Your family home has housed many memories, stories, good times and maybe hard times.
If you and your family have grown out of your family home, circumstances have changed or you’re looking for a new location – what will you do with your beloved family home?
Should you sell or rent it out?
Find out what’s best for you by reading more from the Leederville Real Estate Agency, Pro Property Group.
What makes the most financial sense?
Whether you’re a rational or emotional person, there’s no denying selling the family home makes the most sense, financially.
Cash is always king – so you need to sit down and work out what’s financially possible by writing two budgets.
The first budget:
- Outline all income and expenses associated with renting out your home.
- Compare this with the income and expenses associated with renting or buying your new home.
The second budget:
- Now, assume your property is to be sold.
- How much will it cost to put your house on the market?
- Are there any major renovations or refurbishments you want to undertake to increase the selling price? Factor this into the second budget.
Both budgets compared side by side should show you which is financially feasible and ultimately, the best course of action.
Will your emotions come into play?
Selling the family home, regardless of life circumstances, can be bittersweet for many of us.
After all, it’s a place where many cherished moments and memories were had and made.
What many homeowners don’t realise, is that it can be just as emotional to rent out your home to a complete stranger. Where property investors often detach emotion from the properties they rent out, it’s a different story for the landlord who lived in and loved the property they are seeking to rent out.
If you’re moving internationally or interstate temporarily and envision moving back into the family home on arrival – renting out to a stranger mightn’t be as emotional as you would think.
Emotions have a lot to answer for when it comes to selling AND renting out the family home.
Is there a demand for your property?
Your family home may be in a good public school catchment area and/or have good transport links to the state’s best amenities. This points to a likelihood of greater rental and buying demand.
However, if the rental demand is low and/or vacancy rates are high in your family home’s area, it might be worth selling, rather than waiting for a tenant to move in.
Are you ready to be a landlord?
Not everyone is ready nor willing to be a landlord. For most landlords, it’s essentially a full-time or at least part time job.
If you’re busy enough as it is – maybe being a landlord isn’t for you.
However, with that being said, Pro Property Group have a range of Perth property management services which allow landlords to be involved as much or as little as possible.
The decision you make, remains in your hands.
Trust your gut – and consider the financial (rational) aspects over the emotional when it comes to your family home.
After some budget looking and soul-searching – we’re sure you’ll make the right decision.
Want to sell or lease out your family home?
Seek out the services of a motivated, transparent and trustworthy Perth real estate agency to handle it for you.
Contact Pro Property Group today.
