There is a new trend gaining momentum in the residential lettings market – and it could be taking a foothold across the UK over coming months. “Double renting? is springing up all over the country – where home owners struggling to sell are taking up the option of letting out their existing home to provide an on-going income stream, whilst moving into another – lower cost – rental property themselves.
“Double renting? is springing up all over the country – where home owners struggling to sell are taking up the option of letting out their existing home to provide an on-going income stream, whilst moving into another – lower cost – rental property themselves.
Landlord and Tenant
This has created a curious situation in which a home owner becomes both a landlord and a tenant. But for many it is the ideal solution if they are struggling to sell their property for the desired asking price. It means they can make alternative arrangements without playing the “waiting game” for a sale.
I believe in this current market, with rents rising and very strong tenant demand, “double renting? offers a new and ideal solution for many people. It is particularly suitable for owners and their families who are looking to move to another town or city because of a promotion or new job – or for families re-locating to a new area for a particular school. It is very lifestyle driven.
Changes in the family structure – such as parents deciding to downsize, or move to a different area once they have raised their children – are also factors. With double renting, there is no stamp duty or associated legal costs, as there would be in a selling and buying situation. The process is instantaneous and it also enables home owners to stay in the property market. With property prices at an all time low, they can become renters themselves elsewhere and wait for the market to pick up and sell at a profit.
On the face of it, it is a perfect solution for certain people who need to re-locate quickly, but do not necessarily want to let go of their own family home, but “double renters? need to ensure that they attract the right kind of tenant for their property, carry out detailed referencing and also conform with the wide range of insurance, legislative and health and safety requirements related to private property rental.
Article provided by Christopher Watkin
Head of Franchise Recruitment for Belvoir Lettings