Is selling your best option?
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.