Making Property Work for You
As the selling market is performing well again with the number of houses being sold increasing on a monthly basis, many home owners who had been holding out are now deciding it is time to sell.
If you happen to be one of those homeowners, have you considered the option of renting the property you are thinking of selling, and using it as leverage to buy your next property?
This is easier than you think and there is a big benefit to doing this: the capital investment in the rental property will grow the longer you have it and as long as your costs are covered (mortgage, insurance etc) it is a great investment.
There are a couple of points that you will need to consider, however seeking the right advice from the right individuals will make all the difference to a successful investment;
Speak to a financial advisor to make sure that there is enough equity in your current property to ensure it could be put toward a second mortgage.
Get advice from a mortgage advisor as to what mortgages you could expect to get for both your current potential rental property as well as your future property.
Speak to a letting agent to allow them to give you an accurate rental value for your current property to help you gauge whether the mortgage advice stacks up.
You may be pleasantly surprised as to the short term benefits as well as the long term capital investment benefit of keeping hold of properties and renting them out as opposed to selling them.
If this is a topic you would like further information on or are looking to get further advice we have a network of contacts including; financial advisors, mortgage advisors, accountants to ensure that it is a speedy but well thought out process. For further information you can contact us on 01875 702071 or at firstname.lastname@example.org.