growth in worth, provided you have the wherewithal to maintain its value with conscientious renters and appropriate upkeep. In a general down market, it could also make sense to hang onto the home and realize rental income until the market recovers.
THE MAIN REASON TO SELL — NOW
The local economic conditions significantly influence real estate decisions. If the home is situated in an area with economic stability and rising property values, it may present a positive investment opportunity. Conversely, if the property is in a neighbourhood experiencing economic decline, it may be prudent to consider selling promptly. In cases where the overall area is undergoing substantial depreciation, predicting the duration and extent of this downturn can be challenging. Consulting with a real estate agent who possesses expertise in neighbourhood valuation trends is essential. If the agent assesses that property values are unlikely to appreciate in the near future, it is advisable to sell your vacant home promptly. Engaging a real estate agent will facilitate a smoother transaction process, particularly if a quick sale is necessary.
ISSUES IN DECIDING TO RENT YOUR VACANT HOME
There are issues that will determine whether you can, or should, rent your home rather than sell it. Renting costs. Consider the costs in renting your home to decide if you can afford to go that route. Determine the going rental rates in your market using tools like the MLS listings and online websites. Look for comparable properties in your neighbourhood to estimate the monthly rent your home could obtain. Note features such as square footage, number of rooms, and upgrades such as granite kitchen counter tops. Take location and proximity
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