IW Calgary Real Estate Blog

Sell or Rent your Home in Calgary? - June 2023 Edition

It's important to consider your personal circumstances, financial goals, and preferences when deciding whether to sell a home or rent your home. Both options have their own advantages and disadvantages, so it's essential to weigh them against your specific needs. It is a great time to get moving. Whether you are no longer needing your home, it may be a conversation to have. Are you looking for a Home Evaluation to Sell your home or Keep the Home and Rent it Out? Amanda Ku is a Real Estate Agent and a Property Manager that can provide you a quick evaluation for estimating what your home will sell for or rent for in our current Market!

Selling a Home:

Pros:

1. Financial gain: Selling a home can provide a significant financial gain if the property has appreciated in value since its purchase.
2. Equity: By selling a home, you can receive a lump sum of money that can be used for various purposes, such as investing in another property or funding other financial goals.
3. Flexibility: Selling a home provides the opportunity to relocate or downsize, which can offer increased flexibility in terms of lifestyle and living arrangements.
4. No landlord responsibilities: Once you sell your home, you are relieved of the responsibilities associated with property maintenance, repairs, and other landlord duties.

Cons:

1. Market conditions: The value of your home may fluctuate depending on the current real estate market conditions, and there is a possibility of selling it for less than expected.
2. Transaction costs: Selling a home involves various costs, including real estate agent commissions, closing costs, and potential capital gains taxes, which can eat into the overall profit.
3. Emotional attachment: If you have sentimental attachments to your home, selling it can be an emotionally challenging process.
4. Limited housing options: Selling your home means you'll need to find alternative housing, which may not provide the same stability as owning a property.

Renting a Home:

Pros:

1. Flexibility: Renting offers more flexibility to move to different locations without the burden of selling a property.
2. Lower upfront costs: Renting typically requires a smaller upfront financial commitment compared to purchasing a home, as you may only need to pay a security deposit and the first month's rent.
3. Maintenance and repairs: As a renter, you are not responsible for major maintenance or repair expenses, as these obligations generally fall on the landlord.
4. Amenities and services: Rental properties often come with amenities such as swimming pools, gyms, and communal areas that you can enjoy without the additional costs or responsibilities.

Cons:

1. Lack of equity: Renting does not provide the opportunity to build equity in a property, as you are essentially paying for someone else's investment.
2. Limited control: Renters have limited control over the property, as they must abide by the rules set by the landlord and may face restrictions on customization and personalization.
3. Rent increases: Landlords can raise the rent, subjecting you to potential increases that can impact your budget.
4. No long-term investment: Unlike owning a home, renting does not provide long-term financial benefits, such as potential appreciation or tax advantages.