Are you in a long-term relationship and thinking about moving in with your partner? If you are both renting, this may be a simple solution that can save you both a fair amount of money each month. However, if you both happen to own a property, things get a little bit more complicated. After all, if you are the one moving in with them, you may be unsure as to whether to sell your property or to hang onto it.
As experienced estate agents operating in the Hammersmith area for several years, we have encountered this exact situation many times. At Trust Milo Ltd, we understand this dilemma and how difficult it can be to come to a decision.
On this blog page, we offer some insight into what you should think about when considering to either sell or let your property. While the decision is very much still yours to make, we hope this page will help you choose the right option for your personal circumstances.
Selling Your Hammersmith Property
Have you been living on your own at the property? If so, it’s probably a highly suitable place for a first-time buyer. With more and more people looking to purchase their first home every year, it’s very possible that you will quickly find someone who’s interested in your place. With our estate agents onboard, you might even agree to a sale much sooner than expected.
Selling your house or flat enables you to release the equity currently tied up in your property. You can then put this money into a savings account for a rainy day, spend it however you would like, or reinvest it.
What’s more, if this was your primary residence, you shouldn’t have to pay any capital gains tax if there’s been an increase in the property’s value since you first bought it.
Letting Your Hammersmith Property
Although selling up is a tempting prospect, our estate agents believe there is a strong case for keeping hold of your property and letting it out. Not only does this provide a safety net, should the worst happen and the relationship end, but it will also provide you and your partner with an ongoing source of additional income. And, don’t forget that you can always sell it in future.
This means you will still receive a nice lump sum of cash at some stage.
While the government has proposed legislation to scrap ‘no fault’ evictions throughout England, you can still regain possession of your flat or home in Hammersmith if you need to move back into it yourself. Therefore, if your relationship ends and you want to move back into your former property, you may be able to do so within a couple of months.
With years of knowledge and experience at our fingertips, the estate agents at Trust Milo Ltd remind you of some important considerations, if you decide to let your property.