If you’re lucky enough to have the money to rent out your home instead of selling it, you might be wondering if it’s a good idea.
In this article, we explore the pros and cons of renting out your property instead of selling.
Timing Matters
Selling a property can be slow and involves a lot of steps. If you’re moving for work, going abroad, or have a temporary move planned, is selling your house the best option?
Renting it out could be a way to earn money from your property in the short term. Plus, holding onto it might mean it’s worth more when you do decide to sell it.
Renting out a property does require some preparation, but usually, you can find tenants faster than selling. If you don’t want to deal with managing the rental property, you can hire an agent to handle it for you.
Things to Check
First, check if there’s demand for rentals in your area. Talk to a local agent who knows what tenants are looking for and can help you get your property ready to rent.
Before renting your home, contact your mortgage company. Some lenders allow temporary renting without changing your mortgage, but if it’s long-term, you may need a buy-to-let mortgage.
Also, consider talking to an accountant or financial advisor. Renting a property has tax implications, so it’s essential to understand them before deciding.
If you have questions or need guidance about renting your property, our team is here to help. Contact us today.
