SHOULD YOU RENT OUT OR SELL YOUR PROPERTY?
Whether to sell or rent out your house or apartment offers various pros and cons. With strong cases made for both the rental and sale options, the key to success is making an educated choice after consulting an industry expert.
Those looking to sell or rent their properties should consider all the advantages and disadvantages involved in the decision. Ultimately, the decision you come to may be based on your personal needs, space requirements or a host of other factors unique to you. Take some time before making your decision and ensure that you will be content with all the possible outcomes.
Advantages of renting:
1. A temporary move
If the move you are looking to make hinges on personal or professional reasons, it may not be destined to be for the long term. Renting out your property allows you to maintain ownership of your property with the freedom to move back in, should the need arise.
2. Market changes
With the real estate market constantly changing, you can never be too sure that when you sell, you will achieve a premium price for your property. By renting out your property you can wait for the most opportune time to sell.
3. Sustain a long-term income
Retaining your property over the long term as a rental provides you as the owner with the opportunity to receive an income for as long as you lease the property. Over the years, you may also be able to gradually increase your rental price and maintain the flow of income.
Advantages of selling:
1. Immediate access to capital
Selling your property affords you the opportunity to have immediate access to capital when it becomes available. This liquidity enables you to purchase or rent almost immediately following the transaction, providing you with the option to invest some of your money.
2. You could move closer to where you need or want to be
Selling your property allows you to have access to sufficient capital for a down payment or deposit on a home you may be considering - in the area of your choice.
3. You have the freedom to choose a living situation that suits you
An influx of available capital means you are able to make a decision that is not limited or dictated by financial reasons. This expands your prospects, ensuring the option of a variety of living arrangements to suit your needs. The minimising or elimination of this critical factor opens up a host of living options that you may never have previously considered viable.
With strong cases made for both the rental and sale options, the key to success is making an educated choice after consulting an industry expert.
Author: Extracts - Property 24