The kids have left home and the former children’s bedrooms upstairs are empty. You had originally planned to convert these into guest rooms, but you don’t actually have that many visitors. In this kind of situation, home-owners often decide to downsize. The big question then is: do I sell up, or do I let the property?
Every owner must decide for themselves which option seems the wisest course for them. Do you want to sell or let your home? The best way to make this decision is to consult a professional estate agent. They will know the current market situation and also take the wishes and ideas of owners into account when making their recommendation.
Using the proceeds of a house sale to fund your retirement
If you decide to sell up, the proceeds can, for example, be used to purchase a smaller property, to fund your retirement or even be disbursed as an early inheritance to save on taxes or avoid inheritance-related disputes. By letting your property, you can gain a regular income – though not without also incurring certain obligations. You must also take close account of the condition of the property, any maintenance costs and the market situation, so as to ensure that the rental income doesn’t end up being less than the necessary investment in the property.
Of course, the value of the property also plays a crucial role when it comes to deciding whether to sell your home. As a private seller, you should always seek the support of a professional estate agent, as their judgement won’t be clouded by any emotional attachment to the property. A property is often associated with many precious moments in the mind of its owner. This leads them to greatly overestimate its value. Yet in order to successfully sell up, you have to know the realistic market value of your home. A professional valuation is therefore crucial. This is the only way you can produce truly convincing arguments during sales negotiations.
Choosing when to sell
Along with a property’s location and features, choosing when to sell can also be very important in getting the best possible price for your property. Anyone selling their property in order to downsize often has the tremendous advantage of not being under any time pressure to sell up. You therefore get to choose the exact time when to sell. However, you should be aware that there are no hard-and-fast rules in terms of an optimal time to sell. There are simply too many variations between the individual housing markets and developments in the various regions. Professional estate agents know the market developments and present owners with their options. In doing so, the estate agent will also take account of economic factors, the market situation, deadlines, tax issues and your personal situation.
Do you want to know whether it is worth selling your property and downsizing? Get in touch with us! We are happy to advise you.
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Legal note: This article does not constitute tax or legal advice in individual cases. Please have the facts of your specific individual case clarified by a lawyer and/or tax advisor.
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