Non Boaty - rent reviews

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tarik

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Colleagues,


My wife and I have been fortunate to inherit a bungalow.

We are redecorating and getting all the certification needed.
We are looking for a long term tenant, and have had several genuine offers.
My question is - when the rent is up for review (annually?) which is more advantageous for us the RPI index or inflation index or is there another index we could use?

As ever many thanks for your responses.


David
 
The most advantageous may be the one which results in the lowest rent increase! It is far better having a tenant paying rent at a lower rate than having even a month's void between tenants and having all the overheads of a tenant changeover. Genuine long term tenants who look after the property well as their own home are well worth hanging on to even if this means a rent level below what you might get from someone else - emphasis on the "might".

Don't be greedy. Look after your tenants ... and they will look after you!
 
I agree with Thistle. However, even if your tenant is going to be long-term, think about an assured shorthold tenancy which is renewed every year, That way, if you need to terminate for any reason, it is a lot easier. And you can increase the rent on an annual basis in accordance with prevailing conditions. I've had the same great tenant for five years on this basis. The other thing is to manage it yourself, rather than using an agent, if at all possible. Not only will you save their fee, you'll organise repairs etc much more efficiently and economically.
 
In the 3 years since refurbishing all my flats, I have not even considered raising the rent on an existing tenant..... If rents were to increase significantly, then I might consider it but, otherwise, I dont want to risk a tenant leaving because I try and raise the rent. 1 month empty eats a big hole in any increased rent.

If people leave of their own volition, I set the rent to get a new tenant quickly. This might be lower, higher, or the same as the previous rent. better occupied for 12 months at £500 per month, than 10 months at £550, particularly when you add in council tax for empty periods.
 
Agree with both Thistle and Richard Faulkner... and use a six month shorthold tenancy agreement. Also remember to make arrangements re the bond to comply with current regs.
 
[ QUOTE ]
and use a six month shorthold tenancy agreement.

[/ QUOTE ]

I like 12 month agreements as the tenants than feel obliged to stay for 12 months.

I also never create a new tenancy agreement at the end of any fixed term. No particular reason other than less chance to get it wrong.

Doing nothing means that the tenancy automatically becomes periodic, and it's conditions remain the same as the original tenancy... except that the tenants can give 1 months notice, and the landlord must give 2 months notice.
 
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