The UK is a funny old place, certainly in the view of many Europeans for whom the idea of getting a mortgage (literally meaning “Dead Hand”) seems ridiculous.  In their view a home is a place to live, not an investment.The British economy has always been driven by the housing market’s ups and downs, although some maintain it doesn’t so much drive as reflect the state of the economy.

Whatever position you take, you have to admit that the European view of bricks and mortar not being the best place to invest your cash right now does seem to be correct. The average house price in the first quarter of 2009 in the South East, including West Sussex, was £202,952.00 compared with £254,070 00 for the same period last year.It seems to be the same picture nation-wide.

According to figures from the Royal Institution of Chartered Surveyors (RICS), while 6% of estate agents said that property values had risen in May, 42% said they fell!It’s not uncommon for there to be months of rising prices when house prices are still trending down and it’s predicted that house prices will fall by a further 10% in real terms to hit their low point around mid-2010.

In such a confusing and uncertain environment, if you’re looking for property in West Sussex, should you buy or rent and ride out the storm?A lot will depend on the other factor: whether you can get mortgage finance. In the credit crunch, buyers must set aside substantial sums to put behind their purchase as a deposit, because of the reluctance of many increasingly risk-averse lenders to advance more than 70% LTV. And unless your credit file is squeaky clean, there’s no way you’ll get a mortgage from the High Street lenders, for the next couple of years at least.

That’s why more people are looking to rent a property in West Sussex, even if only for the short term until the market and availability of cheap mortgage finance buoys up again.In truth, there are several advantages to renting.  There’s more rental stock available, especially in Worthing, Goring, Findon and Lancing.  Monthly rentals, even for larger 3 or 4 bed properties are not much more than the equivalent mortgage would be (if you could get one!) and many are already equipped with bathrooms and kitchens that are top of the range – so no need to spend an extra £10 – £12, 000.00 over and above the actual purchase price on getting your own dream kitchen and bathroom.    Maintenance is someone else’s responsibility and that sum you have left over from the sale of your property that ordinarily would have been the deposit on another purchase can now sit in a (relatively) high interest account or in ISAs earning more that it would invested in a house.

Many people who live in the city are taken with the notion of going to the country to get away from the rat race.  However even if you come across a great deal on one it will often mean being responsible for paying another mortgage.  This is on top of property taxes, heat and hydro and general maintenance costs that can all add to your financial worries.  This is often enough to turn people off from purchasing a cottage but by renting it out you may be able to recoup some of these costs and maybe even turn a small profit.

Seems good right?  However before you determine that renting your cottage is the way to go here are 4 things you absolutely have to take into account.

Make Certain You Are Requesting The Right Rental Price

It’s hard not to get emotionally attached to your property but you need to be objective in setting the rental price for your cottage.  It will take a bit of homework on your end and you may need to enlist the advice of a real estate agent.  You will need to see what similar cottages in the vicinity are renting for.  Where your property is can be a factor because if you have waterfront cottages Wasaga Beach, being a summer hot spot, would rent for more. Winter time can also be great a time to earn some pretty good money on your Blue Mountain condo if it is close to the ski hill. If your location is not the greatest then make sure that it is in excellent condition and be ready to negotiate.  If your cottage sits empty for a week you will not make that money back.

Great Pictures Can Make Renting Much Easier

Ensure you are receiving the most from your advertising dollar and that does not mean you have to spend a lot.  Take as many photos of your property as you can.  Digital pictures cost nothing to make and even the camera in most cell phones are good enough.  The more you are able show possible renters the better.  This can back-up the rent you are asking and save you time in only answering genuine inquiries.

You Need Be Searchable On The Web

Those who are receptive to renting a cottage are not going to be local and can possibly be from major cities or also around the world.  There are sites that focus on cottage rental listings or for more control you can create your own site.  Advertising on-line will give you exposure that you simply cannot get in any newspaper or any other form of media.  There are a surprising number of rental cottages that do not correctly execute this step which can you give a bit of an advantage.

4.  Answer Inquiries Quickly

You are probably not the only person receiving phone calls and e-mails about your cottage.  If you are able to respond within a short time period of getting the inquiry you stand a better chance of getting the renter.  Your goal may simply be to make some extra money but you must still treat it as a business.

Through a mixture of research, marketing, and a little hard work you will rent your recreational property and cover some of your costs or even make a bit extra.

Tenants are often the unnoticed victims of the mortgage crisis. Through no fault of their own, they are finding themselves evicted from their homes. According to the National Low Income Housing Coalition, renters are an estimated 40 percent of the families currently facing eviction because of foreclosure. With 3 million homes expected to go into foreclosure this year, hundreds of thousands will be forced to face this crisis.

Many tenants do not become aware of a landlord foreclosure until an eviction notice is posted on their door and they must scramble to find housing on short notice. Temporary housing shelters are seeing more and more renters who, without the return of old deposits, do not have the savings to cover security deposits and prepaid rents for a new rental. It is especially devastating when tenants are unable to collect the return of thousands of dollars in deposits to the landlord.

Sometimes it is the case where, unbeknownst to tenants, owners rent their property when they are already in foreclosure. They may pocket the rental money or even use it secure a new place to rent for themselves. Now after just getting settled, the tenant must prepare to move again.

Having early notice that the landlord has defaulted on his loan will enable the tenant to negotiate the return of any security deposits and prepaid rent and give them time to look for a new home. State laws vary, but unfortunately, the majority of the states do not require that the tenant be given notice of a foreclosure. Of most of the ones that do, the time frame is minimal and if the home is listed as owner-occupied, tenants are not likely to get the required notice. Check the U.S. Department of Housing and Urban Development website for tenant rights by state.

What can renters do to protect themselves from rental foreclosure? A Notice of Default or Notice of Trustee Sale is public record and can be researched periodically at the county recorder office. A more simple way to do this is to subscribe to Tenant Protection Services (www.TenantProtectionServices.com) for monthly, renters foreclosure notifications. They also offer a free report with additional tips and advice.

Also, keep your eyes open for these signs that your landlord may be in trouble: mail from loan servicers or lenders and companies offering bankruptcy relief, realtors or investors circling the property, and a landlord’s inattention to the deterioration of your property.

Tenants will have a better chance of avoiding lost deposits or unexpected eviction if they do their due diligence.