I’m on a career break so it’s nice to have regular rewards from property
CLAIRE Loader became an accidental landlord after meeting her now husband Dave, 47, and moving into his house. She let out her onebedroom house in Taunton, Somerset, which she had bought two years earlier in 2009 when she was a mature student. She is now a stay-at-home parent to Emma, 4, and Jack, 2. Claire, 36, says: ‘I initially let my property to a friend but it was not well looked after and it was mouldy by the time she moved out. I moved back into the house in 2012 for six months and when I moved out again I decided to use a letting agent to find and manage tenants. There have been about five tenants since then – found by the letting agent.’
She adds: ‘I’m having a career break at the moment and it’s nice to have a regular income from the property.
‘The mortgage is interest-only and there is quite a bit of equity in the property – I bought it for £70,000 and it is now worth about £125,000 – so I am not too worried about paying off the capital.’
Given her past experience, Claire would warn other landlords against letting to friends as it can make it tricky to raise concerns.
She adds: ‘It is easier to use a third party to deal with any issues that come up. We pay the agent about £50 a month and they have always found a new tenant when one moves out. Make sure you have a good contract and that you protect the deposit. You also need to have the right insurance.’