The benefits of letting
Your property is still yours
If you decide you’d like to sell it or move into it in the future, you can.
You don’t become part of a chain
If you plan to sell this property in order to buy another one you create a chain.
The purchase of your next property is at risk should you be unable to sell your current one making you a less attractive buyer to most vendors.
Going ahead with the new property before selling this one could leave you paying two mortgages at the same time while waiting for the first one to sell. Renting the property, however, allows you more breathing space.
Your property will pay for itself and bring in extra cash
Most landlords find that the rental income they earn not only pays for the property’s mortgage but gives them enough to put towards a new property or their savings.
You will profit more as property prices increase
Despite the occasional dip, property is one of the safest investments as prices rise over time, especially in a city like London. Holding on to your property for a few more years will potentially give you a bigger profit than selling now.
You don’t have to turn your house into a showroom
Uptown Properties has standards for the properties we rent but more easily achievable ones than those for selling your property. Giving your house a make-over in order to achieve the highest possible selling price takes a lot of time and money and can be difficult to maintain if you are living in the property while waiting for a buyer to come along and fall in love with it.
You build equity
As every rent payment goes towards paying your mortgage, when you do come to sell you will have more equity in the property than you do now.