Updated: Aug 23, 2022, 15:06 ISTShare:
A bigger home can provide adequate space, privacy and comfort to all the family members. However, it isn’t a good idea to sell your old house. Read on to know why.
You Can Put the Old House up for Rent
Selling your house can generate a one-time income but renting it out will keep the passive income flowing in. As market prices of properties go up, you can increase the rental fees at intervals for continued profit. In difficult times, this passive income can come in handy.
You Can Use the Old House for Business Purposes
You can renovate your old home and have it house your own business. Open an eatery, host creative workshops, refurbish the house so it can act as a source of income.
You Can Keep the Old House for Investment Purposes
With a booming population, the demand for homes is only going up, property being one of the safest investment options. Keep your old home for longer and if you don’t need the money immediately, sell it at a much higher price along the way.
You need not finance the entire cost of a new property with your savings or by selling your current home. Instead, consider taking a home loan but make sure you have enough funds for the down payment and the EMIs. Keep aside some money for expenses post the property purchase, such as décor and furniture.
To know more about how to upgrade your home or get a home loan, read other ICICI Bank blog posts.
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