Is It Better To Sell Or Rent Out My Property?

While many clients come to us knowing exactly how and when they want to sell their property, others come with an open view on the benefits of selling and of renting out a property – seeking the advice of our sale and letting agents in Romford to help identify which best option is best for them.

While selling an existing property provides the obvious benefit of being able to financially back an immediate new property purchase, transforming your home into a short-term or long-term rental opportunity presents a steady income stream which can prove beneficial in the long run. With that said, is one better than the other and how do you know which is the better option for you?

The Benefits Of Selling A Property

When you sell a property, you can use the funds from the sale to purchase a new property – the avenue that most homeowners follow as they scale up in terms of what they can afford. While selling can mean that you miss out on potential future growth in terms of market value, if you can manage to sell your property at a time when the value is high and when demand is high, selling a property can result in a profit. This is particularly the case if you have channelled some investment into increasing the value of the property.

Finally, not everyone wants to be a landlord –selling is the ideal way to ensure you are only responsible for one property at a time.

The Benefits Of Letting Out Your Property

If you are considering becoming a landlord, you are probably already aware of the benefits in terms of consistent and regular income, which many landlords use to establish their own property business or, at a minimum, to pay the mortgage on their property.

Another benefit of turning your property into a rental opportunity as opposed to selling is that you retain ownership and so can move into the property if you need to at a later or future date and can then sell it later down the line if the market falls in your favour.

There are of course conditions and considerations to be aware of. If you want to rent out a property that you own, then you will need to have sufficient funds to purchase a new property without relying on the sale price of what you already own – or you will need to find your own alternative property to rent.

Advice From Our Estate Agents

If you can afford to turn an existing property into your own rental business, taking on the role of landlord and retaining ownership, then this is the option which provides you with the greatest long term benefits, flexibility, and the opportunity to create a passive stream of income.

If you need the funds from a property sale to fund your new home, then selling is the obvious route to follow – with our team of experts able to advise and provide support with both avenues as your dedicated lettings agent or estate agent.