INDEX property Don’t sell it, left some T
home owners struggling
with mortgage payments. As a consequence, downsizing has become highly respectable. But if you are struggling to shift your property in a sluggish market, it becomes an unattainable dream. However, if the sales market is slow, you may fi nd you have more luck letting. The idea is that the rental income will cover the costs of living somewhere smaller, and you hang on to your larger property until the housing market improves.
he
economic downturn has
let it
If your heart is set on downsizing, but you can’t sell, consider letting and renting, says Mary Gold
It all sounds great in theory.
But what about the downsides? Remember that tenants will call you at all hours asking for leaks and broken heating systems to be fi xed. It’s worth keeping a cushion of cash to fall back on because sometimes big expenses come up unexpectedly. You should also be hands- on and compile a list of reliable
tradesmen so that you can call on them to get things fi xed quickly. Make sure that you clearly emphasise the ground rules at the start
of a tenancy. Treat tenants professionally but make it clear you expect them to pay rent on time every time and look after the property well. Draw up an inventory of everything in the property if it is furnished
Property of the month. Puckle Lane, Canterbury – £925pcm This splendid mid-terraced
Victorian house, in Puckle Lane is available to rent – but you’d best hurry because the agent predicts that it won’t be long before it’s snapped up. It’s within walking distance of Canterbury city centre and has been restored to a very high standard while retaining many
www.indexmagazine.co.uk
original features, including sash windows and Victorian fi replaces. The doors and fl oors have been stripped and there’s a spacious open-plan sitting room with a working fi replace. The kitchen is well-equipped with washing machine, dishwasher, fridge freezer and cooker. The kitchen has a door which leads to a pretty, decked garden. Upstairs there are two
bedrooms and a modern bathroom with bath and shower, and there’s a loft room which would make an excellent study. The property is unfurnished, which means you’ll save money on keeping all your belongings in storage and it has gas central heating, which means you’ll
63
be warm and snug now that the winter chill is creeping in. One of the best things about living here is that you could walk into town in two minutes for the huge selection of bars, restaurants and shops. You could also park at the property, with a permit from Canterbury City Council.
Christine Fitzpatrick of Touchstone Residential, which is
marketing the house, says: “This really does tick an awful lot of boxes for a rental property. It would suit young professionals, students or even retired people who want to drive less.” Touchstone Residential is at 29-30 Watling Street, Canterbury. Call 01227 457441 or see www.
touchstoneresidential.co.uk
and furnish it well. Cheap second hand furniture is less likely to be looked after. Build
service charges, maintenance and periods when the property is empty into your costs. Ask for a realistic rent and have a sneaky peek at other rental
properties in the area so you can ensure that yours is better value. You will need proper
landlord insurance and boilers and gas appliances should have safety checks and certifi cates. Vitally, make sure there are enough smoke alarms. Treat your tenants well and they will reciprocate.
The INDEX magazine December 2011
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