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Moving in Together? Should You Sell or Let Out Your Property?

Moving in Together Should You Sell or Let Out Your Property

Couples sometimes let the excitement of moving in together overshadow the decisions that need to be made about their current properties.

What do you do with your existing property if you wish to move to a new property with your partner? Do you sell it or let it out?

It all depends on what you want, a lump sum of cash in the not-too-distant future, or a steady stream of income every month? Both may seem like attractive options, making it challenging for you to make a decision.

Letting Vs. Selling

When considering how letting and selling stack up against each other, you will find strong arguments on both sides. For starters, spending a lot of time and money getting your property up to habitation standards for letting it out may be off-putting.

Much the same, dealing with property damage due to careless or negligent tenants could put undue pressure on your finances.

On the other hand, you may regret selling your property too early only to find that the property market skyrockets a few months or years later – in which case, you could have been letting your property in the meantime and then sold it at a higher price.

With that said, what is the right thing to do for you? The decision is undoubtedly looming over your head, and this article hopes to provide you with enough information on property sale vs. property letting so that you can make a well-informed and confident decision.

Selling Your Property

There are many benefits to accessing a lump sum of cash, especially for a couple taking “the next step” in building a life together.

Whether you want to pay off debt, start a business, invest your money elsewhere, or purchase a new family can, you can access the equity tied up in your property when you opt to sell it.

There’s no doubt your property has increased in value since you first bought it, and since the property is your primary residence, you won’t be paying capital gains on the increase in value on your property.

Are you living in the property on your own? Then it’s likely that your property will make an excellent choice for first-time buyers. Since there’s no shortage of first-time buyers, you can look forward to closing a sale relatively quickly.

One crucial facet to consider is the nature of fast-appreciating properties. In this case, it’s better to hold off on the sale and wait for the right opportunity to sell so you’ll have no regrets in the future.

If property sales in your area seem to be lagging, you may want to consider this and think about letting your property instead.

Why not visit or contact your local Ashtons branch?

Letting Your Property

When you let your property, you may be making an intelligent choice. Here’s why.

While most people don’t like to think about what could go wrong, it’s important to understand that your now rosy relationship may experience turbulent waters in the future, and you may need to move back to your former home.

If you choose to let your property out and your co-habiting situation doesn’t work out, you only need to give your tenants sufficient notice (60 days) to exit the premises, leaving it available for you to move back in.

Letting your property may also seem like a popular business venture, especially if the demand for rentals is higher in your area.

Letting out your property can be risky business, though. After all, you don’t want to feel the brunt of missed rental payments and have to cover the costs of damage to your property.

It’s safe to say that tenants will not look after the property as well as you do. You will also need to pay for regular maintenance efforts to ensure the property remains at an acceptable and habitable status.

A few more things to consider when letting your property:

  • Furnished or unfurnished

Will you let out your property as furnished or unfurnished? Perhaps you come across a tenant who has a solid track record, and they’re looking for an unfurnished place.

Are you willing to let your property out unfurnished? Remember, storage may be an extra cost to consider if you’re planning to let the property out unfurnished.

Richard Smith from Whatmanandavan.co.uk had this to add: “Storage can be expensive depending on the amount you have to store and the timescale you are considering. And it’s important that you also consider moving your stuff into storage, it’s an expensive many people forget.”

  • Mortgage switch

What if you’re still paying off your mortgage and wish to let the property? The best thing to do is to switch your standard residential mortgage for a Buy to Let mortgage.

  • Home insurance

The insurance you’ve taken out for your home will need to change. You will need to change your home building and contents insurance to a specialist landlord insurance product. Why? A rented property is considered higher risk than an owner-occupied one, so better coverage is needed.

There are several legal requirements that your property must meet to ensure that it qualifies for letting. Here are a few:

  • Your property needs to meet gas safety regulations (all rental properties with a gas supply must have valid gas safety certification)
  • You’ll need an electrical certificate of compliance that indicates that your property meets electrical safety standards
  • A let property needs to meet fire safety standards
  • You need to meet regulations when securing a tenant. For example, you’ll need to make Right to Rent checks, and you will need to protect your tenant’s deposit.
  • Lastly, you need to ensure your property is safe from all 29 hazards specified by the Housing Health and Safety Rating System (HHSRS)

Letting out your property comes with a fair share of hassles and obligations. So, if it’s something you choose willingly, there’s a chance of it being a successful endeavour. Remember that being a landlord isn’t for everyone.

If it is something you aspire to be, and your home ticks of all the letting requirements, this may be something to consider. Letting out your home can help you build wealth and save for retirement.

Should I Sell, or Should I Let?

Does it make financial sense to rent out your property or sell it? Now might be the time to grab paper and a pen and start making a pros and cons list.

Especially in times of economic uncertainty, it may seem like better sense to let go of your property altogether. And if you would like liquid cash in hand, that’s another reason you may want to sell.

On the other hand, do you have the capacity to be a landlord? And would your property make a good rental? Would you need an alternative place to live if co-habiting does not meet your expectations? These are all critical questions to consider, and it all boils down to which benefits outweigh the others for you.

Final Thoughts

Either way, it is always strongly advised that you get in touch with a professional real estate agency to assist you with the process of either letting or selling.

A professional agent can advise you of the pros and cons of each option and walk you through the process of selling or letting – whatever you decide.

If you’d like to find out more about how Ashtons can help you contact one of our branches for further information.

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