The team at Keywest estate agents are here to help you to decide if you should sell or let your second home

An increasing number of people are not meeting their ‘forever’ partners until later in life or after a previous relationship has ended. This means that many people, both young and old, who decide to take the next step and move in together find themselves with two homes. Obviously, most couples will only want one property to live in, and so the question is what do you do with the other?
Sell Up
The first step is deciding which property you want to live in, or maybe you would prefer to sell both and pool your finances to buy a property as a couple. Keywest can help you find the property of your dreams and provide you with the best possible chance of selling your existing homes quickly and for the best possible price.
If you decide to sell just one of the properties, consider factors such as your current property and location needs, along with any changes that may happen in the future. You may be thinking about selling a property that is currently too large, but are you likely to have children in the future, for example? You may also want to consider which property is likely to give you the best return on the original investment or which could be improved or extended in order to make more of a profit in the future.
Rent It Out
Another option is to rent out the second property or maybe even both, depending on your finances. Keywest can also help with this, whether you want expert advice on the rental potential of the two properties or information about the sort of management services on offer to make letting as stress-free as possible. This could provide an excellent opportunity in the current climate, when demand for rental property is extremely high, but make sure that you are confident that your current relationship will last before letting out (or selling) your home. If it is a relatively new relationship, you could consider renting out one of the properties on a short-term let rather than having tenants with agreements to stay for a year or more.
The Finances and Legalities
Whatever you decide, you will need to consider your finances carefully. If you plan to rent out a property and you have a mortgage, it is a legal requirement that the lender is informed. It is possible that the mortgage company will want you to switch mortgage types to a buy-to-let one, although they must also be ‘reasonable’ when it comes to their demands rather than simply forcing you to switch. Talk to the provider about what the possible options are, and the ombudsman can always be contacted if you feel you have been treated unfairly.
For help selling or letting your second property, contact Keywest. We can advise you on your options and either help you achieve a quick sale at a good price, or manage your property to achieve a good rental income, giving you peace of mind that your property is in safe hands. Call us today on 0116 254 4555 or email sales@keywest-estateagents.co.uk.