In a real estate market as big as Pune, it’s very common to be torn between choosing to rent or sell your house. You aren’t the first to grapple with such a situation and many house owners ask themselves this question every day. Like many other things, there is no one magical answer. There are many factors that have to be considered before arriving at a conclusion. Below are some things you have to consider while deciding between renting and selling your house.
- Before you decide which way to go, understand the trends in the area where your property is located. Determine the demand for rental properties in Pune similar to yours is in the neighborhood. Perform a comparative market analysis. You can research online or ask a real estate expert to help you.
- If your property is located in an area that is under development, wait it out. If you are unhappy with the current value of your house or if you see scopes for improvement in the house value, then it’ll be lucrative to rent it out for a while. It will be a good form of earning money when you wait for the value of your house to rise. But the key is to not wait too long either, before selling it.
- Increasing rental flats in Pune has left the buyers with a lot of options. So to put your house on the pedestal, you need to work on the house before renting it out. These potential extras, repairs and property maintenance charges will cost you quite a bit as a landlord.
- Selling a property is a one-time transaction. Once you sell the house, your role in the process is over. But when you rent the house, the responsibility of a landlord sits on your shoulder every month. It inevitably comes with the responsibility of dealing with tenant issues.
Regardless of whether you want to rent or sell your house, you need to begin your search on reliable online portals like property.sulekha.com.