Should I sell or rent out my property?

It’s the tricky question which every homeowner faces when it comes to moving up the property ladder: should you sell up or rent out your home?

Naturally, there are pros and cons of both options to consider which can make this a difficult decision. If you’re still spinning in circles about what the best option is for you, here are a few pointers that should help you decide.

Pros of renting out your property

The top pro of renting out your property is the financial gain. If you own a property in high demand rental area of the UK, you could be looking at a hefty pay packet in your bank account each month. Another benefit of renting out your home is that it can be a great solution if you’re going away for some time but know you’ll want to return home in the not-so-distant future. For instance, if you’re going backpacking for a year, renting out your property could provide you with an allowance while you travel, and a home to return to when your trip is over.

Understand the responsibilities involved

Before you dive head-first into renting out your property, you must first understand the responsibilities involved. There are many lists to complete and laws to comply with before you can jump straight in. There is a silver lining, however. If all of that sounds too time-consuming, you can hire a professional estate agent to take care of all the paperwork for you. Your selected agency can act as a middleman, becoming the main point of contact between you and your tenant, providing everything from admin support to in-house maintenance solutions.

Will your mortgage company allow you to rent out your property?

As every mortgage contact is different, you’ll need to first make sure you’re allowed to rent out your property. Be sure to check all of the fine print of your agreement to see what you are and are not permitted to do with your property.