What should be evaluated to make a choice favorable to our portfolio and our financial goals for the years to come? Renting your property allows you to maintain a real estate investment that fluctuates over time, while the proceeds from a sale facilitate the acquisition of a future property.
Why rent?
One thing is certain, when you consider becoming a landlord, you must consider all the responsibilities that come with it: maintenance, administration, payment collection, tenant management, etc. Ask yourself the question: does this fit well into my lifestyle? If the answer is yes, it's excellent news for your financial investments. Diversifying investment sources is favorable to managing the risk of your portfolio. In addition to TFSA, RRSP, and others, it's advantageous to add a real estate investment to your assets.
Why sell?
Selling a property involves evaluating or having your property evaluated according to the current market. Moreover, it's often at this time that you realize all the renovations/improvements to be made to increase its comfort and value. These are costs and time to be anticipated. However, this will increase the amount of money from your sale. In the current market, it seems that selling is advantageous for many homeowners.
Take the test according to your goals.
These two options can be strategic for you depending on your family and relationship context, your short/medium/long-term financial goals, the real estate market, etc. A good analysis of all these combined factors allows you to make an informed decision.
Proprio Direct has a team of almost 700 real estate agents ready to help you, no matter where you are in the province. When you choose us, you're getting the benefit of decades of experience from a trusted Quebec company. Get in touch with one of them now!
