Moving to a new home is an exciting time in your life which at the same time brings new opportunities and challenges. You probably have chosen an apartment in a new project, where everything is fresh, modern and fits your needs. But what should you do with your current home? Should you keep it and rent it out, or should you sell it? How to prepare it in such a way to attract interested parties and get maximum value? Inese Berga, Sales Consultant at “Merks mājas”, shares answers and practical recommendations.
Thoughtful preparation of your home is the key to success
Regardless of whether you plan to sell or rent out your home, the main priority is to create a positive first impression. Potential buyers or tenants often make decisions in the first few minutes, so your home should look attractive and well-kept. This includes not only aesthetics, but also the function of the premises and the overall atmosphere.
The first step is to thoroughly clean your home. Clean the windows to let more natural light in. Make sure all surfaces are clean and free of stains. Declutter premises, creating the impression of spaciousness and order. Even seemingly minor improvements such as dusting or waxing the floor can significantly change the mood of the room. Although repairs are not always necessary, special attention should be paid to worn or damaged areas that can make a negative impression. Proper preparation will make your home look not only maintained, but also attractive to a wider range of interested parties.
Likewise, we should not forget about the importance of aroma, which is a powerful sensory stimulus influencing our emotions and decisions. Ensure a fresh, pleasant aroma such as a light citrus, floral or coffee scent in the premises creating a feeling of cosiness. It is recommended to avoid too strong aromas; consider subtle accents such as candles or the smell of freshly baked cinnamon rolls.
Is it worth investing in repairs?
Sometimes small improvements can significantly increase the value of the property. Consider refreshing the walls with neutral colours making the room brighter and more attractive to people with different preferences. If the home is already in good condition, often it will be enough with a change in the interior – a new arrangement of furniture and decorations highlights the spaciousness and functionality of the premises. You can also add a stylish floor lamp, rug or painting changing the atmosphere in the room quickly and relatively inexpensively. Green plants are a great way to add vibrancy and freshness to a room, as well as create a sense of cosiness.
Sell or rent out – how to choose the best strategy for your home?
In order to understand whether it is better to sell or rent out an apartment, you need to consider several factors that can influence your decision. If you are planning a long-term relocation, renting out can be a good solution to keep the property as an asset that provides constant income. If the apartment is located in a sought-after area or if it is a high-value property, renting out can provide regular income in the long term, however, it also means regular communication with a tenant and taking care of the technical condition of the property.
“It is important to note that the bank, when assessing the solvency for granting a new mortgage loan, may also take into account income from renting out an apartment as an additional income – provided that it is declared and predictable in the long term. This long-term source of income means regular income from long-term tenancy agreements, and can help maintain the property as an asset while planning the next financial steps,” says Marika Toma, Head of Mortgage Loan at Swedbank.
However, if you want to get rid of the property quickly and get a large sum of money, selling may be the best solution. Selling also releases you from obligations relating to the property, which can be important if you do not want to make long-term investments and maintain the property. When choosing between the two options, it is also important to assess market conditions such as the location of the apartment, current prices and demand, as well as whether you need short-term funds or long-term benefits. If the property is located in a dynamic development area that can offer high value in the future, renting may be a safer choice.
