Moving and Looking for the Best Way to Finance Rental Property?

If you’re in the position of moving out of your present home, then you also probably have to make a decision regarding what to do with what is for most of us, the biggest asset in your life!  For whatever reason you’re moving the basic decision revolves around selling the house, new mortgages or finding tenants; for a regular income and retaining your capital investment! However, before thinking about the best way to finance rental property there are a few influencing factors to consider. Is this a permanent move you’re making, or is there a possibility of you returning to the area!

Also, keep in mind the respective costs and savings incurred whether selling the property or renting it out. If your move is a temporary one, then it could benefit you by going the rental route instead of selling and then needing to buy another home when you return. On the other side of the coin, is the rent you could get for the house enough to cover the mortgage, inherent maintenance, and other costs!

Balancing the property scales

One crucial element in this entire decision-making process is the condition of the property. It could be that some valuable qualified advice from the Mortgage Guys would help you with balancing out the pros and cons of selling or the best way to finance a rental property!

Put yourself in the place of a tenant; you would probably be more inclined to accept not up to spec fixtures and fittings than if you were buying the property with a mortgage to consider. Again, this can depend on your financial position, because if funds are not available for home improvements, then the renting option could be the most financially beneficial.

Within the demands of renting, are the needs for ongoing maintenance repairs, which is an integral part of being a landlord! It also means ensuring you choose the best way to finance a rental property keeping in mind that you’ll also be supporting your new home! As the owner, you remain responsible for maintaining the property in a reasonable condition, as per the tenancy agreement. If this raises issues for you either emotionally or financially, then the selling option could be your answer.

This is an important decision for you, and it would be a wise move to visit the Mortgage Guys for some friendly, professional and qualified advice.