You have to sell your current home to be able to move, right? Wrong! What if you could have both properties and make money from your old property without lifting a finger?
Most people don’t consider renting their property out instead of selling. However, if you’re struggling to sell or have had a buyer drop out, it is a great way to ensure that you don’t lose out on your dream home while you scramble to find a buyer for your own property.
Not only that, but this option means that you’ll own two properties and enjoy the equity growth of both of them in the future. This will put you in a better position further down the line to purchase your forever home or even to help your children get on the property ladder themselves. With this in mind, renting out your property instead of selling is actually more profitable in the long run.
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You’ll go ahead and buy the home you have your heart set on, exactly as you would expect. However, instead of selling your current property, you’ll take out a Buy to Let mortgage which will allow you to purchase your new property. Our independent mortgage advisors will be able to help you choose the right Buy to Let mortgage for you.
When you re-mortgage your current property, the capital appreciation you’ve gained since buying it could be enough for a deposit to purchase your new home.
What are the benefits?
When you do this, you’ll still own your existing property and will be able to rent it out. Your rental income is likely to cover your Buy to Let mortgage payments, effectively paying for itself, or could potentially giving you an additional source of income.
In ten years’ time, when you decide it’s time to move into your forever home, you could sell both properties, enjoying ten years’ of increased property value plus the rental income you’ve received over ten years. You could cash in your investment to pay for retirement, or you could use it to help your children purchase their first homes – the possibilities are endless and incredibly rewarding!
'Prospect' has recently helped me with selling my flat although my property was not the easiest to sell. 'Prospect' is represented by a team of enthusiastic, hardworking, professional, hardworking people who don't easily give up. I definitely recommend 'Prospect'.
I moved to Prospect from another Agency last year after a complete refurbishment of my flat ready to let and I am so glad I made the move! I am particularly impressed with Agnese and the way she is managing my property, very efficient, always cheerful and very helpful.
Prospect Estate Agency is committed to conduct our operations in a fully compliant manner. We fully support and adhere to all regulations covering the industry including The Estate Agency Act 1979, Competition Act 1998, The Consumers, Estate Agents and Redress Act 2007, Consumer Protection Regulations 2008, Sanctions and Anti-Money Laundering Act 2018, GDPR Act 2018, UK Competition Law, The Property Ombudsman Code of Practice and ARLA & Propertymark Protection.
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