Are you ready to move but can’t decide whether to sell or rent your property? You’re not alone. In today’s property market, the decision isn’t always an easy one. And it’s not just about financial uncertainty, your choice will almost certainly hinge on personal considerations.
At Bartlett & Partners, we have more than 30 years of experience in the prestigious South West London property landscape. In this blog, we’d like to share our thoughts on the matter, in the hope that it offers some guidance if you’re at the crossroads of a complicated decision.
South West London’s property market is continually changing, influenced by many social, economic and political factors. Understanding its unique trends is really important, as you need to consider the return you can expect, whether you decide to sell, or to rent.
As an experienced South West London estate agent, based in the heart of Richmond,
Bartlett & Partners eat, sleep, and breathe premium property patterns in our local area. We have a keen sense of any shifts, and so we offer particularly valuable insights to our clients.
Does the idea of an on-going long term rental income appeal to you? It might do if you’re thinking about extensive travel, boosting a pension, or facing a relocation with work. You could continue to benefit from your property and make it work for you.
On the other hand, selling offers you the benefit of a substantial lump sum to bolster your finances, particularly if you’re lucky enough to have significant equity in your property. You may like the idea of this financial freedom; be able to make a deposit on a new home or look at other investments.
So, what are the current rental rates in South West London for a premium property such as yours? It’s relatively easy to get an idea online, or from a good local estate agent in the rental market.
But, remember, there are lots of factors that can affect that figure, such as the condition of your property, current market demand, and its size, private outside space and proximity to transport links and other amenities. All these factors affect rental income in the popular Richmond area of South West London.
If you’ve done your research and have a good idea of what rental income you can expect to achieve, have you thought about other costs you will have to consider?
You will need insurance for unforeseen damages or accidents, and you will also need to consider routine wear and tear at your property, plus unexpected issues with utilities. It’s vital to have a contingency fund for this sort of thing.
Are you lucky enough to be mortgage free if you choose to rent out, or will you need to apply for a buy-to-let mortgage? If you own the property outright, then the rental process will be much easier.
On the other hand, applying for and managing a buy-to-let mortgage can make things a bit more complicated. Are you prepared to navigate the mortgage market in this way, especially with current interest rates?
When weighing up your decision, you will need to find out what price your property could achieve if you move to sell. Do you know its current sale value? It’s impossible to make a decision until you have a clear picture of what your property in South West London is worth.
At Bartlett & Partners, we offer a comprehensive, no-obligation valuation, or why not use our handy online valuation tool to give you some quick information?
When renting out your property, you are also charged certain taxes, such as the Capital Gains Tax when you do eventually decide to sell. These figures need to be considered at the early stages so you aren’t burned later down the line…
Historically, landlords used to get a considerable tax relief for buy-to-let mortgage interest rates but this has been reduced to only £1000 per year. Being a landlord is now not the tax-efficient dream it once was.
Disclaimer: We are not tax specialists, so please always seek professional advice and look for any legislation updates when working out at your tax implications.
Selling involves its own set of expenses. Estate agents fees - vital for a smooth sale - are something that you need to factor into your decision. Our best advice here is be very careful, because you get what you pay for.
At Bartlett & Partners we offer a premium service in a high-value area, and so our fees are a little higher than some of our competitors. But they’re set that way for a reason. We offer a premium service that will do your premium property justice, and our marketing and service is second to none.
Even with an experienced and adept South West London estate agency like Bartlett & Partners you need more than outstanding marketing, a first-class viewing service, and superior support with your sale.
It’s really important that your estate agent can provide valuable insights into current property trends in Richmond, Twickenham, and Teddington. Leveraging crucial local knowledge translates into significant financial gains or savings.
So what does the future look like if you decide to rent out your property in the Richmond borough?
It means you have to make a commitment to its upkeep. Besides the moral obligation to your tenants, you have legal ones too. It’s up to you to make sure they’re happy, and that your property complies with current safety standards.
One of the most recent changes to a landlord’s obligation is in regards to Energy Performance Certificates (EPCs). In 2025, the regulations will change so that instead of the current ‘E’ rating, you need a Minimum Energy Efficiency Standard (MEEPS) of a ‘C’ and above. That means landlords now have to put in the planning to bring any existing properties up to these improved energy standards, which can be a costly exercise.
It may be stating the obvious, but finding the right tenant (who will look after your property) can also be a game of chance. You can conduct rigorous background checks, but unforeseen changes in a tenant's circumstances may create real challenges for a landlord.
Choosing to sell rather than rent it out definitely has its perks. By selling, you’re taking advantage of your property’s current high valuation, not risking any potential downturns in the market and giving yourself emotional closure.
By taking money from your house in a lump sum, you’re giving yourself financial flexibility and freedom that will enable you to quickly move forward as you choose. You will have a clean slate and could use your money to make new investments.
At Bartlett & Partners, we pride ourselves on our ability to facilitate speedy property transactions. Read more about how we sell your South West London property faster than other estate agents.
If you are ready to make the break and sell your property, your decision will boil down to a blend of financial, emotional and practical considerations. If the market doesn’t seem favourable, or you’re feeling an emotional tie to your property, then renting may provide an interim solution.
If you’re still see-sawing, and really can’t make up your mind, why not take a deeper dive into our thoughts by reading this recent article: Should you sell your property in Teddington right now...or wait?
If you’re leaning towards renting your premium property in Twickenham, Teddington or Richmond, then you need to think seriously about what it means to step into a landlord’s shoes for the first time.
It's essential to understand the rental market in your borough of South West London, set a competitive rent, and stay informed of housing regulations. Having a robust rental agreement is important too, as is maintaining a healthy landlord-tenant relationship, built on trust and mutual respect.
Choosing between renting and selling is an extremely personal decision, with no one-size-fits-all answer. That's why expert advice is indispensable.
If you DO decide to sell your property, we’re delighted to help. Bartlett & Partners is recognised as a top estate agent in Richmond and surrounding areas. We use all our experience and the tools at our disposal to ensure that you experience a smooth journey through valuation, listing, viewings and onwards to a hassle-free sale.
Whether your final decision is to sell or rent, Bartlett & Partners is here to help, so please get in touch with any questions.
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