London has become known for Generation Rent and by 2025, over 60% of Londoners being classed as ‘renters’. If you’re unfamiliar with this term, it’s directed toward many of London’s workers who simply cannot afford to buy their own property, but instead, pay more than a mortgage into someone else’s pocket. Sounds crazy right? It is, but it’s happening in thousands of homes on thousands of streets all over London, and the UK.
So, if you own a property, it will be a natural question to toy with… Should I sell my property, or should I rent?
Here’s some Pro’s & Con’s to think about;
Selling your Property
Renting your Property
To talk about it in a bit more depth – we can see Pro’s for renting are financially related – whereas the pros for selling your home may have more emotional factors. Although it is beneficial to release equity in your property when selling, it is equally as beneficial to gain equity by holding on to the property as inflation increases. This, naturally is a gamblers game, what happens if the property market busts? Answer: Panic!
Selling your home is equally as stressful as renting it out – although may be more intense for a shorter period of time. Renting your property out and managing it yourself means that you are on call, 24/7 and called upon for sizeable repairs such as leaks & boilers!
Although not an exhaustive list, these key points to consider when weighing up renting your home out or to sell it, and may help you when you begin your search for information.
Disclosure: This post is brought to you from getagent.co.uk