Whether it makes more sense to sell or rent depends on many factors. If your heir wants to move into the house later, you can achieve a high return by renting it out. But are you really prepared to take care of the management of a rental property?
When you sell your house, you also sell the obligations that come with ownership. You no longer have to take care of the maintenance and have nothing to do with it if a pipe breaks or the cellar gets damp with the new residents. As a landlord, things are different. Here you have many duties that you either have to take care of yourself or hire an administrator to take care of.
Another advantage of the sale: you immediately receive a large sum of money, which you can use, for example, to finance a smaller property for residence in old age or which you can already distribute as a pre-heir.
On the other hand, you may be able to get a lot more money out through returns if you rent out and only sell at a later date. The question is whether it is worth the effort and whether the returns are actually high enough. To clarify this, it is advisable to talk to a real estate expert about your situation.
Renting out can of course also be the right solution if you know that your child or grandchild would like to live in the property after your death.
You see: The decision is very individual and many aspects have to be considered. Of course, it is always possible to rent out the property first, and if that becomes too costly after a few years, to sell it.
Do you need help with this important decision? Contact us now, we will be happy to advise you.
Photo: Breakingpic
