Generally speaking when people are buying a new home, they need to sell their old home. However, if you have enough money to buy the new house you may want to consider renting out your home instead of selling it. This is often a more financially sensible decision. In fact you could end up with a valuable asset generating regular income. Who doesn’t want that for a rainy day?
Renting your home instead of selling can also give you an extra layer of flexibility. For example, if you have to move away for long contract work, having your home waiting for your return, but bringing in money while you are away, can be a great idea.
If you have had the home for a long period of time you can feel emotionally attached to it. This is especially the case if it is a family home with memories. By keeping your old home to rent out, so you have the option to move back in, can make the moving process easier for you and your family.
We would recommend that you speak to our mortgage advisor as they may be able to help you jeep your property, while getting into the buy to let game to, all while buying your next new home.
Renting out your home instead of selling it will also introduce you to the world of property investment. You may find that owning multiple properties really works for you personally and financially. Many people that have one home rented out will look for the next home to rent out as they enjoy the experience (and financial rewards) so much.
Here at Letters Group we can assure you that the property market is always changing. Homes in more affluent areas can change hugely in price from one year to the next. If you have found the home of your dreams but are not happy with the asking price for your home, then rent it out instead. Then, when you are happy with the new asking price you can sell your home.
The team at Letters Group are very experienced in the selling of home, buying of homes and rented properties too. We can help you every step of the way to ensure you make the right decision for your home and your future.
If you are considering turning your home into a rental property there are a few things you will need to do. Speak to your mortgage company to ensure you can put your home up for rent. You also need to speak to our team about the local rental market and house market. We are here to help you. Call our mortgage advisors or lettings team now.