Rent or Sell Home: The Never-ending Dilemma
If you're facing the question is it better to rent or sell home, then you're a part of many other people asking themselves the same question. To be honest, there's no one answer to this, it's up to the person to decide what they like more. However, selling and renting both have their own positive and negative sides. Pros and Cons.
First, you need to know that if selling your home seems like an interesting idea, you should be aware of the value of your home. The market goes up and down and no one can really predict how the market will be in 1, 5 or 20 years. It's most probable that the market will crash once in about a decade. This means you'll need to sell your home when the market is at its highest point. Of course, no one can predict when this will be, so just try to make the best of it.
If you're looking to rent your home, you should know that it's quite opposite of everything we've said about selling. The rent rarely goes up and down and more often than not, it goes up. Due to inflation and standard of living, the same price will be valued more after 5 or 10 years, so you can be sure that the money you receive from your tenants can only become more valuable for you. On top of this, the property is still yours and you can sell it any time you like if you need a lump sum to make some investments or cover some debts.
To rent or sell home is a never-ending dilemma, that's for sure, but the question is not that difficult if you know well what you need at the time in your life. Hiring an agent is definitely the best idea if you decide to sell your home. The agent knows the market and will give you an advice on the sale. If you think that agents only waste your money, you should know that an agent's paycheck depends on the number and the rate of the sale, which means the more money they provide you, the higher their paycheck will be. So, you're always in a good position when you hire an agent.
If you're more into renting, you should know that even if it seems like you do nothing and money keep coming in, it's not that simple. Your house will need constant renovating and maintenance, and as a landlord, you'll always have to be active in collecting the rent, because people are not simple as an ATM.
When renting, there's an unwritten rule about the price you should ask for - 1%. This means that if the value of your house is $200.000, the rent should be around $2.000. Of course, many factors dictate in creating the price, but this is something you should have in mind.
Think well before you decide whether you should rent or sell home. Both have their pros and cons.