With the housing market ever changing, it can be hard for people to decide on whether they want to sell their property outright, or let it out to potential renters. As leading letting agents in Leicester, we have gained years of experience in the housing market and have discovered some of the main benefits of renting out your property.
Letting can be an incredibly lucrative choice for individuals if they do it right, and it has some great potential for earning. If you’re interested in becoming a landlord and letting out either one property or a selection of properties, keep reading! We’ve got some great insight into why you should become a landlord and let your property in 2019.
Extra Source of Income
The first and most obvious advantage of becoming a landlord and letting your property is the extra income you will receive. Whilst you may get a lump sum when you sell your house outright, with letting, you can enjoy a regular monthly income. You can either use this as your primary source of income or use it to bump up your monthly pay package.
Depending on the area that you choose to let out your property, you can expect to see great revenue growth. For example, some landlords earn around £15,000 a year before tax and other deductions. This is a nice addition to either a normal, full-time wage or even a pension.
You can choose to rent out your property on a short-term basis, for example, if you have a holiday or big event coming up that you need some extra income for. Or, you can choose to go into long term letting and enjoy a continuous income for as long as you desire. We are a property valuation company in Leicester and can help you figure out how much you should be charging for your rented property.
More People are Choosing to Rent than Buy
Due to the current state of the housing market and house prices on the rise, there’s a huge market for people looking to rent houses instead of buying. For example, the market consists of a wide range of potential customers including:
- Young couples and/or first-time homeowners who are seeking to leave the nest but can’t afford large deposits and mortgages
- Elderly people looking for a downgrade property once their family have moved out
- People who move around regularly and don’t want to settle into a mortgage or permanent home
With so much potential, it can be extremely beneficial and lucrative to become a landlord and let your property in 2019. For example, the number of middle-age renters actually doubled in a decade, proving that the letting and renting market is one to be pursued by savvy landlords.
Can Help you Move Home
Are you in the process of trying to find a new house or relocate, but you’re struggling to sell the house? There is a solution to this all-too-common problem. Instead of trying to sell your house, you can always put it up for rent instead! This can give you more chances to shift the property and be able to relocate as you wish.
Since rented property is more attractive to buyers in the property market nowadays, you’ll have more luck in advertising the property as a rented property instead of trying to sell it outright. You’ll also be able to enjoy the extra bit of income you receive as you embark on your relocating journey.
Remember to get your property valued! We offer property valuation in Leicester to be able to give you the best figure going forward and help you correctly advertise your home to a good market audience.
Chances to Travel / Work Abroad
On the topic of relocating, if you’ve always wanted to move abroad or work abroad for a short period of time but you’ve been worried about what to do with your property, letting is always an option!
By choosing to let your property to reliable renters, you can feel free to spread your wings and travel and work abroad as you wish. Some people think that you can’t even holidays as a landlord, but this isn’t true.
If you use a good letting agency such as OpenHouse Leicester to find you great quality tenants, you can have the freedom of moving abroad whilst having the comfort of knowing your house is being rented by a great tenant.
Property Value Growth
The final benefit you can expect to receive from letting your house and becoming a landlord is that you can benefit from the property value growth. Since you own the property, you can actually continue to gain from the increase in property value whilst you are letting it out to your tenants.
The increase in property value happens for a variety of reasons, such as increased demand in the area, regardless of if the property undergoes any changes or not. Remember, if you’re unsure of the current value of your property, make sure to take advantage of property valuation services in Leicester to make sure you aren’t losing out on any extra income.
This will, of course, depend on the area you are letting in, however, many areas see a significant rise in property value over the years, so make sure you keep on to of this so you can get the most out of your rented property.
Let Your Property Today
Are you now curious about putting up your property on the market for potential renters? Let Open House Leicester help you. Not only do we offer quality property valuation in Leicester, but we can also get your property on some of the best property listings in the UK to ensure the successful advertisement of our property.
Just get in touch with us today to discuss your needs. Our friendly and expert tea of property experts have years of experience when it comes to letting and renting properties so they will be able to answer any questions you have and make sure you are getting the best quality services.