Are you an " accidental landlord" ? Perhaps you decided to hang on to your existing house and rented it when you bought your new property . A survey from the Nationwide Building Society today highlighted this as an increasing trend over the last year. The effect has been an increase in rental properties - and a drop in the amount of rent you can charge. The opposite side of the coin is the shortfall of properties up for sale, which increases house prices because of the demand.
What everyone wants to be able to predict is what happens next ? The Stamp duty threshold goes back to £125,000 at the end of this year so anything over £125,000 will attract stamp duty at 1% of the purchase price . The current threshold of £175,000 was due to run out at the beginning of September but was extended by the Govermnment to 31/12/09. That may affect the number of properties being sold in the early part of next year.
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A new phenomenon that has occurred in the past couple years is the phenomenon of an "accidental landlord." There are actually more and more home owners today that are becoming landlords by default for a variety of different reasons. This is something that is occurring over and over again in the Minnesota area, and there are many people who are ending up with Minnesota rental property instead of actually selling their homes. So, let's take a look at how these people become a twin cities landlord with homes and condominiums for rent, and some tips that will help you decide yourself whether you want to sell your home or go ahead and rent your home out to tenants.For more information visit us at:-conveyancing solicitors.
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