The decision to either rent or sell your home always proves to be quite challenging and bothersome, however the very fact that there is the option of selling or renting your house means that you are in a good place. Being financially buoyant is a basic requirement to consider both options, after all, it indicates that you have attained a flexible financial standing.
Renting your previous home when you want to move to a new place could give benefits like the ongoing money that can be made, but then there is also the drawback of the need to continually maintain and manage the property. On the other hand, there is the option of selling your house and getting a large sum of money after paying your mortgage off, but the drawback is that it's a one-time payment. To weigh the options thoroughly here are some things to note when making the decision.
Renting Your Previous Home
This option is available to house owners who have paid off their mortgage, and it presents great benefits like collecting income during your retirement years or just as a way to get more money. It is brilliant in its own way, and there is always the option of coming back to your home if you don't feel comfortable in your new house. The potential issues with renting are the tax payments which may cost more than you estimated and may not prove to be worthwhile. Adding to this is that tenants may not be as pleasant as you hoped and might even damage your property.
Selling Your Previous Home
Selling your previous home is a different option to consider. It provides you with a hefty sum of money which you can commit to other ventures. Selling also ensures that you move on and get a fresh start. However, this doesn't mean it's without its demerits. If you're the sentimental type, then it would mean getting rid of a home full of memories and emotions. Selling your house is permanent, and you can't go back from it, so if you make this decision, then you have to make sure that you want to sell.
This is a major decision and the truth is that there is no clear-cut answer and the decision to sell or to rent is never easily made. With so many things to consider and numerous other factors to take into account, making the call will be difficult. It’s important to really consider your needs and goals moving forward. Depending on your financial status, needs and wants, personal situation and other factors the decision you make will be tailored to your specifications and will probably be what is best for you all the while giving you all you want.
