From an inheritance to a move or a separation, there are a series of life situations that make you think about what to do with your own house or apartment. If you are unwilling or unable to occupy the property yourself, the first question is whether you should sell or rent it. Different circumstances require appropriate advice, preparation and support.
PERSONAL CIRCUMSTANCES
Living in one’s own home often becomes a problem in old age or illness. Many apartments and houses are not suitable for old age or illness, or can only be remodeled accordingly at great expense. When the couple dies, the house or apartment becomes too big. Or the need for care arises that can no longer be managed at home. Also in these cases the question arises of what to do with the property that is no longer needed, and the solution is usually to sell it. This also involves ways of providing financial security for the existence and old age of the seller, for example by agreeing on a life annuity instead of a lump sum payment of the purchase price.
INHERITANCES
Due to demographic change, in PR there is a growing number of inheritance cases, which are distributed among an increasingly smaller number of people. However, many heirs already have their own house or apartment and do not need the inherited property for their own use, but at the same time shy away from the expense of renting it. This often leads to a sale.
GENERATE PROFITS
Although real estate investments are considered to have a stable value and are still recommended as a safe investment. One reason to sell can, of course, be to take advantage of increases in value that have already occurred. A series of tax issues must also be taken into account. Therefore, the sale must be well thought out and planned.
CHANGE OF JOB AND LOCATION
Every year many families in PR move for various reasons, a job change, a new place of study, forming a couple and starting a family, another stage of life, to name just the most important ones. Although only a minority of those who move have lived within its four walls before, for those who have, the question arises of what to do with the housing they no longer need. Also in this case, the sale is preferred, especially if it is going to be used to finance a home in the new place of residence. In this case, everything depends on the right moment.
FAMILY AND PROFESSIONAL DISORDERS
Unemployment, inability to work, divorce or separation fundamentally change the financial situation and personal circumstances. Then the home is usually too big or can no longer be financed. Large sums of money are needed in the context of property settlement or to ensure livelihood. The property then often has to be sold in order to bear the subsequent financial burdens. In many cases, time is of the essence, so the sale must be made as soon as possible.
ECONOMIC DIFFICULTIES
Unfortunately, it is not at all uncommon for a property to have to be given up due to financial problems. Often, although not exclusively, the aforementioned family and professional disorders are responsible for this. However, some homeowners have overextended themselves financially or do not have solid financing. The (emergency) sale is then often the last resort to avoid private insolvency and escape the foreclosure procedure. In this case, the sale takes place under pressure and in unfavorable circumstances.
No matter your situation, rely on a trusted professional to help you when buying or selling your property.
If recent life-changing events make you want or need to move, contact a local real estate agent.
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