation
* Get a surveyor to assess rebuilt costs of your home (you may be able to claim depreciation if built after 1985)
* Keep receipts for additions like new boilers, cookers, carpets etc as these can be depreciated
* If you're able, and can afford it remortgage to increase the interest proportion of your mortgage - this is offset against the income from rent alongside expenses etc... and if you make a loss on the property this can be claimed
Oct 9th 2012, 10:20 pm
#2
Concierge
Joined: May 2006
Location: ex ex-pat, in Taunton
Posts: 27,214
Re: Things to do for people renting UK property out
O.K. from someone who's learned the hard way and done it all wrong, here are some recommendations for renting your UK property out....
* Get an estate agent to value your home - keep the valuation and date of valuation
* Get a surveyor to assess rebuilt costs of your home (you may be able to claim depreciation if built after 1985)
* Keep receipts for additions like new boilers, cookers, carpets etc as these can be depreciated
* If you're able, and can afford it remortgage to increase the interest proportion of your mortgage - this is offset against the income from rent alongside expenses etc... and if you make a loss on the property this can be claimed
* Get an estate agent to value your home - keep the valuation and date of valuation
* Get a surveyor to assess rebuilt costs of your home (you may be able to claim depreciation if built after 1985)
* Keep receipts for additions like new boilers, cookers, carpets etc as these can be depreciated
* If you're able, and can afford it remortgage to increase the interest proportion of your mortgage - this is offset against the income from rent alongside expenses etc... and if you make a loss on the property this can be claimed
Oct 10th 2012, 3:42 am
#3
BE Enthusiast
Thread Starter
Joined: Oct 2008
Location: Brisvegas
Posts: 460
Re: Things to do for people renting UK property out
ooh and another thing I wished I'd done - set up a separate bank account to handle all things to do with the house - rental, mortgage deduction, payments in and out etc. Even if it's just a sub-set of your main account
And don't choose the first agent you find. Shop around to see who can provide the best service and a competitive rate. Our agent has been pretty poor.
And don't choose the first agent you find. Shop around to see who can provide the best service and a competitive rate. Our agent has been pretty poor.
Oct 13th 2012, 1:53 am
#4
Retired
Joined: Apr 2004
Posts: 34,649
Re: Things to do for people renting UK property out
Some discussion here on the pros and cons of keeping a U.K. house.
http://britishexpats.com/wiki/House_in_UK-Keep_or_Sell
http://britishexpats.com/wiki/House_in_UK-Keep_or_Sell
Oct 13th 2012, 12:06 pm
#5
Banned
Joined: Aug 2008
Posts: 22,348
Re: Things to do for people renting UK property out
And make sure you take out landlord insurance. After my tenants had a pan fire in the kitchen Im so glad I did 
It saved us from having to shell out over £20k
It saved us from having to shell out over £20k
