salsa-king

I'm lookin' at buying a flat in centre of nottingham to rent out,
anyone know anything about buying to rent out?
itys a top floor studio/flat, who has the resposibility to maintain the roof areas?
there is a maintinance charge 4 the building, no-one seems to know who much yet! i've heard £200 - £800 per year!!
anyone know of problems with renting out FLATS? I currently rent out a house and have had no problems with that!(contracts etc) is there any thing I should be careful to look out 4?
advice greatly received

jbryant

Here's some info from the last flat I owned... Was my own rather than buy to let but this may help you.
Roof was joint responsibility (I had top floor of three). This is pretty normal. The maintenance charge was approx 700/year. Quite a chunk of cash but it did include roof maintenance, drainage, window cleaning, grounds, all joint areas (stairwells, entrance, etc) etc.
Beware night storage heaters. They are wholly completely crap and very expensive to run! Even if tenants are paying the Electric bill, they could leave with a nasty big bill.

FYI This was a 2 bed flat in Reading c.£80k

Hope this helps
Joolz.

Richard F

Hmmm in theory you should declare this to Inland Revenue as any profits from the rent (ie above the mortgage) is taxable. But who does eh?

If you use a standard contract you should be fine but make sure they sign an inventory so that nothing gets nicked and you can't prove it was yours when they leave.

The contract should state that all bills are payable by the tenant so the maintenance is their problem when they get there.

Bit tricky all this as I got my fingers burnt on this some time ago. You should be ok as long as it's made clear what they have to pay for and as long as you don't take any ****. I think the most important thing is to vet any prospective tenant VERY carefully.

Good luck...

salsa-king

as i said i rent out my house, and contracts etc are a o k!
inventory lists i'm familiar with.
this flat is studio, just got it for £14800!
another in the same block (same size etc) £22500
rents are about £260 pcm
wanted to know about the roof aspect!