2. Do you want to be a landlord?\u00a0<\/strong><\/h3>\nA second question to ask yourself is whether you are comfortable being a landlord. Keep in mind that when you rent your home to a tenant, you become a landlord, and being a landlord is a job. Unless you have the means and are willing to pay a property management company to manage the rental on your behalf, you will need to take on this role yourself. This means maintaining the property, conducting all necessary repairs (including emergency repairs), collecting rent, vetting and finding a tenant, and more.
<\/span><\/p>\n–<\/span><\/strong><\/span><\/h2>\n3. Is your property suitable for renting?\u00a0<\/strong><\/h3>\nNot all homes will be successful rental properties. Out of all the factors to consider, you will need to pay close attention to the location, size, and condition of your home. These three factors play the biggest role in determining the success of your rental property. A prime location, ample square footage, and a home in new or solid condition are likely to translate to a successful rental property. Do some research to determine how much rent you can charge based on the location, size, and condition of your home. Be willing to see the flaws and put in the work (for example, making necessary repairs) before renting if you decide to go this route.<\/span><\/p>\n\u00a0<\/span><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Section” module_id=”sell-widget” _builder_version=”4.24.2″ _module_preset=”default” background_color=”#f0faf4″ custom_padding=”0px||0px||false|false” da_popup_slug=”sell-widget” da_disable_devices=”off|off|off” global_module=”300633″ global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”2_5,3_5″ use_custom_gutter=”on” gutter_width=”3″ make_equal=”on” _builder_version=”4.24.2″ _module_preset=”default” background_enable_color=”off” module_alignment=”center” global_colors_info=”{}”][et_pb_column type=”2_5″ _builder_version=”4.24.0″ _module_preset=”default” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2024\/04\/Group-5922.png” title_text=”Group 5922″ src_last_edited=”off|desktop” _builder_version=”4.24.2″ _module_preset=”default” max_width=”480px” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.24.0″ _module_preset=”default” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” header_font=”Poppins|700|||||||” header_line_height=”44px” max_width=”100%” max_width_tablet=”” max_width_phone=”270px” max_width_last_edited=”on|phone” module_alignment=”center” custom_margin=”||10px||false|false” custom_margin_tablet=”” custom_margin_phone=”30px||10px||false|false” custom_margin_last_edited=”on|phone” header_text_align_tablet=”” header_text_align_phone=”center” header_text_align_last_edited=”on|phone” header_font_size_tablet=”” header_font_size_phone=”30px” header_font_size_last_edited=”on|desktop” custom_css_main_element=”font-weight: 800 !important;” custom_css_free_form=”#sell-widget h1{|| font-weight: 700 !important;|| font-size: 30px;||}” global_colors_info=”{}”]<\/p>\n
Know the Value of Your Home<\/h1>\n
[\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”22px” text_line_height=”26px” header_font=”||||||||” header_line_height=”26px” header_2_font_size=”22px” header_2_line_height=”26px” max_width=”100%” max_width_tablet=”” max_width_phone=”270px” max_width_last_edited=”on|phone” module_alignment=”left” custom_margin=”||30px||false|false” text_font_size_tablet=”” text_font_size_phone=”18px” text_font_size_last_edited=”on|phone” text_orientation_tablet=”” text_orientation_phone=”center” text_orientation_last_edited=”on|phone” module_alignment_tablet=”” module_alignment_phone=”center” module_alignment_last_edited=”on|phone” global_colors_info=”{}”]Instantly track the value of your most precious asset.