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Originally Posted by _CY_
been leasing houses for 20+ years in USA. laws are different but principles are the same.
for instance it's much better to find tenants that are not helpless. state up front you are looking for tenants that are able to fix minor issues like leaking faucets, etc. in return lease house for a bit less than market value.
write it into the lease that tenant is responsible for the first $75 of every repair. major repairs will costs you no matter what. most can be taken care of before you leave. drawback is tenant gets lazy and maintenance gets deferred until you get back. leasing at below market value means tenant are more likely to stay long term.
think about this... if house goes empty, not only are you paying to put house back into lease-able condition. you are losing rents while it's being repaired. then add down time until a suitable tenant is found. average downtime could be 1-3 months rents lost forever. makes giving a good tenant a break in rents look down right cheap.
besides not losing any rents from being empty... another huge advantage of receiving a 90 day paid notice. one is able to show the house before current tenant moves out. an occupied house if it's not torn up will almost always show better and be easier to lease. another tactic is to have new tenant take house in "AS IS" or with a limit list for you to take care of. keeping in mind that you are leasing house for market rates, so you are expecting a few things in return. New tenant will LOVE it, because house is offered at below market rates.
be very careful at only offering above to a quality tenant that you have thoroughly checked references on.
all my leases contain a requirement that tenant give a 90 day paid notice before moving. otherwise lease will auto renew under same terms and conditions. this takes the work out of renewing leases. since house is being leased at below market value. highly likely they will stay anyways.
only use lease forms that an attorney specializing in real estate has given blessings to. feel free to PM if you have questions that need to be off line.
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Some good advice here, I have lowered the rent to encourage a good tenant to stay. Somethings are different in the UK depending on what type of tenancy you have but usually after six months the tenant has the right to give a months notice and leave.
I am not sure that you can make them liable for the first amount of any maintainance, only damage that they have caused, I have had tenants who have gone ahead and made repairs themselves without bothering me and others who have screamed down the phone at me to fix something that they could do in 30 seconds but won't, good luck with that one.
As for your basic question, £500 a month, I think you can live on that in many parts of the world if you freecamp and find cheaper places to lay up, but it will be things like shipping, does your uni fit in a standard closed top container by the way? travel and motor insurance, the carnet which will have to be renewed every year and other expenses which will cost more.
If you have not already, just go and see what happens, it is the only real way of answering the question.
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