real estate property is undoubtedly an excellent investment, as owning it is one of the most valuable assets you can have. When it comes to this, you have the option to sell it with a favourable market value or have it rented out for a steady source of income. The question is, which of these two is a more viable option for you? Of course, it all depends on your specific circumstances, your property's plan, and your personal preferences.
To help you decide whether to sell or rent your property, here are a few key factors to consider:
Keeping your home as an investment property
The initial question you have to ask yourself is: “Can I afford to keep my home as an investment property?” Sure, you may rent out the property, and it will have a steady source of income for you. However, keep in mind that while your tenant will be responsible for the rent, it is your financial obligation to pay for its maintenance, repairs, and other related costs.
For this reason, you also have to weigh how much rent payment you'll be getting monthly and how much you will have to cover for all related expenses. If you think you'll get more gains than losses, then taking the plunge might not seem that bad after all!
Upgrading your property for sale
The next thing to ask yourself is whether or not you can afford to upgrade your house before selling it off. Of course, when putting your property up for sale, you want to make sure you'll eventually get a high return on your investment. To ensure this, getting a home inspection and upgrading some parts or components are part of the overall equation. If you can afford to do so, it can be a good idea to sell your property.
Furthermore, it's best to conduct research and perform due diligence before putting your property for sale. Check to see if it's the right time to do so by assessing the real estate industry, its market value, and its potential benefits to you. If the standard market price of your property is all worth it, you may consider doing so.
Assessing your capability as a landlord
Another top consideration when deciding to sell or rent your property is whether or not you're capable of becoming a landlord. Keep in mind that your responsibilities go beyond renting out your property and handing over the keys. You'll also have to accomplish plenty of tasks—from marketing your vacant unit, screening for quality tenants, and collecting payments down to addressing the tenant's concerns and maintaining the property.
If you think that all these are quite tedious as a task, you may not be fit to become a landlord. If that's the case, you still have the option to hire a property manager to handle the rental property on your behalf.
Conclusion
At this point, you now know what to consider when deciding between selling and renting your property. Be sure to ask yourself if you can afford to keep your house as an investment and if you can afford to upgrade it for sale. Likewise, make sure to assess your capabilities as a landlord and whether or not you’re fit to take care of the tenants’ needs. With all these in mind, you'll be able to make the right decision and take advantage of what your property has to offer!
We're a property marketing agency in Brisbane, specialised in the sale and purchase of residential properties. If you're looking to rent or sell your house in Brisbane, let our property specialists help out—contact us today!