[\/et_pb_text][et_pb_button button_url=”\/ca\/en\/home-estimation\/what-is-my-home-worth?check-bestimates-modal=true” button_text=”Get estimate” button_alignment_phone=”left” button_alignment_last_edited=”off|desktop” _builder_version=”4.24.2″ _module_preset=”default” custom_button=”on” button_text_size=”12px” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”|700|||||||” button_use_icon=”off” custom_margin=”||||false|false” custom_padding=”10px|20px|10px|20px|true|true” button_text_size_tablet=”” button_text_size_phone=”13px” button_text_size_last_edited=”on|phone” custom_css_main_element=”font-weight: 800 !important;” custom_css_free_form=”#sell-widget a.et_pb_button{|| font-weight: 600 !important;||}||||@media (max-width: 600px){||#sell-widget a.et_pb_button{||display: block;||text-align: center;||}||}” global_colors_info=”{}” custom_css_main_element_last_edited=”on|desktop” custom_css_main_element_tablet=”font-weight: 800 !important;” custom_css_main_element_phone=”font-weight: 800 !important;”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||68px||false|false” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”46px||11px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]<\/p>\n
Five Signs You Should Sell\u00a0<\/strong><\/h2>\nOne final way to decide whether renting your home or selling it is right for you is to look for the signs. We\u2019ve put together a list of signs that it might be time to sell your home below.\u00a0<\/span><\/p>\n <\/p>\n
It’s a seller’s market\u00a0\u00a0<\/strong><\/h3>\nIf you\u2019re currently in the midst of a seller\u2019s market, where demand for homes is high, then selling your home might make the most financial sense. Rather than waiting and risking a cool market, selling while the market is hot is likely to earn you more money. It might also allow you to get away with doing minimal repairs on the property prior to selling. Overall, selling your home in a seller\u2019s market usually means more money in the seller\u2019s pocket. <\/span><\/p>\n–<\/span><\/span><\/strong><\/h2>\nAverage rent prices are low<\/strong><\/h3>\nAnother sign that it\u2019s time to sell is if rent prices are low. Be sure to research the average rent prices for homes of your size in your neighbourhood. If vacancy rates are high and rents are low, you may not have much success renting out your property. Even if average rent prices are acceptable, you will need to calculate whether they are enough to cover your mortgage payments, taxes, maintenance costs, insurance, and more. If you will still come up short, we recommend selling over renting.<\/span><\/p>\n–<\/span><\/strong><\/h2>\n<\/span><\/p>\nYou do not have the time to manage a rental property<\/strong><\/break><\/h3>\nIf you simply do not have the time, energy, and money to dedicate to managing a rental property, this may be a clear sign that selling is right for you. Ultimately, being a landlord will not jive with everyone\u2019s lifestyles. Whether you\u2019re retired and just want to relax or you work a full-time job and don\u2019t want to spend your free time maintaining a property and responding to tenant complaints, you should only rent out your property if you are prepared to be a landlord (or alternatively, if you are prepared to spend money to hire a property management company).
<\/span><\/p>\n–<\/span><\/strong><\/h2>\nYou don\u2019t have much liquid cash on hand<\/strong><\/h3>\nLiquid cash \u2014 at least some of it \u2014 is generally required to manage a rental property. To be on the safe side, property owners should always have enough cash to cover property maintenance, taxes, mortgage payments, and more in the event of a vacancy. Experts recommend having a minimum of $10,000 in discretionary income at your disposal when managing a rental property. If you don\u2019t have enough money on hand to deal with unexpected losses or vacancies between tenants, as well as emergency repairs, selling might be the right decision.\u00a0<\/span><\/p>\nSayers explains that you need to have enough liquid cash to maintain the property and pay property taxes and mortgage payments in the event of a vacancy. If you don\u2019t, renting might not be right for you.<\/span><\/p>\n–<\/span><\/strong><\/h2>\nYou want to use the equity you\u2019ve built in different ways<\/strong><\/h3>\nIf you need cash to fund a down payment on your next home, and you have built up a lot of equity in your current home, selling it might allow you to achieve your goals faster than renting. Speak to a mortgage broker or REALTOR\u00ae about your current equity to determine the most effective way of spending it.\u00a0<\/span><\/p>\n–<\/span><\/strong><\/h2>\nThree Signs You Should Rent<\/strong><\/h2>\nIf the following three signs ring true, it could mean that renting out your home is the way to go.