Should You Sell Your Property at a Loss or Rent It Out?
With factors like tax holidays and foreign investments driving property purchases, many individuals buy multiple properties intending to resell them at higher rates when the market is favorable. However, events like currency demonetization, which curbed cash transactions, have significantly impacted the secondary or resale market. This shift poses a dilemma: Should you sell your flat or house at a loss, or leave it locked and speculate indefinitely? Meanwhile, you continue to bear financial burdens such as property taxes, society charges, maintenance costs, and possibly EMIs, with no returns.
Why Renting Out Your Property Is a Smart Move
Your house or flat is an investment, and decisions about it should align with sound investment principles. Instead of locking your property and waiting indefinitely for market stabilization, renting it out could be a more prudent approach. Gurgaon, a hub for corporates and MNCs, offers a steady clientele of middle to high-level executives who prefer well-appointed apartments in prime locations. With a surplus of such condos, apartments that feature modern amenities, tasteful interiors, and thoughtful design naturally attract better tenants. Expats, in particular, often prefer customizing the apartment to their needs and are willing to pay commensurate rents for these privileges.
Benefits of Renting Out Your Property
- Maintenance of the Property: A lived-in property is consistently maintained, preventing deterioration, particularly in areas like plumbing and drainage, which can suffer when a flat is locked up for extended periods.
- Steady Income: Renting provides a regular income stream that can offset expenses like EMIs, property taxes, and maintenance charges.
- Tax Benefits: Rental income tax can often be offset against the interest paid on any outstanding property loan.
Leverage Expert Help with Property Management
Managing a rental property requires time and expertise. To make this process seamless, you can partner with a reliable property management company. A professional property management company in Gurgaon ensures that your property is maintained, tenants are managed effectively, and all legalities are handled with ease.
From offering comprehensive property management services to overseeing tasks like tenant acquisition, rent collection, and maintenance, a trusted residential property management firm can help you maximize your rental income and maintain the property’s value. Additionally, a proficient real estate management company provides the expertise to navigate the challenges of renting, ensuring your investment works for you while you await the opportune moment to sell.
By renting your property, you not only alleviate financial strain but also position yourself to reap the rewards when the market conditions become favorable.
