Making Cents: Should you sell or rent out a second home?

We answer a reader's request for advice on how to decide between selling a property and renting it out

There are many factors to consider when deciding between selling a property and renting it out.

I have written a lot about mortgages and property in recent weeks and it has led to a number of interesting queries from readers. One in particular was asking for advice on how to decide between selling a property and renting it out. The reader bought a house in 2007 at the height of the boom and then watched the value plummet in the following years. They estimate its value dropped somewhere between 50% to 60%, possibly even a little more. They were always able to maintain repayments on the home so arrears is not an issue in this case. Now they are wondering whether to sell the house (still for less than they paid for it) or rent the property.

I turned to property expert Michael O’Donovan, of Savills Cork for advice, who tells he is aware of a whole cohort of people weighing up similar considerations.