When letting out a house is there any potential pitfalls to watch out for, or things to learn from others exp?
820735
Legally, you now have to register as a landlord - this can be done online, and there are fees! Also, any deposit is held by a third party (bureaucracy...) I would reccommend checking up on your tenants regularily (ie every three months or so) as tenants can split up/ find partners who aren't as tidy or respectable as the person to whom you have leased the property. Also, ensure that all names of parties leasing from you are on the lease so that they are all equally resposible for the state of the property when they leave. Short term assured tenancy is the only one whereby the tenant has no rights to stay in the property once the lease has expired, and this means the property needs to be furnished too! Also, ensure that the tenant is aware of his responsibilities regarding tv licence and council tax (in writing, in the lease - it is well worth getting the first lease made up through a solicitor - you can then copy it for consequent leases. Also, always get the tenant to sign an inventory, detailing all items (include curtains, lampshades on all lights, etc - you'd be surprised! and it is a good idea to get them to sign the backs of photos of the property detailing the condition it was in when they leased it...
853891
Both have pros and cons.  Personally, I think the pre owned homes are better.\n\nWith a pre owned home, it will already be "broken in".  Just like a car, just because it's new, doesn't mean it's perfect.  Let the first owner take it for the first 2 to 7 years.  I lean towards the 7.  \n\nBy then, the kinks should be out of it.  Also, the neighborhood should already have it's personality by then,  On a new home, all you know about the neighbors is that they qualified for a loan - and in today's market, maybe not even that.  Many investors are getting past the builders attempts to keep them out, buying several houses (I don't think the builders try that hard to keep them out) and then renting them.  So you may be moving into a rental neighborhood anyhow.\n\nPre owned has trees.  Mature landscaping.  Character.  Window coverings...
491055
You don't really need to keep any recepts except for major appliances (things under warranty) or items that are valuable (collectibles).\nYou should certainly keep all your closing papers from when you bought the home.\nAlso, on the new tax code, this is the last year you get to deduct any items that make your home more energy efficient (like storm doors), so keep those as well.
584374
The other answerer has a good point... lol...\n\nIf you are concerned about someone that you are dealing with: I'd recommend asking for references from the person/company (and calling), looking into what orginizations that they belong to (eg. Real estate boards) and looking to see if they are a member of the local BBB.\n\nAs far as a list of know scams or cons, I'd be curious to see if one exists.
909653
3 sets of tenants, 3 sets of problems. Renting a house and renting rooms may be different from a legal point of view, check it out. For sure if you rent a house out furnished, everything in the house must conform to health and safety standards, particularly with respect to fire. You might find it expensive to refurnish your house in order to conform to these standards.\nIn my experience the rental income from an unfurnished house is not much less than a furnished one. With the added bonus that you do not have to worry about wear and tear, because it's a fact that people will not look after your things the way you do. \nOn the other hand, you can probably get more by renting out to 3 people, but that's a question whether you are will to risk the fire hazards mentioned earlier.
86801
Hello Kenna’s mum. Ah the joys of having children and losing one’s identity into them… \n\nI’m going to assume that, as you use the word ‘home’ rather than ‘house’, you are looking at something in which to live rather than to turn a profit. In which case, I think the single biggest FOR is that you will have a home onto which you have indelibly stamped your personality if you choose a doer upper over something already complete. Pretty well everything else can be both a FOR and AGAINST depending on whom you are. And that’s the key. If you understand what you’re buying and can correctly judge the amount of work needed on a doer upper you can make very large savings. But you have to be good at budgeting and sticking to a budget; you have to really enjoy creating something from nothing (which includes the finishing detail – so many people can do 95% of something and then get bored); can you manage others (contractors, trade people, your partner?); do you have the time available for the commitment?; can you live in the middle of a building site for several months?; are you both fully committed to the same vision? These questions have to be addressed. If the answers are yes then you will embark on an adventure that will be both financially and spiritually satisfying. If the answer is no, you risk emotional turmoil and financial disaster. \n\nSo you have to look honestly at yourself and your partner. Is renovating a house really you? And to what extent can you maintain your interest/calmness/partnership if things start to get sticky? A lot of doer uppers require only superficial work and so that type of property is quite easy for anyone with a limited amount of creativity and stickability. I am always amazed by how limited the average person’s ability is to see what a run down but fundamentally sound property could be. They don’t see beyond what is, to envisage how, with often minimal effort, something can be transformed into a highly desirable home. So, which are you? Is one of you creative and the other practical? That’s the combination needed. If you’re creative or both practical that can often be a problem. Some time ago my partner and I bought a house for way below its true value because no one else seemed to see what we saw. We fell in love with it, knocked down a wall, stripped down woodwork, repainted everything else, fitted a new kitchen etc etc but kept the essence of the house intact. Most of the work I was able to do myself because I’m quite practical and my wife is highly creative and ‘visionary’, but contractors are always needed for some of the more technical things (and they are unbelievably frustrating). When we had finished, everyone who thought we were mad when we started, couldn’t praise the place enough. When we reluctantly sold (very reluctantly – maybe that’s an AGAINST – your emotional investment is huge) because of the need to move elsewhere, we doubled our money. Since then we have built our own home, but that’s a whole different story \n\nFrom your profile you seem to be very busy. Dedicated to an 11 month old child and a wonderfully rewarding vocation. Unless your partner can take on the lion’s share of the doer upper project, you’re going to have to drop the ‘busy’ and simply become super…mum  On the other hand, if the doer upper is a long term project and you’re the sort of couple that aren’t looking for a house from the pages of ‘House and Garden’ in the short term, then go for the doer upper – it can be a wonderful bonding exercise. But keep a very tight rein on those purse strings. And, if you haven’t already seen it, go rent out the movie – The Money Pit. It’s really funny but oh how true to life!!! Johno
448759
The top concerns that come to my mind are Radon gas and mold/mildew if the basement is damp.  Both can be tested for if you are concerned.
