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A few years ago the whole world was flipped upside down seemingly overnight as the COVID-19 pandemic emerged. As remote working models became the new normal in the two years following, a number of Ontarians gained new flexibility as to where they could call home. With no more commute to worry about, many residents from larger cities such as Toronto, Ottawa, and even Montréal chose to buy and settle in the Bay of Quinte region.
In today’s real estate market, change is once again on the horizon. As offices begin to reopen, some Quinte residents are considering a return to the city. If you’re in this boat and feel stressed about the prospect of selling your home, it’s important to consider the other options that could work for you.
In addition to pandemic-related market trends, real estate in the Bay of Quinte Region is also greatly impacted by rising Canadian interest rates. Learn more by reading our blog post on the topic here.
Let’s Talk About Investment Properties
If you’re considering relocation back to the city, there’s a chance you’ve already started thinking about the process of selling your home. While this is the most common option, it’s not necessarily the best one for everyone. In fact, keeping your home in the Bay of Quinte region and using it as an investment property has some significant advantages. Based on your unique circumstances, it could be the best route for you.
In a nutshell, keeping your home as an investment property means renting it out to tenants rather than selling it. Not only can renting out your home help you earn some fantastic side income (which can then be used towards the mortgage of your new home), but it also means you’ll have a home available if you ever move back.
Should I Keep My Home?
So how can you tell if holding onto your home is the best path for you? There are a few things to consider. The first is your lifestyle. For instance, if you’re approaching retirement and hope to escape big city life once again in your golden years, keeping your home can allow you to bypass the potentially stressful buying process when you return.
Another thing you’ll need to consider if you choose to keep your home is property management. Managing tenants isn’t a full-time job, however, there will be occasional maintenance tasks and other duties you’ll be responsible for. If you have a friend, family member or trusted professional in the Bay of Quinte region who can help you with occasional management tasks while you’re in the city, you’ll be well set for owning an investment property.
The second element to consider is financing. If you plan to buy again when you move to the city, you’ll need to have a sizable down payment prepared. While income from tenants can help you cover monthly mortgage payments, a down payment is more substantial. If you’ve got enough saved up for another home purchase or plan on renting next, keeping your current home could be a smart financial move.
Like any major housing-related decision, you should always consult a trusted real estate agent before making the final call. A real estate agent can help you analyze both options from an industry perspective and ensure you’re set up for financial and personal success whichever route you take.
Need insights that can help you get the highest price for your home? Check out these posts from our blog.
The Case For Selling
Just like keeping your home, choosing whether or not you should sell requires a handful of considerations. From a lifestyle perspective, it’s important to think about what other changes your relocation will bring. For instance, are you a soon-to-be empty nester? If you return to Quinte in the future, will you still need a full-family home? Or maybe your return to the city also means getting back to a fast-paced urban lifestyle. If you’ve already got a lot on your plate, overseeing tenants could cause additional stress.
Selling your home may also be the best path forward depending on your financial goals. If you plan on retiring in the next 10 years, selling your home could be a significant part of your long-term financial plan.
Not sure if you should sell your home or keep it? As local real estate experts, we’d be happy to help you make the right decision. Get in touch.