Are you thinking of moving home? After everything we have experienced in recent years, this thought is increasingly recurring in people's minds. But of course, not everything is to answer yes or no to that question, because this triggers another even more important one: rent or sell?

In this blog entry we are going to try to help you answer this second question in the best possible way. Obviously, it must be taken into account that each person has their own reality and that there is no correct answer. You will have to reconsider which is the best option for you according to your characteristics and your thoughts for the future. Rent or sell? Let's find out the best and worst aspects of each option.

 

When is it a good option to sell a home?

1. When you want to move house, but you don't have enough money to do it. In these cases, selling your current home and using that new income to buy another home that is more suited to your new reality is the best option.
2. When you need financial liquidity. If you are in a moment of your life in which you need a significant injection of money, you can sell your house and buy another smaller house that costs you less money and use the rest for other projects that you have in mind at that moment.
3. When you want to stop worrying about everything. If you already have another home to move into and you don't want to deal with tenants, paying community expenses, taxes on the home or the cost of maintaining it, selling it and forgetting about all these problems is the best thing you can do. .
4. When the house is owned by several owners. If the house is not only owned by you, but by several people who do not live together in the same place, selling this house and dividing the profits will avoid possible disputes and headaches.

 

What are the drawbacks of selling?

1. You lose your heritage. It may be that right now you do not need that home, but you never know what will happen in the future. Before selling a home, you should think about the future and analyze your situation and your expectations.
2. Taxes. That's right, you will also have to pay taxes for selling a home. Before putting it up for sale, we recommend that you find out about the taxes that you will have to pay for this transaction.

 

So far we have seen the advantages and disadvantages of selling a property. We remind you that you should always analyze your situation, both current and your expectations for the future, to decide whether or not to sell a property. As we have mentioned before, the question has two options: rent or sell? We have already seen the second, but there is always the option of renting your home to other people.

 

What are the advantages of renting your home?

1. Security. If you decide to rent your home while you are not living in it, you will always have the assurance that if the lean times come in any aspect of your life, you will be able to have your second home without any problem.
2. External financing. If at any time you need a guarantee to carry out any of your projects, you can use this property as guarantee for the bank to offer you the monetary aid you need at that moment.
3. Get profitability. Buying a home and renting it to obtain a passive salary every month is becoming a practice that more people carry out every day.

 

What are the disadvantages of renting?

1. You risk tenants not paying. This is a situation that can occur if you decide to rent your home. There are certain tenants who do not have economic stability and who may go through certain moments of downturn where they will not be able to afford the rental of the house. In these situations, there are measures that can be carried out. Taking out non-payment insurance is usually the best way to prevent rent non-payment. Also, if you rent your home through a real estate agency, you will have their support and help if this situation occurs.
2. You have a great responsibility. If there is any problem with the electrical appliances in the house or damage to its structure, you will have to take care of the amount of the same as the landlord as efficiently as possible.
3. You continue to take care of certain payments. Community and home taxes remain your responsibility. In addition, if the community of neighbors, in the case of a building, decides to make a spill to fix any damage to it, you will have to take care of the part that your home has to pay.

 

As you can see, either of the two options has advantages and disadvantages that you should take into account. There is no correct answer to the question, rent or sell? Everything will depend on your current situation and the path you want to follow. Remember that to make decisions of this caliber, it is best to have the help of professionals who advise you at all times.

At Cartagena Homes we carry out a study of your current situation and advise you on the best option for you so that you can achieve your goals in the short or long term. Do not hesitate to contact us to find out more or read the rest of our blog posts to keep up to date with the latest important aspects of the real estate sector.