If you need to move out of your home to relocate, you are probably wondering what the best option is for you- do you sell the property or do you rent it out? Well, there are pros and cons to both and there are lots of things to consider that will help you to decide which is the best course of action for you and your own circumstances.
First of all, you need to think about the financial side of it. When you rent out your home you will be getting a guaranteed income each month in the form of rent. However, if you need to have the money to buy a property in the place where you are moving to, selling up may be the only option that enables you to do this.
If you are planning a move that is, or may be temporary, having a home to come back to at the end of it is also nice. For example, if you are going to be working away for a year or two, then you might want to let your home out for that time and then when it comes to the end of the working away period you can come back to your own home.
Being a landlord also comes with responsibilities and you must ensure that you provide tenants with a home that is safe to live in and is in a good condition. You also may need to sort things like repairs out during the tenancy which can be hard if you are not in the country, or you are new to being a landlord. In this case, it is best to get a professional like this letting agents Cheltenham based company www.meandyouestateagents.co.uk to manage the property for you.
Something else that you need to do if you have a mortgage on the property is to speak to the mortgage lender about renting it out, as you will need to get the mortgage changed to a buy to let mortgage. You will also need to look into landlord insurance to make sure that you are covered for things that could go wrong, so bear this in mind when considering the financial side of being a landlord.