Property is well known to be one of the best investments you can ever make. But this doesn’t mean it’s always easy to see a return on any properties you do own. And as with everything it always depends on the market and the changes it goes through can be rather unpredictable. So if you’ve got a property that you’re looking to make some money on. And are wondering whether you should sell it or rent it out. Then in this post we’re going to share with you some of the things to consider. On each side since there are always pros and cons to both options. And ultimately it’s a very individual and personal decision that only you can decide for yourself.
- A big chunk of cash upfront: one of the main appeals for most people who sell a property is that they get to receive a big chunk of cash upfront when the property sells, and this is definitely a good thing if you’re looking to invest in further properties because you can use that cash to buy something even bigger and better to leverage your initial investment.
- Less hassle when you can walk away from the property: another great thing about selling instead of renting your place out is that you no longer need to have anything to do with the property. This means, for example, that you don’t need to worry about things like tenants calling you when repairs are needed or when things in the garden need replacing and you’re the one who has to organize a plumber or call in a company like New Lawn Artificial Grass Ltd when something goes wrong.
- Monthly recurring income: on the other side, renting your place out means that you get to receive a monthly recurring income, which of course is always dependent on things like your tenants paying their rent on time and even things like the property value deciding how much you’ll get for the place. If you’re not decided on renting out permanently. Then you can always look at something like AirBnB which means you still have a secure income. But with more flexibility until you decide what you want to do.
- Ongoing involvement needed from you: when you’re renting the place out, you’re still responsible for things like repairs and anything that goes wrong with the place whilst you’re renting it out, and not only can this be an added stress to deal with, but it can also cost money that you sometimes don’t have or weren’t expecting to have to pay.
- You may get bad tenants: renting your place out is definitely a big risk. And it’s understandable that not everyone wants to take this risk. Especially if they’ve been burned by bad tenants in the past. Who perhaps don’t pay their rent of just don’t take care of the place. Or are noisy neighbors who cause problems or just otherwise don’t behave how you would expect them to as tenants of a property.