Should You Sell Your Home in Ibiza Or Rent It Out?
Photo: Shutterstock.com
Sometimes, you decide exactly when you want to move but other times life swoops in and decides for you – a family emergency might require relocation, you might find the love of your life, or a job opportunity might come along which requires for you to move to another country.
Whatever the reason, when this happens, you may be faced with the question: should you sell your home in Ibiza or put in on the rental market? Here are 4 important considerations.
Temporary or permanent move
Think about if there is any chance that you will return to Ibiza. If you will be gone for a year or two, then the money and time that you spend selling your home and then buying a new one might make renting out your home in Ibiza a smarter option.
Consider the property market
As we all know the property market in Ibiza is hot! Not only is the holiday rental market more popular than ever, but also there are more and more people willing to buy and invest in the real estate market of Ibiza. Compare your estimated profit for the number of years you anticipate renting out your home in Ibiza with the cash you would walk away with should you decide to sell your house today.
Would you like to be a landlord?
Being a landlord is a job and you have to decide if this is what you want. If you will not be on the island, you need to think about paying agency fees to deal with the tenants. Is this a cost you are willing to undertake?
Consider the taxes
Each situation is unique, so before you decide to rent out your home in Ibiza consider asking your accountant about tax implications. It can help you figure out how much you can expect to pay in taxes on the rental income.
Deciding whether to rent out your home in Ibiza or sell it is a choice only you can make after weighing up all the options. Once you’ve decided, we can help you to get the most out of your property. Contact us today!
