Choosing to relocate is a decision many homeowners make just once or twice in their lives. It’s an exciting yet challenging prospect, where most choices must be made well in advance. A homeowner’s biggest decision is whether to sell their current property or rent it out to tenants.
The right choice is specific to each household. Here we weigh up the advantages of both, and how to tackle the challenges each option brings.
Selling Your Home
Advantages
Selling a house, simply put, provides immediate cash. Which can help cover the costs of moving and buying your next property. In Limerick, MyHome’s report on house prices showed a rise of 10% in this year’s second quarter. With homes €25,000 higher than they were this time last year, the advantages of selling are strong. Sprucing up your home to maximise its potential value in this hot market can go a long way.
Challenges
Market conditions greatly affect how smooth a house sale will be. When a house is ready to list, the favourable climate may turn. In a slow period, dealing with an agent can last for months, as prospective buyers tend to view the house on multiple occasions with less time pressure. All that work you might put into the house, to increase its value and kerb appeal, might be a risky endeavour that doesn’t pay off.
Thankfully, with these challenges comes a solution. Beyond the traditional estate agent route, online services like WeBuyAnyHome’s sell house fast service provide a free cash offer within minutes. It allows you to choose your completion date and receive funds for the sale in as little as seven days. This option helps homeowners sell in tough conditions, as well as being the quickest way to relocate for those up against the tightest of timelines.
Renting Your Home
Advantages
Renting can be a great way to keep your home while still generating income. With house prices continuing to rise in Limerick, this could offer long-term financial benefits. By keeping ownership of the property, you continue building equity while potentially benefiting from future property value appreciation. In simpler terms, renting brings in a steady source of income, and gives you time for the property’s worth to build. This means you can sell much later down the line, in the hope that your property’s value may have increased significantly.
With 2-bed properties in Limerick renting out for €1,500 a month on average, there are great benefits to taking this route when relocating.
Challenges
The rewards of renting don’t come immediately. Many face the challenge of finding the funds to buy a new home whilst keeping ownership of their previous property. Depending on your situation, downsizing is a feasible option, which minimises the amount you need to save for the next step. This Old House’s comprehensive guide to downsizing is worth checking out if you’re contemplating this option.
Property management can hog significant amounts of time and money, yet is key to providing tenants with a good experience. Hiring a property manager may cut into your profit, but it will highly streamline the process. This will take a substantial load off, and ensure your property is well-run enough to keep tenants happy living there for the long term.
Whether you opt to sell or rent, careful planning will bring you a smoother transition during this significant life change.
