During our lifetime, we will most likely move to a new home many times and for many different reasons. Family homes, moving to University, your first house purchase; all come with emotional ties, fresh starts and exciting new horizons.
If you're on the property ladder and wish to trade up, or downsize, then selling your house is likely to be your best option to enable you to put all of your energy and attention into your new home. However, if your move is down to other reasons, it may be worthwhile considering renting out your home to provide you with ultimate flexibility.
If you find yourself in the position where you are considering letting your property then you may find that there are many advantages to this path rather than going through the stressful conveyancing process:
You get to keep your house that you love.
You can generate a significant passive income with the security of a bricks and mortar investment.
Although your property value will fluctuate over time, generally the value will go up ahead of the rate of inflation. Having a rental income paying a reducing mortgage can enable you to build up a significant nest egg.
You can offset a significant portion of maintaining a rental property against tax.
Buy-to-let mortgages are very competitive.
Please note: if you have a current mortgage on your property, remember to gain your lender's consent before letting.
If you would like to talk through your options or would value a third-party professional opinion, feel free to contact our friendly team at firstname.lastname@example.org.