With the current property and mortgage market a little uncertain just now, if you do need to move, it might be worth doing so a bit at a time.
Instead of selling your current home and buying a new one, you could look at letting out your own home and renting one that’s more suitable (let-to-let) so you’re in the location you need to be when looking at houses for sale, or until things have settled down with mortgages and you’re more confident in buying again.
When you are letting your own property out and renting from someone else, it’s worth trying to match the tenancy agreements so they come to an end at a similar time. Alternatively, if you can, organise to have longer in the home you are renting to give you a choice on when you want to move next. Find out when you view a property what flexibility the landlord has on letting the home to you. Are they in similar circumstances to you and may need to move back in or sell their property in 6-12 months or is it an investment property they are keen to let to someone for as long as possible?
Think too about the budget you have. Most rents are locked in for the length of the tenancy or up to 12 months - so you can budget quite well, but you need to be clear on how much will be left from letting your own property after all the costs and renting a new one – will you need extra cash each month or have some spare? It is also worth considering taking out Rent Guarantee, so if your tenants are unable to pay, we will cover the costs so you’re not out of pocket.
Next, make sure the property you rent is being let legally and safely, ideally by renting through an agent that is qualified and a member of either ARLA or RICS, so you will be looked after properly. If they are an individual landlord, ask them if they belong to a landlord association such as the NRLA or a local authority one if they operate one.
If you have pets it might be difficult to secure a let, so it’s worth speaking to your vet in advance to see if they will give you and your pet a ‘reference’ to show you are responsible owners and you are likely to look after the pets and the home well.
Renting your own property and letting someone else’s to help achieve your moving needs just now could be a great way to get through the current uncertainty. Hopefully within the next 6-12 months things will have calmed down for both the mortgage and property market.
If this is something you are keen to do, it is worth seeking professional advice on how to rent out your home, so do visit one of our offices, call or email and we’ll be very happy to help you to know if it’s worth pursuing.
Looking for advice?
If you're looking to let or sell your property, we can help. Get in touch with your local branch or book in for a property valuation.