\u00a0<\/span><\/p>\n–<\/span><\/strong><\/h2>\n1. Rental demand is high<\/strong><\/h3>\nRental demand changes with the market, and it can spike for many reasons. For example, if you\u2019re located near a popular university or in the core of the city, your property may be particularly attractive to renters. Whatever the reason, if vacancy rates are low, average rents are high, and rental demand is strong, it could be a strong indication that renting is the right decision.<\/span><\/p>\n–<\/span><\/strong><\/h2>\n2. Your house has a lot to offer<\/strong><\/h3>\nDoes your home have something unique to offer renters? If so, renting can be a viable option. Examples of unique amenities include renovated interiors, proximity to city centres, walkability, new appliances, lots of outdoor space, and parking. If you know that your home is in a good location and has a lot to offer renters, you may decide to rent rather than sell.\u00a0<\/span><\/p>\n–<\/span><\/strong><\/h2>\n3. It\u2019s a buyer\u2019s market<\/strong><\/h3>\nOne last sign to rent your home rather than selling it is if it\u2019s a buyer\u2019s market. If the local market is weak, selling your home might not be the best decision. Doing so could lead to you accepting a purchase price below market value. If you can afford to hold onto the property, consider renting it out and listing it once the market is stronger. The good news is that you will continue building equity in the property during this time while simultaneously generating rental income from a tenant.<\/span>\u00a0<\/span><\/p>\n<\/ul>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#ffffff” min_height=”1157.8px” custom_margin=”-46px|||||” custom_padding=”||13px||false|false” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||30px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text module_class=”BaseTitle” _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”||||||||” header_2_font_size=”2rem” header_2_line_height=”2.5rem” header_2_font_size_tablet=”2rem” header_2_font_size_phone=”1.5rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”2.5rem” header_2_line_height_phone=”2.25rem” header_2_line_height_last_edited=”on|desktop” global_colors_info=”{}”]<\/p>\n
Frequently Asked Questions<\/h2>\n
[\/et_pb_text][et_pb_toggle title=”If I am downsizing from a house to an apartment, should I rent out my house or sell it?” closed_toggle_background_color=”#ffffff” icon_color=”#BC4E40″ toggle_icon=”C||divi||400″ use_icon_font_size=”on” icon_font_size=”32px” open_icon_color=”#BC4E40″ open_toggle_icon=”B||divi||400″ open_use_icon_font_size=”on” open_icon_font_size=”32px” _builder_version=”4.18.0″ _module_preset=”default” title_text_color=”#000000″ title_level=”h2″ title_font=”|700|||||||” body_text_color=”#686e6e” body_line_height=”2em” custom_margin=”||3px|||” custom_padding=”||17px|||” border_width_all=”0px” border_width_top=”1px” global_colors_info=”{}”]<\/p>\n
The answer to this question ultimately depends on many factors, including your financial situation, current real estate market conditions, and the location and size of your home. There are pros and cons to both. If you are prepared to take on the landlord role and the market is strong, renting out your home might make financial sense. Alternatively, if you don\u2019t have much equity in your home or you are downsizing but moving to a major urban area where housing prices are higher, selling your home might be your best bet.\u00a0<\/span><\/p>\n[\/et_pb_toggle][et_pb_toggle title=”Should I rent out my house to a relative or friend instead of selling it?” closed_toggle_background_color=”#ffffff” icon_color=”#BC4E40″ toggle_icon=”C||divi||400″ use_icon_font_size=”on” icon_font_size=”32px” open_icon_color=”#BC4E40″ open_toggle_icon=”B||divi||400″ open_use_icon_font_size=”on” open_icon_font_size=”32px” _builder_version=”4.18.0″ _module_preset=”default” title_text_color=”#000000″ title_level=”h2″ title_font=”|700|||||||” body_text_color=”#686e6e” body_line_height=”2em” custom_margin=”||3px|||” custom_padding=”||17px|||” border_width_all=”0px” border_width_top=”1px” global_colors_info=”{}”]<\/p>\n
