Tips for the Sale

Selling Vs. Renting

Should you not need to sell your property to buy another, you have the option of renting. Some of the advantages and disadvantages of each are given below.

  Sell Rent
Advantages
  • You may be charged significant taxes.
  • You receive payments which you can invest in another house.
  • You have no more responsibilities over that property.
  • Your property will remain under your ownership, letting you maintain your assets.
  • Maintenance management is not too complicated.
  • The house, if occupied, will be maintained on a daily basis.
  • A house is an asset that is revalued.
  • Rent can be used to pay the mortgage (if you have one) and other property expenses.
Disadvantages
  • The decision to sell implies many complicated negotiations. If you don’t have much legal knowledge, you need to seek legal advice.
  • You’ll have to pay cancellation fees for the mortgage (if you have it).
  • If it’s not reinvested, you will have to pay a significant amount of tax on your increased finance (generated from the sale).
  • You will have to pay capital gains tax.
  • You will have to draw up a minimum contract of 5 years.
  • You are responsible for any faults or damages caused to the property.
  • You have to invest in preparation of the house.
  • You will have to maintain relations with tenants and owners which can at times be conflictive.
  • You are charged for community rates, as well as tax assessments.
  • Rent increases (according to the CPI) are never equal to the market price increase.
More information
Tips for Buying
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