Buy, Keep or Sell?

Product Information

You may also not be able to let a property if you have bought a property under the Help to Buy Scheme, until the government loan has been paid off and similar is likely to apply for shared ownership properties. If you are nervous about doing this, a mortgage broker may offer to help to do this on your behalf, particularly if they secured the mortgage for you in the first place, or the debt charity may help.

Forecast what your existing home would be worth in the future – has it already benefited from huge capital growth over the last few years and these rises are now slowing or is there a reason for a potential big uplift, such as new transportation? You will then need to consider a maintenance and repair budget as well as account for void periods, typically around 2-3 weeks where you will have to pay costs without any rental income coming in. Q: Would you call transferring in Alexander Isak a ‘kneejerk’ decision considering Newcastle United’s next three fixtures are all difficult? If not, it might be time to reduce the amount of somewhat beautiful yet completely useless pieces of furniture in your house. 5. Is it heavy, bulky, or cumbersome? This is known as ‘consent to let’ and will usually allow you to rent out your property for up to 12 months.Understand the true costs of renting a property, including what upgrades are required to let legally to tenants – These may cost several thousands of pounds. The ability to afford to keep your old home will depend not just on the rental income you get, but the cost of living in your new home.

Since the credit crunch the government has sought to make buy to let and letting property less attractive to investors, so taxation has not only increased but become more complex too. Some lenders will restrict the type of tenant you can let to, for example some won’t allow you to let on a room only basis or to tenants who are on benefits. To help you better understand whether you can or can’t add the extra space and secure an idea of the cost.

The main reason for retaining your current home and letting it would be because you expect property prices to grow.

They’ll be able to advise on its potential as a rental property and make suggestions that will make it stand out to potential tenants. Letting property is extremely complex and before you decide to do it, you need to understand it is an investment and a large one at that.If you do get things wrong, it is important to know that Local Authorities are being asked to step up their efforts to prosecute landlords who don’t let a property legally and safely. If you’re struggling to generate buyer interest in your home, it can be tempting to undertake renovation work in a bid to help it stand out. Using a letting agent’s full management service is the best way to ensure your property remains compliant and you get the best possible tenants in place.