Is sell­ing your best op­tion?

The Weekend Post - Real Estate - - Front Page -

IF you have been think­ing of sell­ing your prop­erty but are not yet sure if this could be a wise de­ci­sion for you, there are sev­eral fac­tors to mull over, in­clud­ing pos­si­bly rent­ing the prop­erty? There are ad­van­tages to rent­ing, par­tic­u­larly if you think that you may not be able to achieve the sale price you want in the cur­rent mar­ket. By the way please be aware not all prop­er­ties may be best suited to be­com­ing “your” in­vest­ment prop­erty. By con­sult­ing with a pro­fes­sional prop­erty expert, they can help you de­ter­mine if your prop­erty ticks all the boxes. Choos­ing to rent out prop­erty is not al­ways the right de­ci­sion for ev­ery in­di­vid­ual. Some­times it makes more sense to sell. This is some­thing you may wish to con­sider if you: • Don’t have the cash re­quired to sup­port two prop­er­ties, • Need equity from your home, • Don’t wish to follow up on maintenance and repairs, • This is your fam­ily home with too many mem­o­ries and it just doesn’t feel right hav­ing some­one live there while you still own it. If you’re on the fence about whether it’s bet­ter to sell or rent your prop­erty, you could ben­e­fit from a con­sul­ta­tion with a real es­tate agent. They can help go through the risks and ben­e­fits of each op­tion. Nicole Bragg, owner Bragg Real Es­tate TO­DAY’S home buy­ers have one up on their par­ents in the prop­erty stakes – home loan debt is cheaper than it has ever been.

The lat­est HIA Eco­nomics Re­search Note has re­vealed that it is now cheaper to pay off a home com­pared to 25 years ago be­cause of record-low in­ter­est rates. How­ever, this gen­er­a­tion’s buy­ers are ex­pe­ri­enc­ing much higher prop­erty prices.

“Over­all, the en­vi­ron­ment of very low bor­row­ing costs means that home pur­chase af­ford­abil­ity is cur­rently quite favourable in most mar­kets in com­par­i­son with the last 15 years,” ac­cord­ing to HIA Eco­nomics.

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