PROPERTY SPECIAL - Advice on lettings in today's property market
Published Date:
14 July 2008
FIRST TIME house buyers could have a better chance of securing a mortgage if
they have a steady track record of renting a property, according to Helen
Roberts the director of Sheridan Jones estate agents in Menai Bridge.
Lenders are more likely to consider former tenants who can prove they have a responsible approach to their monthly outgoings.
And the time is also right, believes Helen, for homeowners wishing to
sell their properties to reconsider and rent them out instead.
"We have to look at the rental market in a totally different and more
positive way," said said Helen, who has noticed a change to the current
market for houses up for sale.
"There is a lot of surplus properties on the market at the moment and that gives us a good supply of quality housing that can be let out," she said.
"People think that renting a house is a poor relation to getting a mortgage but it's a great stepping stone to buying your first house.
"Lenders like it because they can see that someone has already got a
commitment to their monthly finances.
"Tennants usually share the costs and this gives them the chance to save for a deposit," said Mrs Roberts, who currently has a portfolio of fifty propertys to let.
"The other benefit for tenants is they can experience an area and try before they buy," she said.
There is a shortage of quality housing in Britain and with one million
properties on the market house prices are standing still or falling.
Helen says this is a good climate for owners because they can take the
weight of their shoulders by turning their property into a steady income.
"People who want to sell their house should consider renting and they can return it to the market when the time is right," said Helen.
"As agents we can vet the tenants for them and we have a maintenance team who can handle the smallest or biggest of repairs," she said.
One of Sheridan Jones' most recent clients, Yvonne Atherton, who wanted to sell her property is having second thoughts after discussing the market with Helen.
"I have a property in Beaumaris on the market at the moment but we now have the option to let it out through Sheridan Jones," said Mrs Atherton, who's house Gwynt a Mor is worth £465,000.
"Helen gave us an idea of how much rent we would get for the house per
month and we will recosider that option after six months," she said.
Helen believes that a likely tenant for Gwynt a Mor could be one of the growing number of professionals looking to rent who work at the hospital or university.
She said Gwynt a Mor is an ideal propery for such a client and could realise as much as £900 per month for its owners.
The full article contains 487 words and appears in n/a newspaper.
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Last Updated:
20 July 2008 10:47 AM
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Source:
n/a
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Location:
Bangor