Navigating the decision to rent or sell a home can be complex. We recently guided a client through this exact dilemma.
For those of you facing a similar crossroads, here are the key factors we weighed in the decision-making process.
Renting Benefits
01. New Income Stream: Renting can turn your home into a source of regular income, bonus if the rent covers your mortgage.
02. Your Home, An Asset: Instead of a liability, your home becomes an asset, potentially enabling a second mortgage.
03. Flexibility with Timing: If your home needs renovations or repairs before selling, renting buys you time (although renos with tenants can be a bit of a balancing act).
04. Tax Advantages: Landlords often enjoy tax deductions for repairs, travel, insurance, and interest.
Renting Drawbacks
01. Added Responsibilities: As a landlord, you’re in charge of maintenance and tenant management.
02. Increased Liability: You must ensure the property meets the latest codes
03. Financial Risks: Vacancies mean you’re footing all bills, and missed tenant payments directly impact your bottom line.
04. House calls: “Hello, our dishwasher stopped working… we need this fixed right away!” Things are bound to break and, as the owner, you’re on the line to address them ASAP.
What about selling?
When the market is strong, selling might be the better option, especially if you can get a price above market value. It’s also a good move if you need immediate funds for another home or investment.
Ultimately, the decision to rent or sell depends on market conditions and which option aligns with your personal goals.
Let’s connect if you’re weighing this decision – we’re here to offer advice and help you make the right choice.
“Bringing You Home to the Good Life”
Morrison Bifford Real Estate Group
Royal LePage Locations West Realty
#pentictonrealestate #pentictonbc #pentictonrealtors #bcrealestate #visitpenticton #okanagan #southokanaganrealestate #summerlandbc #summerlandrealtor #summerlandrealestate #troutcreekbc #westkelownarealestate #westkelownabc #lovewhereyoulive #realestatetips #realestateadvice #lovewhatyoudo
