al dente

UK letting agents are a RPITA. They charge between 11-15% and do jack all for their money but there's nothing you can do about it. (Compared to Oz where we pay 4% and unbelievably fantastic service).

Before you get tenants in, get a independent inventory done to have impartial advice re the bond etc.

Millsyisland

Wish I'd had the independent inventory advice 6 years ago when leaving the UK for the UAE, it's very good advice.

Also agree about the letting agents - in my opinion they're all clowns and do very little for whatever percentage they charge. In fact my experience has showed that te majority of estate agents are clowns ad generally go through their day lying to their clients and customers!

soukie

I think we are lucky as our agent is very good - organises all maintenance at a price I couldn't get it for plus is very thorough with checkouts so the places still look good after a few years and a few tenants.

Kittycat, I would avoid flats as the maintenance costs can be high and leases problematic. The maintenance costs in flats can rise substantially and you have very little control over it. I speak from experience as our first buy to let was a Flat. Best to look for small starter homes etc with minimum garden. We rent our houses unfurnished and just supply blinds, curtains and cooker and have had no problems getting tenants - most young professionals and we have a very long term tenant in one who is a college lecturer.

mentalist

Interesting comment as I was always told that house maintenance is more problematical than apartment maintenance given that there is the roof, underground services, outside walls/fences and gardens to contend with. Doesn't the building service/management cost cover such issues where apartments are concerned?

soukie

Yes the building service management cost does cover these issues but they also can ask for additional payments when the funds have run out and a job needs doing. We currently have a flat and pay £1600 a year as the service charge for general maintenance etc which includes gardening, window cleaning etc but the company have still asked owners for additional payments for the roof etc. Compared to our other properties we spend a lot more on the flat due to the service charge.

UKCityGent

I have never brought any flats - never seemed worthwhile esp with maintenance/annual charges.

However i have decided to purchase a property - convert it into apartments - and picked up the maintenance charges myself - thats the only way to make money from flats.

Your biggest cost for a property is the "pain in the ar$e" - being hassled as the boiler has broken down in the middle of winter, or they have lost their keys etc. One solution is to get guaranteed rent from the letting agency (at a lower cost than the current rental values). Other bills such as solictors, accountants, rental company etc can be offset against any income you make..