“Thinking of selling or renting your property?”

Sell or rent your property

There is a high demand for rental properties in Brighton & Hove due to a cultural shift which has occurred over the past few years.  Many people are now considering letting out their property as a profitable alternative to selling it.  Indeed, letting out your property has a number of advantages.  So, which step will you take – sell or rent your property?

Firstly, the value of a property is, in practical terms, irrelevant, unless you are actually selling it.  Therefore renting it out instead means that you simply don’t have to worry about property prices. It wouldn’t matter if prices were to rise or fall in the short term.

Secondly, by letting out your property, you get to keep the investment in which you have no doubt expended time and money.  Also you don’t have to spend money on the various costs of selling, and especially re-buying. There is also something pretty cool about being a landlord!

Rents and Mortgage

Of course, your rental income should at least cover your mortgage payments. Whilst monthly mortgage costs should remain virtually static throughout the term of a typical loan (subject to interest rate fluctuations), and then disappear at the end of it, rents are more likely to rise over the long term, providing you with an escalating annual profit, which can contribute nicely to a pension income.

Renting is also generally quicker than selling.  This means you can immediately realise your short-term plans, and unlike selling, renting is reversible should your plans change in the future.

Finally, tightening mortgage lending criteria under the Mortgage Market Review regulations suggests that it might just be worth keeping the mortgage you have, as a new one might be harder to secure, should you wish to buy again in the future.

Are you thinking of putting your property on the market for sale? Before you do, why not ask us to provide some expert confidential advice on the options available to you.  We can provide FREE online valuations for sales and lettings.  You might be in for a pleasant surprise!  If you’re thinking about letting your property, download my free ULTIMATE GUIDE FOR LANDLORDS

You can call us on 01273 735237 or email enquiries@callaways.co.uk