356968
It depends on the business activity...but more or less it is pretty safe.  Just make sure you know all the in and outs (from the legal perspective).
709776
Dress up.  They probably won't want to rent a nice big house to a bunch of college guys.  My other BIG suggestion is writing up a rental agreement between you and your friends.  In there, you need to have stuff about how you're splitting the bills, what penalties if they're not paid on time. how you're dividing chores, rent, maintenance issues that come up with the house that the landlord won't fix or that you want to fix on your own.  Also, what happens if someone loses their job, etc.  One of my roommates lost his job and was out of work for 2 months.  We had to come up with a bunch of money to cover his share and his lazy butt didn't do any chores around the house while he was out of work, either.  Cover your butt and put everything in writing so nothing comes between friends.  Also, go to an office cupply store and get a receipt book.  Every time a bill is due, write everyone receipts as they pay their share.  This will help avoid confusion as to who paid what and who hasn't paid yet.  This gets really confusing as time goes on.  While inspecting the house, look at the ceilings.  If there are brown discolorations, that means there are plumbing problems causeing leaks.  Look for any cracks in the walls as this indicated foudation problems.  See if any doors won't shut or windows that won't open.  Also, go look at the thermostat.  If the thermostat has to be running at 90 degrees to keep the house at 70 during the winter, your untility bills are going to be HUGE.  If you're in a warm area, switch the scenario with the same result.  Long response, I know, but I hope it helps.
192180
It all depends on what you know how to do...or what you are good at...I am into real estate and home cleaning here is huge and I can never find people fast enough...I.E. Just closed on a property and I needed someone to clean it up and do minor repairs...The best quote I got was 375.00 because of short notice...THis guy went in at 10 pm and left at midnight...talk about fast money!!! I imagine you could get into something like that cheaply!
557722
One catch is, if the property is improved (has a structure on it) you will generally not be able to inspect the property before buying it.  So you would be taking it "as is."  I think people and companies who make money at this probably have enough money to buy several such properties at a time, and they can average out the risks and make a good profit in the long run.  But they will need to have plumbers, electricians, carpenters and painters available to do repairs as necessary in order to make the structures habitable -- or they must have the skills and time to do the work themselves, obtaining permits and following codes as required.\n\nIf the properties are just vacant lots, the risks are different: they just need to know how much land is worth in a given area, and be able to afford to pay taxes on the properties until they can be sold.
475753
My husband and I were faced with the question to build our first home, or just buy.  After talking with plenty of friends who have or are building their home, and doing some research on it - we decided to buy a brand new home instead.  \n\nThe biggest complaints I heard was getting all those permits... water,  sewer, utilities, building... the list goes on.  (Where I live - which is cheap compared to most places, each permit is no less than 500$)\n\nI don't want to discourage you though... perhaps you have a bit more patience than us!  I would just do all the research you can do for the area you live in.  Ask around.
934937
It depends on the age of the house and the extent of any damage done to the house (if any).  Rarely will it cause much of a snag in property value because owners usually take precaution to have the infested area treated before severe damage is done.  In addition if you live in an area prone to get termites such as Houston, its not an uncommon thing to find a house that has been treated.  If the structure of your home is okay and you have the house inspected and the report comes back clean I wouldn't worry about it.
418344
I went with a discount broker when I sold my last house.  I won't even go that route again.  There is just too much involved.  \n\nIt is enough to keep the place clean enough to show, look for a new place, etc. without the heartache of setting up appraisers, inspectors, courriers......
1118401
It's way too risky, you need permits for that kind of repair and for City Inspectors to buy off the work done.\nIf you plan to sell the house later, and you have had work that was done without  permits, you may have to have them redone, to secure the sale. The buyer may have a problem getting a mortgage to buy your house.\nThen as you stated, roof repair, can be hazardous, and if he or a worker falls and gets injured, you may be up the creek.\nFor smaller jobs, he may just be the man, but for something as large as a roofing job. Go with licensed    contractor, that way you at least have coverage and if the job isn't done right, some recourse in court.
291563
Do what I did.  Tear your house to pieces and then you have no choice but to learn.\n\nWith no experience I\n- moved doorways\n- did complete strutural framing\n- sheetrock, tape, mud, texture\n- electrical\n- plumbing\n\nI bought a couple of books and there was a lot of good info online.  As you get going it all just comes together.
956742
From your Real Estate agent but be careful if you fill it out yourself. RESPA is not a joke.