When it comes to deciding whether to rent or sell your home, there are many factors to consider. As a homeowner, you may be faced with the decision of what to do with your property. Should you sell it and move on, or rent it out and generate income? In this guide, we will weigh both options and provide you with the pros and cons of each, so you can make an informed decision.

Selling Your Home:

Selling your home can provide you with a lump sum of cash that you can use for a down payment on your next home or other investments. In addition, selling your home means you no longer have to worry about maintenance and repairs, property taxes, or mortgage payments.

However, selling your home can be a stressful and time-consuming process. You may need to make significant repairs or updates to your home to get it ready to sell, which can be expensive. In addition, the real estate market can be unpredictable, and it can take months or even years to sell your home at a price you are comfortable with.

Renting Your Home:

If you own a property, you have the option to rent it out to generate additional income. Renting out your property can help offset your mortgage payments, property taxes, and other expenses. According to Rentals.ca’s January 2023 Rent Report, the national average rent last month was $2,005, meaning there is a potential for a significant amount of rental income.

For homeowners who are unable to sell their property, renting can provide a way to generate income. In addition, renting out a home can be a lucrative investment opportunity for those who are looking to diversify their portfolio. The current rental market is posting keen annual rent growth among low supply and quickly rising demand, according to Real Estate Magazine. Now may be the time to rent out your home and  

However, there are also cons to renting out your property. One of the biggest concerns is the potential damage that renters can do to your home. Renters may not have the same level of care and respect for your property as you do, which can lead to costly repairs. 

Whether you decide to rent or sell your home, it’s important to work with a trusted real estate team who can guide you through the process. If you’re still unsure about what to do with your property, or the legalities of selling your home, reach out to Endhome for more information on how we can help.