Renting out a home to a relative or friend instead of selling it can be worthwhile. Since you know them personally, there may be less risk associated with having them as a tenant. That said, if you decide to rent your home to a relative or friend, we recommend treating them like any other tenant. Draw up a standard lease agreement and make sure they abide by it and sign it. This way, if anything goes south (if they stop paying rent), you will have legal recourse.\u00a0\u00a0<\/span><\/p>\n[\/et_pb_toggle][et_pb_toggle title=”Can I continue to live in my house and rent out a floor of my house instead of selling it?” closed_toggle_background_color=”#ffffff” icon_color=”#BC4E40″ toggle_icon=”C||divi||400″ use_icon_font_size=”on” icon_font_size=”32px” open_icon_color=”#BC4E40″ open_toggle_icon=”B||divi||400″ open_use_icon_font_size=”on” open_icon_font_size=”32px” _builder_version=”4.18.0″ _module_preset=”default” title_text_color=”#000000″ title_level=”h2″ title_font=”|700|||||||” body_text_color=”#686e6e” body_line_height=”2em” custom_margin=”||3px|||” custom_padding=”||17px|||” border_width_all=”0px” border_width_top=”1px” global_colors_info=”{}”]<\/p>\n
Yes, you can certainly decide to rent out part of your home rather than renting out all of it. This can be a great way to maintain your principal residence status and avoid capital gains tax. Doing so will also allow you to generate rental income, which can help cover mortgage payments, maintenance, property taxes, and more. Renting out part of your home only can be a great option if you are not sure whether you\u2019re ready to move.\u00a0<\/span><\/p>\n[\/et_pb_toggle][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”48px||48px||true|false” global_module=”2651″ global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”Emily Southey” image=”https:\/\/wahi.com\/wp-content\/uploads\/2022\/11\/Screen-Shot-2022-11-02-at-7.46.57-PM.png” icon_placement=”left” _builder_version=”4.24.2″ _module_preset=”default” header_font_size=”24px” header_line_height=”1.2em” body_text_color=”#686E6E” body_line_height=”0em” width=”550px” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone” module_alignment=”left” custom_padding=”2px||13px|||” header_font_size_tablet=”24px” header_font_size_phone=”20px” header_font_size_last_edited=”on|phone” header_line_height_tablet=”1.2em” header_line_height_phone=”1.4em” header_line_height_last_edited=”on|phone” custom_css_blurb_image=”width:64px;” global_colors_info=”{}”]<\/p>\n
Wahi Writer<\/p>\n
[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||0px||true|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing module_class=”wahi_socialsharing_2″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”60px||3px||false|false” global_module=”2115″ saved_tabs=”all” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font_size=”2.63rem” header_2_line_height=”2.5rem” header_2_font_size_tablet=”” header_2_font_size_phone=”2rem” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
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We take a close look at both options to help you determine which one makes the most sense for you.<\/p>\n","protected":false},"author":1,"featured_media":276612,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"2880","footnotes":""},"categories":[22],"tags":[],"dipi_cpt_category":[],"class_list":["post-9309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sell"],"acf":[],"_links":{"self":[{"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/posts\/9309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/comments?post=9309"}],"version-history":[{"count":4,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/posts\/9309\/revisions"}],"predecessor-version":[{"id":308476,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/posts\/9309\/revisions\/308476"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/media\/276612"}],"wp:attachment":[{"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/media?parent=9309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/categories?post=9309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/tags?post=9309"},{"taxonomy":"dipi_cpt_category","embeddable":true,"href":"https:\/\/wahi.com\/ca\/en\/wp-json\/wp\/v2\/dipi_cpt_category?post=9309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}