It’s best to ask yourself the following questions first before making your decision:
How much effort am I willing to invest in the object?
The time required between the two options differs significantly. Although the sales process is also a complex procedure involving steps such as marketing, brokerage and the conclusion of a contract, it is a one-off event, unlike the rental process, which can also be easily coordinated by a broker. When renting, on the other hand, you need to be aware that after a tenant is found for the first time, there is always work to be done. Administrative expenses, maintenance and tenant changes are everyday tasks for you as a landlord.
As a landlord, is an administrative burden feasible for me in terms of time?
A rented property creates additional side income. Nevertheless, you must expect renovation, maintenance or management costs that may be incurred over the lease term. Despite everything, renting can be a profitable business model, especially if increases in the value of the property can be expected.
If you sell immediately, on the other hand, you have all the money directly in the account and can reinvest it or simply spend it. There are no unexpected costs, administrative burdens or planning difficulties to worry about here.
What are your plans for the future?
When selling real estate, one should keep in mind that it is a one-time opportunity and the property will be gone for good afterwards. The market situation is currently excellent for sellers and good profits can be made, yet the house or apartment may continue to increase in value after the sale. Rental income, on the other hand, can be adjusted to the market situation over time. In addition, the property remains in the company’s own possession, so there is still the possibility of selling the property after all or even using it yourself if required.
We will be happy to advise you and decide with you which option suits you best. As a networked broker in Hamburg, Spain and Croatia, we also support you in the implementation and sell or rent the property for you.