
Real estate in old age: sell or rent?
When the children have left home or retirement is just around the corner, many older people start to think about the future. Sooner or later, quite a few decide to leave their own home and spend their twilight years in a residence that is better suited to their needs. In addition to the question of how to find such a place, there is also the question of what to do with the old property. Are you really ready to part with your beloved home forever, or would you rather rent it out and leave it to your children later? Both options have their advantages and disadvantages.
Selling property in old age
The advantages are obvious at first glance. By selling your property, you receive a large sum of money immediately. You can reinvest this in an apartment that is suitable for your age. In addition, money is much easier to bequeath than real estate—after all, it is easier to divide among the various heirs. Furthermore, when you sell your house, you also sell all your obligations.
However, many people find it difficult to part with their beloved home for good. After all, many parents hope that their own children will move into the property later on. If this is a possibility, renting it out in the meantime may be the better option.
Renting out property in old age
Renting out your property can sometimes significantly supplement your monthly pension. In addition, the property remains in your possession and can thus be passed on to your children later. What's more, property values are currently rising in many regions. Even if your children decide to sell the property later on, they could make more profit than you would today.
However, ownership also comes with certain obligations. As a landlord, you are responsible for maintaining the property. If the heating breaks down, there is a burst pipe or even problems with the roof, you have to take care of the repairs and pay for them. This can significantly reduce the income from renting out the property.
Renting out a property should therefore be well thought out, just like selling it. Both are time-consuming and should ideally be left to a professional. If you decide to sell or rent out your property with the help of an estate agent, they can also start looking for a new home for you straight away. Agents often already have suitable rental or purchase properties in their database and can therefore ensure a smooth transition from your old home to your new one.
Would you like to sell your property in your old age, but don't know which option is best for you? Contact us now. We will be happy to advise you on your options free of charge and without obligation.