The owners of apartments in Barcelona are faced with the important question of what to do when one of their homes is empty. To sell or put them up for rent? This is the big question and so many people have had to think about it over time. Given that there are a number of advantages and disadvantages with such a decision, you should consider several tips before making your mind up.
If you are torn between the idea of selling or renting, we invite you to follow this guide we have prepared which will illustrate which can be a better option. In both cases, we assure you that you will end up getting a clear idea of what to do with your empty possession.
Selling a property is the one decision that provides you with a quicker and higher income. There is no doubt that if you are thinking about getting a large sum of money, selling a property is the recommended option. Barcelona is the perfect place for this method and can allow a large number of possibilities. With the income earned by a sale, many people have made part of their dreams come true. These dreams can be anything from starting a business or going on a memorable holiday. Think about the scenario when something interests you and you need to come up with a sum of money to buy it. You can also appreciate the life you have or you may intend to leave your property to your children as inheritance, since they are the main factors that are of significance.
In property management, it may take a little longer to start earning money, especially when it comes to apartments in Barcelona. Although there are areas of the city such as Les Corts and Eixample which enjoy great popularity, even in these locations, the sales process may take a little longer than usual. If you need to start making money, you may be more interested in putting your apartment for rent.
The rental market has the distinct advantage of immediacy. There are many people who are looking for opportunities to start renting an apartment to live in. Barcelona is a cosmopolitan city that receives thousands of visitors each year and many of them fall in love with this place so they decide to relocate and live in places like Sarria or Ciutat Vella. These people will find your apartment for rent, allowing you to start earning a steady monthly income.
Renting a property means having a guaranteed monthly income without doing much work for it. Think of it as a bonus, an amount that is going to make your day to day life easier. If it's combined with a recurring second income, you can enjoy a very comfortable life indeed. In addition, as time passes by, your property will increase in value and your investment will grow significantly.
However, renting out a property can have its drawbacks as it has to keep abreast of the various requirements that come up from the time it is rented by a tenant. If a fault occurs or there is damage caused to the property, you will have to take responsibility of the repair costs. While this is not always the case for everyone, it is something that the owners are risking, so in this sense, people may lose interest in buying the house if it's damaged.
Also, keep in mind that renting the apartment does not mean that you stop paying the fees that are involved in owning a home. There will be additional expenses to consider such as service charges or insurance.
Whatever decision you make, you should know that you can get an important economic figure for your property, especially if it is in sought-after locations like Pedralbes or the Gracia area. Whatever you do, whether you rent it out or sell it, you know you can make money quickly. Before making the decision, it is recommended to consider all the factors that are associated with each option and make a list of them to see which one brings more positive aspects. Also remember that if you wish to sell the apartment, there is always a vacant room available, but when you rent it out, you will have to wait until the end of the rental contract signed by the tenant before proceeding with the sale.
If in doubt, it is best to contact the real estate agents at Engel & Völkers Barcelona, which have a large team of professionals to help you as an intermediary to sell or rent with the best results. This agency is present in 37 countries and has more than 35 years of experience, so there is no doubt they are your best option.