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reminder system
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September 2004
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 Liz
Hodgkinson on
Renting out your own home
If you want to rent out your own home for six months to a year, what are the
minimum adjustments you might have to make to attract a paying customer into
your lair?
My son Tom and his partner Victoria Hull are considering letting their
three-bed London terraced house whilst they go for an extended chill-out in
Devon.
They have been told that three and four-bed
properties in their area of London are much in demand. So the good news is
that they have an easily rentable property. The bad news is that it can’t be
rented out just as it is.
Or, at least, no reputable agency would take the place onto its books in its
current condition.
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Although it looks smart and is stylishly
decorated, the sofas do not comply with current regulations, and all would
have to be replaced. Also, there must be a minimum of a double bed, wardrobe
and chest of drawers in every bedroom, to appeal to the main market of young
professional sharers.
At present, one of the bedrooms is a nursery for
their two small children. As one might expect, it contains child-size
furniture.
The estate agent’s view
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If you are interested in renting out your own
home, the first thing is to suss out the market. An area might be
currently saturated with studios and one-bed flats, so an agent would not
be interested in taking more of these onto their books.
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No single beds. A double bed for adults is an
absolute essential these days. Agents cannot take on a property where any
of the bedrooms are too small for a double bed.
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Children’s bedroom furniture is only
acceptable if the area is considered suitable for families.
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Liz Hodgkinson is a prolific author
and journalist contributing to many publications. She has written over 40 books on a wide
variety of topics and has a background in national newspapers. She now falls into the
'later-life' age category and in recent years has started writing for this 'older' market,
and contributes to Saga magazine, among others.
Liz has two sons and four grandchildren. She is divorced and now
lives in London and on the SouthCoast. She has written three books on property matters and
her interests include snooping round other people's houses and viewing showhomes.
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In central London, we never have enough three
and four-bed properties suitable for friends sharing. At the same time
these tenants have become very fussy and turn up their noses at shabby
properties.
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A negotiator will go round to the property,
assess it for rentability, and say what needs to be done. Usually we will
suggest a coat of paint and new carpet, if the carpets are old and worn.
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All furniture has to comply with regulations
and our negotiator will be sure to check this.
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If there is gas central heating, we would not
let a tenant in until we get a copy of a current gas certificate.
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Another
essential is a washing machine, as all tenants ask about this. A
dishwasher is a luxury, and optional for the young sharer market, but a
good shower has become a must.
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Tom and
Victoria were advised to go to Ikea – ‘the landlord’s friend’- as all Ikea
furniture automatically complies with current regulations.
What can you charge?
Tom and Victoria discussed this with their local agent. His view of their
area:
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The market is
for those on ordinary incomes, such as teachers or local government
workers, not for City high-fliers.
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Although
there is great demand, our renters can only afford £100 to £150 a week
each.
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Tom and
Victoria’s house would rent out to sharers at around £450 a week, but if
their through lounge could be reconverted into a separate living and
dining room, the house would accommodate a fourth person and command more
rent.
Weighing it all up
As it is, they
would have to spend a sizeable four-figure sum on new furniture. Victoria
says: “We’re now faced with a dilemma. Either we go to the expense of
satisfying the letting agents and doing the thing properly, or we leave it
as it is and try to rent to friends.
“As we intend to be away working on freelance projects for at least six
months, we would be relying absolutely on the rent, and this may be
difficult with an informal arrangement.”
Advice from the lettings industry is always: never be tempted to cut
corners and let to friends or relatives, as this confuses the personal with
the commercial.
If considering renting out your home, always research the market carefully,
and have two or three agents round. Then do the nastiest, most pessimistic
sums to see if it all makes financial sense before taking the plunge.
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| laterlife interest
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