Today we are looking at the question Should You Rent Or Sell Your House?
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.
Either way, you should be sure that if you are the one buying or wanting to rent, then you should certainly look at what will need to be taken care of. Look at the floors! Old-fashioned, scratched and colorless floors detract from any room, however spacious and sunny. To give the bedroom or living room a new look, you can polish the surface or , if you prefer to cut clean, directly change the floor. Wood is always a safe bet to increase the value of the home, although if your budget is small, you can resort to wood-effect floors, such as vinyl or resin floors.
Energy efficiency is an added value when it comes to putting a property up for sale or rent and, therefore, increases the value of the home in the market. Having an efficient house, also known as passive, means a decrease of between 70% and 90% in the energy bill, something that will undoubtedly be very attractive for future buyers. What can you do to improve the energy efficiency of your home? There are many practices that can be performed from changing the conventional bulbs with low – energy detectors or place of presence, to complete interventions thermal insulation from the replacement of windows or changing appliances for class appliances A +++ renovating the windows . In short, the more actions you take in this regard, the more positions you can climb on the scale of the Property’s Energy Efficiency Certificate and increase the value of the home. Also, take care of repairs. Wood in the home can cause woodworm and this must be taken care of, as well as damp and mold. Woodworm treatment and mold treatment can be easily sorted. Then, your property will really be worth what it deserves to be.