BLUNDER THAT COST US £3,000

‘WE DIDN’T DO ENOUGH HOMEWORK’

DEBORAH TAYLOR and her husband Bill manage their rented property themselves after a tenant they found through a letting agent caused £3,000 worth of damage.

Their three-bed property in Swindon town centre was Bill’s home before they moved in together a year ago and decided to rent it out.

They sold Deborah’s former home, but kept Bill’s as an investment.

Renovations cost them £8,000 but repairing damage caused by their first tenants set them back a further £3,000. Cream carpets, fitted throughout the property, were ruined when a motorbike was wheeled through the ground floor.

The letting agents charged 15 pc of the £600 monthly rent, but failed to keep an eye on the house. It was left with holes in the wall and a detached basin. Some bills also went unpaid and the couple were left out of pocket.

Building society worker Deborah says they did little research before becoming landlords.

‘At first we just looked around to see the going rates for rent locally and checked the council website to see what our responsibilities would be,’ she says. ‘We’re much more on the ball these days.’

The pair manage all aspects of the property themselves and prefer the peace of mind it brings them.

The mother-of-two adds: ‘We find tenants by placing adverts in local newspapers and asking at work and friends. We interview, do personal reference checks and lodge the deposit. Once a month we pop in to say hello, collect the rent and check any problems. It’s easier and means we’re not paying 15 pc of the £600 monthly rent to an agent.

‘We have a reliable plumber and electrician to call on so the property more or less looks after itself. We also keep an eye on the legislation to make sure that we are fulfilling all legal obligations as landlords.’