If you have a property and haven’t decided what you’re going to do with it, you may want to consider letting it. Aside from the financial benefits, renting out a property can have a great impact on your life so we’ve listed the top 9 reasons so that you can see for yourself…
- The biggest advantage of letting a property is the financial effects. Depending on the area and type of property you could hugely impact your monthly income. This extra money could go towards your mortgage, a holiday fund or simply set it aside for a rainy day.
- Owning a number of properties makes a fantastic portfolio which could result in wealth or even early retirement – and we all dream of the latter!
- Rental properties are also a fantastic asset and are a great retirement income. These properties can be passed onto children, grandchildren or even sold eventually – but in the meantime enjoy the extra funds and treat yourself.
- You can learn from experience. Property manager, landlord, decorator – being a landlord consists of lots of different task and challenges yet they will only make a better and more equipped person in the future. You will also have to deal with various different people, adding to your list of contacts.
- Security. Jobs come and go and you could be made redundant yet when renting a property there is a certain amount of safety. Sure, tenants can also come and go but it is easier to find a new one rather than a new job.
- If you are constantly moving for work or fancy travelling for a year, letting your property rather than selling it means that you can come back to it.
- The housing market is constantly changing and if you are desperate to sell you may find that you have to agree to a fee, which is less than desirable. Letting allows you to make money each month and when the market and asking price is right for you and your situation, and then you can consider selling your property.
- Being a landlord is like managing your own business, which can be very rewarding. You are the boss so you get to make the decisions on costs, contracts and when to sell.
- Letting a property is also considered a fairly low risk investment. Share prices and interest rates can plummet whereas land is always going to be there and someone is always looking for a home to rent.
Being a landlord can be a time-consuming job but one that is also hugely rewarding. If you have a property that you are looking to LET or have any questions, then please get in touch today and one of our experts will be more than happy to help.