When you have a growing family you’ll want a large house, one with rooms for all the family members, and maybe a leisure area or swimming pool. We all know how quickly time passes, however, and it can seem like a blink of an eye between the time your children are taking their first tottering steps to the time they’ve moved out of the home and are starting a family of their own. It can be a proud moment, but of course it’s also a very emotional moment and with it come a lot of decisions to make. It’s a dilemma that people across South Africa are facing, should they move out of their home and if so should they sell or rent it?
Should An Empty Nester Move House?
We all know the phrase ’empty nesters’. They’re people whose family have grown up and left home, and one day soon it’s going to happen to us all. A house that had once seemed full, busy, noisy and lively, can suddenly become silent and half empty, so what happens next?
There is, of course, the option to remain in the property but downsizing makes sound financial sense. Smaller properties are much easier to manage, and also much cheaper to run. Do you really want to be paying for energy bills for rooms that aren’t even used, or to spend wasted hours cleaning and tidying empty rooms?
Downsizing can also bring in a significant income which can come in very handy during a future retirement, but what is selling or renting the existing property the best way to achieve this?
Renting Your Property
Many young people in South Africa are finding it hard to get a mortgage and get their feet on the property ladder, yet they still want a good quality home, especially if they’re starting or bringing up a family. By renting your property out you’re providing these people with an ideal home, and you’re also bringing in a regular monthly income that can go alongside your salary or pension. On top of that, of course, you can still sell your home at a later date if necessary, although of course your tenants would have to be given a notice period first.
Selling Your Home
Whilst renting your property may sound attractive, particularly if you’ve grown attached to it, it’s important to remember that as a landlord you’ll be responsible for carrying out repairs and you’ll have to manage your tenants and ensure that they pay on time. That’s why it can make more sense to sell your property, and make a clean break.
With the expert service from Home Fair, selling your property can be quicker and easier than you imagine, and you’ll save on estate agency fees as well. It also gives you a lump sum that you can do with as you please, from taking that round the world holiday you’ve always wanted to helping your children out financially, or even moving closer to them. Suddenly, that empty nest doesn’t seem so daunting.