Not ready to sell? Rent it out instead

Times are hard for many sellers! However, for those who are not looking to sell their house, there’s an alternative available that will help that to make money from their properties – and it’s called renting.

Selling a house can be a difficult process and many homeowners end up getting offers that are far below what they are expecting. So in a situation where mortgage payments are becoming difficult to meet, they are forced to look elsewhere to find a solution. This is where renting out the house gives a better alternative and allows them to ease the financial pressure while realising a minimal profit in the process.

Renting out – Pros and Cons

One of the major pros of renting your house is it can be used to pay your mortgage, insurance and various taxes. So by offering it to a tenant to rent, you get to keep it for longer and get to sell it for much more later when the market is more favourable. It also means you can keep it as an investment and even pass it on to your children.

There are some downsides though and these include the risk of tenants damaging the property and you having to foot the bill. Also, if your tenant is struggling to pay, it may take a while to keep them out and recoup any arrears and that could put your house at risk.

There are also tax benefits to be had from renting out your house. So any kind of expense that is tied to property ownership and management following renting it out can be deducted – and this is legal.

While there are many benefits to renting out, you should be aware that you may not always get a tenant instantly especially if you are looking for quality tenants. You may have to do some serious promoting and get your house on property sites, the internet – or even better, get help from a letting agent.

To get help with renting out your house, speak to Abode lettings – leading letting agents covering Bridgend, Pencoed, Porthcawl and surrounding areas.