8th September 2018
Q: A member of my family wants to rent my BTL. Should I still use an agent?
A: When you rent your buy to let property to family members you will find yourself in an odd situation. On one hand, you have a well known tenant lined up. On the other hand, you also have a customer that might take advantage of you.
Renting to people you know, can sometimes get a little awkward. For example, a family member might expect to move in with no deposit. However, if you allow this, this will be your first wrong move! Yet, if you ask for it, and they translate this into you not trusting them, things can get hairy.
If your family member / friend is a bit short on the rent, but has just purchased a new TV, how will you raise this issue? Or, if circumstances change, and they can’t pay any of the rent, how will you face the issue of evicting them?
I would suggest, that it is best to use an agent, as this keeps your family / friends at arm’s length.