A few questions about private rentals

[~clover~]

I have to say here, it is so good to know that owners get as frustrated about incompetent property managers as tenants do.
I've never owned a property, and usually blamed the pm for things not getting done, but you do wonder weather or not they've passed info on sometimes & if the owner has chosen to ignore the problem.

I guess the most important things really are to ensure you have a lease agreement & a bond. Private renters often don't bother with a bond. Make sure you know and understand both your rights & the rights of the tenant.
And be confident. Know that if you need to terminate the agreement, or give a warning, for whatever reason that you can & will do it.

Don't rent to friends or family. My sister is renting from her partners boss & friend. Makes it so much harder when you're emotionally involved, for everyone.

[Teeki]

Yeah Clover, I was certain our first tenants would think we were completely useless, nothing was getting done and we found out that when I told the pm how to use the hot water system, she wasn't getting back to the tenants. So the next thing we heard was a complaint that it still wasn't working and took forever to get it through and in the end fix the plumbing.

My main questions are around the bond, what's with lodging it? Do we give that money to the tenancies agency thing? And I'm wondering how we'd go if we ever got a "bad" tenant and had to go to the tribunal. Our current tenant is wonderful, but I know once she's finished studying, if she can get a good job she'll probably look for somewhere a bit bigger and nicer than our place (she originally wanted a different place but couldn't afford it). From what I can see, we've got access to all the forms and information that the re uses, so hopefully it wouldn't be too hard.

[Teeki]

Oops, I posted at the same time as you TT. That sounds great though, I'm glad as a tenant you like it better! We're close enough to the house, 20-30 minutes. DH finishes work at 3 so he's able to get there in afternoons, and I may be working a couple of days a fortnight just down the road.