Should I sell my old house or rent it out if getting a new property? (UK)?
I own a small, 2-bedroomed terrace house and plan to move to a 3-bedroomed house out of town. I would like to rent it out (so I keep it in my name). I am only interested in covering the mortgage and not making a huge profit. What would be a good solution and what are the easiest ways to advertise and get interest in the house. Is it worth it considering the usual pitfalls with being a landlord?
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Tags: Good Solution, Mortgage, Pitfalls
rent property | , 7 Mar 10
By Rich T, March 10, 2010 @ 5:39 am
No brainer really, you should definitely rent it out. Property is the best form of investment at the moment. Rent it out, use their rent to pay the mortgage and bob’s your uncle, in years to come it will have increased in value.
There are countless agencies these days that specialise in letting. Contact one of those and let them do the work for you.
By naiomi n, March 11, 2010 @ 5:02 pm
rent your house
By dee, March 13, 2010 @ 9:21 pm
what with house prices been so expencive and still rising, soon people who want to get on the ladder will not be able to thus increasing the renting business… you should defo rent it out !!
By beca_wood, March 14, 2010 @ 5:48 am
Buy a property guide for your city/area & look @ the going rate for rented accomodation near buy – work out what market you would like to appeal 2 i.e non smoker, business type etc. Then think about painting the internal parts a plain colour so it looks like a blank canvas – more appealing. Are you going to let the people who move in decorate it to their own taste? If so you need to work out how long the lease will be for – 6 months agreement with a possability of extension if your happy? Will the hose be furnished? If so you wouldn’t want 2 put in good furniture – houses that are furnished tend to be let out on a short lease for obvious reasons – easier for the tenant 2 move in & out! My father is renting his house – he has been there for 5 years has all his own funiture & decorated it himself so it feels like his own home – the land lord has said he can rent it for as long as he likes! You just need to work out a system, maybe speak to a few letting agencies for tips work out if you want to be a private land lord or go through a letting agency! Renting will make you a lot of money in the long run! You can eventually sell your house & get back the full whack that its worth – no money for mortgages! Perfect! You can then put it 2 a big house of your dreams! Hope that helps!
By claire o, March 17, 2010 @ 11:36 am
rent your house out. but just be aware of repairs ,gas checks etc, one of your local letting agencies should be able to advise ,but do background checks on tenents and credit checks
By MovetoLatinAmerica, March 17, 2010 @ 2:08 pm
Listen to Rich and definitely hold on to this home!
Set aside money for items like a new water heater, hiring a handyman once a year and don’t forget to plan for things like roof repair or exterior paint, etc. Real Estate is one of the best investments you’ll ever make!
As far as renting… try
it’s free and you can always pay for the local paper.
Choosing the right tenant(s) is very important, so plan to interview 15-20 people and choose the best candidate(s). I generally rent my home for a little less than market value. That way I get the best renters and everybody is happy. They also tend to take good care of the home and make good neighbors.
If you choose someone with a pet, make sure you get an extra deposit of $500 or more! Also, don’t be afraid to charge a “Pet fee” as the pet will surely cost you $500 or so in extra wear and tear on carpet, floors, etc.
Best Wishes!