As a local estate and letting agent in Dudley and surrounding areas we have always been aware of how traditional Landlords come into being. Historically the local rental market has largely comprised of Professional Landlords (who have 2 or more properties in their portfolio) and Accidental Landlords (who have ended up renting out a property left to them in a will or have used spare cash to buy one property).
However, over recent months a new stream of Landlord has become more and more prevalent in the local housing market. These are homeowners who purchased their properties at the height of the housing boom and have seen their property value slump over recent years. For these homeowners who face the harsh reality of being in negative equity selling their property is not financially viable -they simply cannot afford to pay off the money owed.
Despite the fact that selling their home is not a viable option, these indiviiduals are desperate to move as their personal circumstances have changed (new babies, children growing up, meeting a new partner, divorce, children moving home after university…the list goes on) – as a result of these changes they have outgrown their current property. The only option left to them is LETTING out their property and finding more suitable rented accommodation for themselves.
For anyone faced with the above dilemma it can be quite a daunting experience. Below you will find a quick guide on how you should approach the situation :–
– Speak to your mortgage provider and find out exactly what you owe
– Get your property valued by a local agent
If, as a result of the above that selling is simply not an option then :-
– Speak to your mortgage provider about letting your property and the cost implications of this
– Find a local letting agent to market the property on your behalf making sure you ask about :- Upfront Costs, Ongoing fees, the service they provide (make sure they include an inventory), any extra costs that you may incur
– Use Rightmove, Zoopla etc to find a rental property that will suit your needs (most rental properties will require you to pay an application fee and then 1 months rent and 1 months deposit prior to moving in
– Work closely with your letting agent and the one acting on the property you intend to rent to try and make sure that you do not over commit yourself. The last thing you want to do is tie yourself into a contract on the new rental property whilst your property remains empty.
Whilst there is a lot to think about when faced with this dilemma – rest assured – there is help out there and companies like HomeXperts are here to help you through the whole process.
If you are considering selling or letting your property then please feel free to contact Aled Edwards on (01384 468121). You will find us to be professional, friendly and above all else extremely approachable.