If you can't sell your home, could renting be the answer?

There are many reasons why people need to sell their homes quickly, whether it's due to relocating abroad, needing more space for a growing family, or wanting to move with a new job.

However, in the current climate, putting your house on the market may not result in the quick sale you had in mind; this is why so many homeowners who were originally looking to sell their properties have become 'accidental landlords'. Indeed, the Royal Institute of Chartered Surveyors found that in 2008, 'instructions to let' rose faster than in previous years.

Richard Price of the National Landlords Association confirmed that a similar trend was seen during the last downturn, which resulted in a happy ending for many of those homeowners who found themselves forced to rent out their property, with some becoming successful landlords with a portfolio of several properties.

However, he advises that homeowners considering this route must be ready to let go of their home and cannot let themselves be upset if a tenant does not share their tastes in decor, furniture, and so on.

"Even if you think you may one day move back in, treat it as if you sold it a few years ago," explains Richard.

This trend among vendors to become landlords rather than selling their homes has meant that those looking for property for rent can now enjoy more choice.

Tamara Smith of www.easyroommate.com said: "We've seen an increase in the number of new landlords. Either they need to move but can't sell full-stop, or they won't sell at a loss on what they paid, or they are struggling to pay the mortgage themselves."

She went on to explain that she expected the amount of accidental landlords to continue to increase over the coming months.

Of course for those vendors whose home is in a region which is popular with holidaymakers, renting during the peak tourist seasons can also be a profitable option.

Source: Sunday Mirror | Last updated: 11th January 2009

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