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Thinking of selling your property? Maybe think again. Our advice would always be, don’t sell if you don’t have to, converting to a buy to let is a great alternative and often a great money earner too…

Why sell when you could let?

Our client bought her first home before she met her current partner. When they moved in together the result was two properties and two mortgages between them. This is an incredibly common situation. The initial thought is usually to sell one which is precisely why the client got in touch with us.

She was after some advice as the property price on her home had only increased slightly, and, after they factored in the costs involved in selling, she would be making a loss overall.

Her view was this was the only option available to them, they had a daughter in hospital and did not have the time to even consider setting up or managing the property as a rental option. However, I explained the benefits of converting to a buy to let and, after talking the process through with her in more detail Cotswold Property Partners took the property on, on her behalf as a fully managed service.

Getting 'tenant ready'

Paintbrushes covered in coloured paint
Getting a house ‘tenant ready’ is fun but time consuming and there are some strict measures you need in place.

We started off with the basics, introducing a mortgage broker who switched the property to a buy to let and was also able to change the policy on their other home mortgage to a better product, so overall they were now paying out less per month. We were off to a good start.

Once we had organised a removal and furniture storage service for the client, the next step was managing a small-scale refurbishment, making some improvements and getting the house ready for tenants.

Getting a house ‘tenant ready’ is great fun but it is time consuming and there are some strict measures you need in place. You must ensure legal and safety compliance in line with the government’s lettings legislation, which covers everything from gas safety certification and deposit protection to energy performance certificates. In addition, you require separate landlord’s insurance. All of this we were able to put in place on behalf of our client and save her that valuable time, which she just did not have.

Success story

The big moment for any buy to let arrangement is securing your first tenant. We partnered with a local letting agency to secure tenant find services and, within a week of advertising, we had a tenant ready to move in straight immediately. Our client was delighted, and so were we.

After this initial success we went on to manage the property, on our client’s behalf, for five years dealing with all the recurring landlord duties during that time, including maintenance, tenancy renewals and rent increases.

Letting the property proved to be a shrewd move, as over those five years it provided our client with that all important regular income, whilst the house price steadily increased until it reached a point where she was ready to sell. Once she’d made the decision, we supported her through the sales process in terms of price guide and worked with a local agent which ultimately resulted in a sale direct to the existing tenant. Not only did our client make a substantial profit on her initial purchase, letting the house also meant she had received annual profits over the five year term as well.

Here if you need us

If you’re looking to sell maybe take some time to consider whether you could convert to a buy to let instead. If, like our client, you’re worried about such a big undertaking then why not get in touch? We’re always on hand for as much, or as little, support as you need.

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