By: Jerika P – i-Lead Realty Social Media Manager
When selling a home, many homeowners opt to rent instead of buying another home right away. While renting can have some benefits, there are also some obvious drawbacks. It is essential to be aware of these cons before making any decisions.
1. The weight of feeling like a “tenant.”
Homeowners typically invest a lot of time, energy, money, and care in their homes. When they move out, they often feel a sense of loss or disappointment at not being able to enjoy all of the comforts and stability they had when they owned the property. With renting, they no longer control the space and may feel disconnected from the new property.
2. Lack of ownership
Unlike when owning a home, renters cannot renovate or always set specific rules for the property. Most landlords have particular rules for the property. Most landlords have specific guidelines for what tenants can and cannot do and if these are violated, the tenant may face eviction or additional fees.
3. Forfeiting potential income from your property
When you own a home, it is an asset that can be used to diversify your income stream and generate significant amounts of money in the form of renting out rooms or renting the entire property. Selling your home and then renting means you can no longer capitalize on this valuable asset, meaning you may be losing out on extra income in the long run.
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