If you are a property owner in Australia, the big question on your mind is probably whether you should rent out or sell your property. Both options have their pros and cons, and it can be difficult to make a decision. In this article, we will discuss the pros and cons of renting out and selling your property in Australia, so that you can make an informed decision about what is best for you!
Renting Your Property
The first option you have is to rent out your property; this option can be appealing for many reasons. First of all, if you rent out your property, you will still have the option to sell it in the future if you decide that is what you want to do. Even if you just rent it out for a couple of years, this can still allow you to make some money off of your property.
Additionally, renting out your property can give you a sense of security. This is because you will have a guaranteed income coming in every month, which can be helpful if you ever find yourself in a financial bind. If you don’t want to manage everything, hand this off to a rental company and you just enjoy the monthly income.
Furthermore, if you rent out your property, you will not have to worry about finding a buyer; this can be a difficult and time-consuming process.
On the other hand, there are some downsides to renting your property out. For one, you will have to deal with the hassle of finding tenants and managing them. This can be a big time commitment, especially if you have multiple properties. As we’ve seen, you do have an option to outsource to a property management company.
What’s more, there is always the risk that your tenant will damage your property or not pay rent on time. While you will be able to recoup some of the cost through insurance or a security deposit, it is still something to consider.
Selling Your Property
Perhaps you’re considering selling your property instead of renting it out. There are a few things to keep in mind if you go down this route. The first benefit is that you’ll no longer have to worry about being a landlord; this can be a big relief, especially if you’ve had bad experiences in the past.
Another thing to consider is that selling your property will give you a lump sum of cash that you can use however you want. This can be helpful if you’re looking to make a major purchase or invest in something else. Maybe you just want a healthy retirement with lots of travel and a new vehicle; selling your property can help make that happen.
Of course, there are some downsides to selling as well. For one, you won’t earn regular income (but you will have a lump sum instead!). And, you won’t have the option to come back to your property in the future – it’ll be someone else’s home. When you rent it out, you still own the property so don’t have to let it go.
So, what’s the verdict? It depends on your situation. If you need the money now and don’t plan on returning to the property, then selling is probably your best bet. But if you’re not in a rush and want to keep the property in your name, then renting it out could be the best option. Use PropertyPricer’s land value calculator, do some research, and decide what works best for you and your family!