Own a First-Time Buyer Property? Consider Letting it for 12 Months
So, you have a property to sell, and it would be ideal for a first-time buyer?
Did you know that many first-time buyers are struggling to get mortgage deals right now as lenders become more risk-averse and house prices boom? This, coupled with financial hardship for some first-time buyers due to the global pandemic, means that your property could potentially work better for you as an investment. Why not consider renting out your property rather than selling it?
You could move in with friends or move back in with your parents for the short term, or even rent a much smaller property so you still turn a profit on your original home until you want to sell it or move back in. There are many varied options to make letting our your home work for you.
In this article, Waterfords Estate Agents with branches in Camberley, Yateley, Chobham and Fleet, look at five reasons why letting your property might be a good option for you.
A sales valuation hasn’t met your expectations
It might be that an estate agent has valued your property to sell and come up with a price that is reasonable but doesn’t quite match your expectations or perhaps your property is stuck on the market and just not selling.
It could be a great time to become a landlord. You can rent out your property for 12 months, or a short tenancy of six months, sit tight and wait for the market to rise again.
Whether you choose to manage it yourself or instruct a lettings agency to do it for you, you could be making a return on your investment almost straight away.
After 12 months, you can get the property revalued to see whether it has gone up in price and make a decision to continue letting or to sell, based on that valuation.
Top tip: The rental market is booming right now, with a massive shortage of rental properties. Make the most of this and book a rental valuation to see how much you could get for your home by renting it out.
Considering letting your property? Do your research
When it comes to property, you should always do your research. We pride ourselves on our thoroughness, but for you to make the right decision, you should do some research of your own.
If you think your property is ideal for a first-time buyer, check that there is a market for renters in your particular area with Camberley, Fleet, Chobham and Yateley.
For example, it might be that your property is close to the town centre and is ideal for young people who want to be near work and social activities.
Top tip: There’s no such thing as too little information. Go online, read the property sections of your local newspapers, and of course, ask Waterfords Lettings for expert advice.
Be aware of potential issues
Renting out a property can be a rewarding and lucrative business and can be the start of a whole portfolio of properties. This is great but be you need to be aware that it also takes a lot of hard work.
Top Tip: Make sure you are fully aware of all the pros and cons of renting your property. Do your homework and speak to the expert lettings team at Waterfords for advice.
Return to your investment
We talk a lot about return on investment, but we also see a return to investment. Don’t forget, if you decide to let your property in Surrey, Hampshire and Berkshire it is still yours, and you can choose to move back into it yourself at a later date.
Renting your property out for a year and then moving back into it yourself before you eventually sell is always an option. This is a return to investment.
Top Tip: You can stipulate the length of a shorthold tenancy in an agreement, to make sure it fits your requirements, speak to the Waterfords Lettings team about the many tenancy options you can offer as a landlord.
Crunch the numbers
Whether you want to sell your property or decide to let it, the decision may come down to basic maths. Put simply, do the figures add up? Can you cover your costs? Can you afford to rent out your property or do you need to sell to recoup your investment?
Top Tip: When you’ve done your research, seek professional advice from a lettings agent because there may be something you have missed, or just not thought about.
Speak to the experts
At Waterfords Letting Agents, We have the local knowledge, over 25 years’ experience and expertise to help you make the right decision on whether to let your property in Surrey, Hampshire and Berkshire.
We can’t make the decision for you, but we can give you the necessary information to set you on the right path. Call our team on 01252 235348 or email email@example.com for tailored advice on becoming a landlord in Fleet, Chobham, Yateley or Camberley.