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Top Three Reasons People Rent Out Their Home

Top Three Reasons People Rent Out Their Home

Here at Letters Group we get a flurry of home buyers and sellers at this time of the year. We also get lots of home owners asking about the current rental market and if it is worth them renting out their property instead of selling it.

While everyone we speak to is different, there are some common reasons that people choose to rent out their home, instead of selling their home. We have put some of these most common reasons below for you, but if you are considering renting out your home, or are not sure if selling or renting is the best option for you then contact us directly. We would be happy to chat about your home, your goals and make recommendations for you.

  1. Always Wanted An Investment Property: Some people have always wanted to have an investment property and if they are looking at selling their home, then now is the time to consider taking this first step into owning an investment property. As a homeowner you will have gained a competitive loan on purchasing the house, offering better rates than you would get as an investor looking to buy an investment property. You can also trial renting out your home for a year or two, see how you get on, and make a more permanent decision from there?
  2. Want To Generate Additional Cash Flow: If you have lived in your home a few years it is likely you will paid down your mortgage balance a bit and will have got competitive loan terms. By renting out your home you will be able to increase your cash flow by a couple of hundred pounds each month, and in these uncertain economic times, this extra money can be extremely useful.
  3. Want A Security Blanket: Perhaps you are moving out of your home to move in with a partner, or purchasing a new home as you have moved with work? By keeping your home and moving into a new one, you have the security blanket and know that if it all goes wrong, you always have a property that you can go back to if the job doesn’t work out or the relationship fails.

While renting out your home can be a scary experience as you don’t know who is living in your property, you can work with letting agents in Peterborough, like the team here at Letters Group and we can manage your property for you.