With the housing and rental market re-open again, many people are considering what to do in the property sector. If you have a property that is not used or underutilised right now, you might consider if it is better to sell or let.
At The Good Estate Agent, we are more than happy to assist you.
If you are starting to think about letting your property, we will provide you with some basic pros and cons of letting property. If you would like to discuss this matter in great detail, please contact us today. We will be more than happy to offer you a free valuation.
The Pros of Renting Your Current Property
There are a number of reasons why you should consider renting your current home, including:
- Renting out your property provides you with a source of additional income
- You don’t need to be hands on as a landlord, there are many trusted agents providing support, allowing you to generate income without losing your free time
- Landlords can benefit from tax deductions
The Cons of Renting Your Current Property
- There are many costs associated with being a landlord
- If you carry out the main roles yourself, you will find being a landlord is a time-consuming role
- Some landlords need to spend a lot of money on improvements to bring their rental property up to the expected standard
It is important to recognise there are challenges associated with letting your problem. However, it should also be noted that with support from leading professionals you can overcome these challenges with a minimum of fuss or effort.
Nima Ghasri is a Director at Good Move, and said; “Owning two properties and renting one of them out has many benefits. For example, it can be a good source of additional income and can also help you gain equity on the property. It’s also a great option if you need to move away from your home temporarily for work or leisure purposes, but do not wish to sell up.”
Nima continued by saying; “However, whilst the thought of renting your home may sound great, it’s very important to take some time analysing how much owning two homes will cost actually you. You may wish to consult a financial expert to help you with this as there’s a lot to consider, from whether you have enough equity to get a second mortgage to stamp duty, capital gains tax and income tax. There’s a lot to consider so it’s best to do it right.”
It might be you are considering selling your current home, and again, we can assist you with this process. It is important to know the value of your home, and we are more than happy to provide you with a free valuation, so please contact us today to arrange this.
If you are just starting the thought process involved with selling your home, we can offer you some quick and pros to help you make up your mind.
The Pros of Selling Your Current Property
- When you sell your home, you release equity that can be used elsewhere
- Selling your property is far less time-consuming than being a landlord
- Selling your property means you don’t have to worry about ongoing costs
The Cons of Selling Your Current Property
- By selling your property, you release an asset that increase in value
- If the property has negative equity, you might need to pay this off
- If you sell the property, you won’t receive any income in the future
Whatever decision you make, support from an experienced professional makes a massive difference, and at The Good Estate Agent, we are here to assist you.
Whatever your circumstances are, or what move you would like to make next; we are here for you. The Good Estate Agent prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your home, contact us today online or by calling us on 07498539075.