Here at AGT Property Management and Lettings we work closely with estate planners, tax advisors, accountants, landlords, tenants, house buyers and house sellers. This makes us well placed to understand the local housing market. In this blog post we look at if Peterborough landlords should think about selling their properties.
Some of our Peterborough landlords have been asking us if it they should think about selling their properties. After all, there has been the sudden rise in interest rates. There are also the fears of a long recession. Digital tax reporting is coming and regulations for landlords and their rental properties in Peterborough are changing continually. It’s easy to see it as all doom and gloom and wonder if it’s worth selling up and running away with the money.
However, it might not be all doom and gloom. Whatever your investment, property or not, you need to decide if the investment is right for you and your finances.
The first thing to do is not panic. It can be easy to get swept up in the panic frenzy, but things might not be that bad. If you are losing money hand over fist, chances are there is something wrong and you need to make changes now. But if not then take the time to think about the options and which option is best for you.
Taka a look at your cashflow and test how many more rises in the interest rate you can take before it’s too much? Are there ways that you can pass this onto your tenants. Here at AGT Property Management we can look at the rent you are charging for your property and make sure you are charging the right amount. Tenant demand is still strong. This means that there may be wriggle room in the rent you are charging.
Have a look at how far you have come too. What were you charging and making on your rental properties in Peterborough? While profits may have slowed down, could this be a blip you can ride through? Maybe it is just a short-term profit blip and you’ll be able to recover and achieve more going forward.
It’s a good idea to get advice from different professionals. Here at AGT Property Management and Lettings we are experts in the Peterborough housing market. However, you should speak to other experts too. Speak to an accountant, a tax advisor and an estate planner for example. They will all be able to give you the expert advice you need to make an informed decision about your rental properties.
Need help finding properties for your portfolio or tenants for your properties in Peterborough? Call our experts now to see how we can help you.
