Sign In | Join Free | My lightneasy.org
lightneasy.org
theadvisory limited
ICP Remarked Supplier
Home >

sell houses fast

Product Categories
theadvisory limited

sell houses fast

Country/Region china
Company theadvisory limited
Categories Steel Modular House
Update 2020-01-10 22:40:22
ICP License Issued by the Chinese Ministry
Contact Now
Keep reading to discover…
  • What it’s really like to become a landlord
  • How to avoid being caught out by mortgage or tax issues
  • How to make smarter decisions
  • And lots more…
As Recommended By …

"TheAdvisory drips in honest-to-goodness practical advice for todays house sellers"

Table of Contents
[hide]
  1. Key takeaways

  2. Should I sell my house or rent it out?

  3. When does renting your home make sense?

  4. What do you think will happen to house prices?

  5. Becoming a landlord is hard work

  6. Can you afford to own & maintain two properties?

  7. Will renting your old home be profitable?

  8. Mortgage issues when renting out your home

  9. Income tax issues

  10. Capital Gains Tax (CGT) issues

  11. How to rent out your house (step-by-step)

  12. What is ‘Let to Buy’?

  13. Common questions

  14. Summary

  15. Related guides

Key takeaways

  1. Becoming a landlord can impact the amount of tax you pay and benefits you receive.
  2. It’s unlikely you can let your own home in its current condition; there are 400 rules and regulations to abide by to let legally and safely, even to friends and family.
  3. Seeking professional advice is essential before you decide to let a home you own and buy another.

Should I sell my house or rent it out?

Sometimes you’re left with no choice:

  • It’s estimated that up to 30% of landlords are considered ‘accidental’ i.e. letting their own home because they couldn’t sell or are working away temporarily.
  • Accidental landlords tend to let because they have to, rather than just to make money.
  • For some it has been a great decision, they have managed to make money and even build a buy to let portfolio off the back of letting their first home.
  • However for others it has not worked out at all.
  • Some have seen a home they once loved ruined through damage while others have not received rent for months at a time and ended up being owed thousands or tens of thousands of pounds.

So, as always with property, there are winners and losers.

Before you sell or rent your existing home and buy another, it is vital to take expert financial and tax advice to understand the pros & cons of each route.

Renting it (pros & cons)

Pros

  1. Potentially help you move home if you’re only moving away temporarily or can’t sell the property.
  1. The hassle of renting can be outsourced to a quality agent one who is a member of NALS, ARLA or UK ALA.
  1. A decent tenant will pay rent on time and take care of your property.
  1. You can make an income and secure capital growth from retaining the existing property and letting it.

Cons

  1. You may need to invest money ensuring the property meets the legal requirements e.g. fit a new fuse box or put in a new boiler.
  1. Tenants can cause damage to your home (even setting up cannabis farms), which may/may not be covered by your landlord insurance.
  1. Taking on additional debt may result in losing both homes if prices fall and/or you default on mortgages.
  1. Keeping up with new and the existing 400+ rules and regulations to let a home is difficult and if you don’t, you can be fined up to 30,000 for non-compliance.
  1. If the tenant stops paying the rent, you can lose income and end up having to pay out a lot of costs keeping the property going. This can also happen when the property doesn’t let (referred to as ‘void periods’).
  1. Renting a property can be expensive to maintain and can cost more than the rent you receive.
  1. Taxation on ‘second homes’ including buy to let can be much higher than investing money in other ways.

Selling it (pros & cons)

Pros

  1. You can spend more on your next home.
  2. Any additional money you spend on a new home means when you sell, the gain is free of Capital Gains Tax.
  3. It allows you to move on with your new life.
  4. It allows you to release equity to spend or reinvest in less risky investments.
  5. Less hassle: no unexpected repair bills, tenant damage or voids.
  6. Not putting all your eggs in ‘one basket’ relying on one property to deliver a return.

Cons

  1. You may be selling off a lucrative asset that grows substantially in value.
  2. If the property is in negative equity you may have to use spa

China Customized Inflatable Bumper Ball Game Bubble Adult Grass CE supplier

sell houses fast Images

Inquiry Cart 0
Send your message to this supplier
 
From:
To: theadvisory limited
Subject:
Message:
Characters Remaining: (0/3000)