OWN A FIRST-TIME BUYER PROPERTY IN GRANTHAM? CONSIDER LETTING IT FOR 12 MONTHS

13th July 2024
Home > News > OWN A FIRST-TIME BUYER PROPERTY IN GRANTHAM? CONSIDER LETTING IT FOR 12 MONTHS

Grantham Property News

So, you have a property to sell, and it would be ideal for a first-time buyer?

Did you know that many first-time buyers are struggling to get mortgage deals right now as lenders become more risk-averse and house prices boom? This, coupled with financial hardship for some first-time buyers means that your property could potentially work better for you as an investment, so why not consider renting out your property rather than selling it right now.

In this article, Secure My Sale Estate Agents looks at five reasons why letting your property might be a good option for you.

 

A Valuation Hasn’t Met Your Expectations

 

It might be that an estate agent has valued your property to sell and come up with a price that is reasonable but doesn’t quite match your expectations or perhaps your property is stuck on the market and just not selling.

With the market seeing a gradual slow down following a buoyant few months, and with those mortgage deals currently out of reach for first-time buyers, it could be a great time to become a landlord. You can rent out your property for 12 months, or a short tenancy of six months, sit tight and wait for the market to rise again.

Whether you choose to manage it yourself or instruct a lettings agency to do it for you, you could be making a return on your investment almost straight away.

After 12 months, you can get the property revalued to see whether or not it has gone up in price and make a decision to continue letting or to sell, based on that valuation.

Top Tip: The rental market is buoyant right now!

 

Considering Letting Your Property? Do Your Research

 

When it comes to property, you should always do your research. We pride ourselves on our thoroughness, but for you to make the right decision, you should do some research of your own.

If you think your property is ideal for a first-time buyer, check that there is a market for renters in your particular area of Grantham.

For example, it might be that your property is within or close to the town centre and is ideal for young people who want to be near work and social activities.

Top Tip: There’s no such thing as too little information. Go online, read the property sections of your local or regional newspapers, and of course, ask Secure My Sale Estate Agents for expert advice.

 

Be Aware of Potential Issues

 

Renting out a property can be a rewarding business and can be the start of a whole portfolio of properties!

This is great but be aware that it takes a lot of hard work.

  • There are rules and regulations that must be adhered to, and there are potential consequences of not following the legal guidelines.
  • Make sure you can sever emotional ties to bricks and mortar.
  • Consider if you able to manage the property yourself, or you should get a lettings agency on board to help.

Top Tip: Make sure you are fully aware of all the pros and cons of renting your property. Do your homework!

 

Return to Your Investment

 

We talk a lot about return on investment, but we also see a return to investment. Don’t forget, if you decide to let your property in Grantham it is still yours, and you can choose to move back into it yourself at a later date.

Renting your property out for a year and then moving back into it yourself before you eventually sell is always an option. This is a return to investment.

Top Tip: You can stipulate the length of a shorthold tenancy in an agreement, to make sure it fits your requirements.

 

Crunch the Numbers

 

Whether you want to sell your property or you decide to let it, the decision may come down to basic maths. Put simply, do the figures add up? Can you cover your costs? Can you afford to rent out your property or do you need to sell to recoup your investment?  Always speak to a financial adviser who can assist with the numbers, our inhouse broker Jonathan Saint is always here to help.

Top Tip: When you’ve done your research, seek professional advice from a lettings agent because there may be something you have missed, or just not thought about.

We have the local knowledge, experience and expertise to help you make the right decision on whether to let your property in Grantham.

We can’t make the decision for you, but we can give you the necessary information to set you on the right path. Call our team on 01476 825258 or email support@securemysale.co.uk  for tailored advice on becoming a landlord in Grantham.

 


Share this article
  • icon
  • icon

Related News Articles

WHICH IS BETTER, RENTING OR OWNING A HOME?

With the market so changeable currently, here at Secure My Sale in Grantham we are often asked the question should we rent or buy somewhere now?   Whether you’re going to rent, or if you’re planning to buy, your next home move in Grantham is a personal choice. There are pros and cons for both, and some thinking will need to be done before deciding. While man...

11/08/2024
Should I List My Property For Sale in Grantham If I Haven’t Found A New Property To Move To?

It’s Often Best To List Your Property For Sale Before You Find A New Home The team here at Secure My Sale is often asked whether sellers in Grantham should find a property to buy before listing their home for sale on the property market. With this in mind, here is our expert advice. In our experience, you should list your property for sale before you find a new home.&nb...

10/12/2022
Is Buy to Let in Grantham a Good Investment?

Is buy to let in Grantham a good investment? That’s a really good question, for so many different reasons. Here are Jason Lee MD of Secure My Sales Estate Agents Grantham thoughts. Firstly, what makes a ‘good investment’? What are the hallmarks of a ‘good investment’? Secondly, is buy to let a ‘good investment for you’, personally sp...

23/09/2023
Is September a Good Time to Sell my House in Grantham?

Many people believe that spring is the best time to sell a house, with buyers wanting to be moved in ready for summer, viewings able to take place later in the day thanks to the lighter evenings, and spring traditionally being a time for new beginnings. However, there are plenty of reasons why September is actually a better time to sell, with leading property website Rightmove...

16/09/2023