Many Homeowners in the UK have become so called “accidental landlords” as a result of the current market.
In many cases, homeowners find themselves with little option but to rent out their home after struggling to sell, as selling a home is not as easy as it always sounds.
The way the housing market has been in recent years, some homes have stayed on the market longer than their owners expected. Instead of hoping for a sale, many homeowners decide to just rent the property out and use their rent to cover the mortgage payments.
This is not the only way you can become an accidental landlord
Unexpectedly inheriting a property can have a huge financial impact, especially if the beneficiary or beneficiaries are unable to keep up with the maintenance costs and other bills associated with owning a property.
Many decide to sell, although this can be prove difficult if the property is dated or in need of home improvements.
Renting the property out can provide income to pay for repairs and decorating which can help it sell in the future.