The Pros And Cons Of Renting Out Your Property In 2022

If you are thinking about renting out your property in 2022 then it might help to speak with estate agents Wapping to determine how the market is performing but you might also benefit from understanding the pros and cons. In this article, we will look at the pros and cons, enabling you to make an informed decision.

The Pros

Earn Income – When you rent your home, you will earn additional money which means that you are likely to earn more on your investment than if it was left sitting in the bank. The payments will cover any mortgage payments as well as fees.

The Tenant Should Manage The Property – When a tenant agrees to rent your property, they will agree to ensure that they keep it in excellent condition and this means that when it is rented, you won’t have to worry about the maintenance.

It’s A Long-Term Investment – Even when your property is leased and you are earning an income from it, you still have an investment that is likely to increase over time. In the majority of cases, house prices will rise although there is always a risk that they will decrease. Along with this, rental prices increase too and that means that you can increase rental prices but also earn more money on your property when it comes to selling it.

The Cons

There Is A Risk Of No Payment – Having your money tied up in a property that earns you money is a good investment. However, there is always a chance that you won’t receive money as your tenant might not pay on time and your property might also sit vacant for a period of time too.

You Have To Cover The Costs Of Maintenance – Whether it’s a faulty boiler or repairing guttering, you are in charge of ensuring that all of these are taken care of. While tenants will take care of the property to some degree, they won’t cover the costs of these kinds of repairs which means that it will fall to you.

The Risk Of Disputes And Disagreements – There are many different issues that you might experience when it comes to renting your property and disputes are quite common. Whether they have more people living with them than agreed or they cause damage through neglect and a lack of care, these kinds of problems will lead to disputes and disagreements, and in some cases, it could mean that you have to take them to court.

Tenants Are Disrespectful – The reality is that tenants know that the property is not theirs and this can mean that they act disrespectfully. They might steal appliances, cause damage and even change the locks. Getting them evicted can be a lengthy process and during this time, you won’t be earning any money on your property while having to cover the cost of repairs when they do eventually leave. Legal proceedings can take months and the costs can mount up too which can also be a problem.