On the market and currently unsold? - have you considered short term rental?
Are you concerned about the changing property market? Sometimes the seasons can fight against you whilst you are trying to sell. Perhaps a short term rental could be the solution for you?
Despite the changes in the property market and the natural slowing down of the sales market as we approach Christmas, the lettings market can only be described as buoyant.
Our properties are inundated with requests for viewings from tenants (30-50 for each property!) within minutes of launching to the market. Clearly, there can be only one tenant for each property, so this is leaving countless families disappointed and still frantically searching for somewhere to call home.
The demand has far outstripped the supply of available properties in the private rented sector, which has, in turn, caused the market rental values for those properties to rise.
So could a short term rental be the answer for you rather than selling?
As the property market rose post-pandemic, many landlords decided to cash in and sell their investment properties. The rising value of the property meant that the capital growth of those investments went way beyond anything that these landlords had been expecting, and perhaps the allure of a cash lump sum was just too tantalising to pass up. But, because of the high purchase prices, there were far fewer new landlords to fill their shoes. Properties were sold to homeowners, not landlords, because the rental yield and return on investment simply don't stack up like they used to. And so, thousands of properties were removed from the private rented sector, leaving lots of tenants without many options. It is a lot like musical chairs, and each time the music stops, a chair, or in this case, a metaphorical property, is removed from the game.
But as the market for sales begins to slow down a little and the chaos of open viewings and bidding wars abates, perhaps there is an option for you to rent out your property rather than sell it?
The activity levels throughout the year for property sales has been good and early signs for next year (based on where the interest rates are expected to go) are also good, the seasonality of the property market can sometimes stifle the market as buyers look to stay put for Christmas, however the spring and summer markets always prove to be busy
The ideal scenario is that the property generates more income from the rent than it costs to keep, and any profits come back to you. Of course, you mustn't forget about taxes payable on these profits, so it is advisable to seek professional advice as everyone's tax situation is different.
This may be somewhat unknown to you but don't panic. A good letting agent will be able to handle all elements of the rental for you and manage everything day-to-day so you can simply move on with your life and reap the rental rewards.
If you are interested in renting out your property for the short term until the sales market picks back up again, then please feel free to contact James Allen directly to find out how to do this
James can be contacted via email or mobile as follows :-
james@allen-residential.co.uk
07773 412300
