10 May

“Letting to rent” on the rise

“Letting to rent” on the rise

There has been a growth in the number of people letting out their own home so they can rent in another area.

David Brooke Smith of Stacks Property Search believes there has been an increase in people who want to live in certain areas but are struggling to purchase in the right location. Therefore, they opt to rent out their current property and use the income to become a tenant in their desired region.

However, Mr Brooke Smith warned that people should give it careful thought before they go ahead and ensure they get the right advice.

"You can offset costs related to the property you're letting, but you can't offset the actual cost of renting. So if you want an even playing field, the figure you have available for your rental may need to be less than the figure you can achieve for letting your property out," he explained.

"Depending on where you're moving from and to, the figures could stack up very nicely. Letting in London, and renting in the country, should mean you're well placed financially. But going in the opposite direction will mean you have to be pragmatic about what you can afford," he added.ADNFCR-1222-ID-801818141-ADNFCR

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